Company Valuation: Ningbo Color Master Batch Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025
Market Cap 1 3,310 2,303 2,884 2,868 3,771
Change - -30.44% 25.22% -0.52% 31.47%
Enterprise Value (EV) 1 2,564 1,541 2,092 2,124 3,083
Change - -39.9% 35.74% 1.54% 45.16%
P/E 26.5x 22.8x 28.3x 28.6x 34.1x
PBR 3.37x 2.21x 2.63x 2.52x 3.4x
PEG -2.6x -1.2x 23.56x -26.69x 2.9x
Capitalization / Revenue 6.72x 4.96x 6.39x 5.82x 8.04x
EV / Revenue 5.21x 3.32x 4.64x 4.31x 6.58x
EV / EBITDA 20.6x 16x 18.7x 19.3x 25.1x
EV / EBIT 22.4x 18.2x 21.4x 22.2x 28.3x
EV / FCF 25x 289x 57.4x -296x 106x
FCF Yield 4% 0.35% 1.74% -0.34% 0.94%
Dividend per Share 2 0.2378 0.2854 0.2854 0.6 0.65
Rate of return 1.21% 2.08% 1.66% 3.5% 2.84%
EPS 2 0.742 0.5993 0.6065 0.6 0.67
Distribution rate 32% 47.6% 47.1% 100% 97%
Net sales 1 492.3 464.1 451.2 493.1 468.9
EBITDA 1 124.3 96.09 111.7 109.9 122.8
EBIT 1 114.4 84.56 97.93 95.51 108.8
Net income 1 108.9 100.5 101.9 100.5 110
Net Debt 1 -746.2 -761.7 -791.8 -744.4 -687.8
Reference price 2 19.68 13.69 17.15 17.14 22.86
Nbr of stocks (in thousands) 168,185 168,185 168,185 167,355 164,963
Announcement Date 24/04/22 18/04/23 09/04/24 23/04/25 28/04/26
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 441M
11.44x0.77x5.11x4.81% 20.93B
14.64x - - 6.09% 20.68B
-2033.27x1.14x14.51x-.--% 14.19B
98.74x0.89x6.09x0.82% 13.17B
52.47x2.15x48.53x1.17% 10.42B
31.58x3.98x14.72x0.67% 9.02B
42.48x4.54x27.63x1.02% 8.29B
28.88x1.96x16.53x1.31% 6.29B
23.67x0.83x12.28x1.85% 5.89B
Average -192.15x 2.03x 18.18x 1.97% 10.93B
Weighted average by Cap. -234.15x 1.78x 16.30x 2.6%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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