Company Valuation: Anhui Expressway Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 10,783 11,264 16,291 25,539 23,657 26,932 - -
Change - 4.46% 44.63% 56.77% -7.37% 13.85% - -
Enterprise Value (EV) 1 11,485 13,230 18,855 28,934 34,730 36,112 36,291 26,932
Change - 15.19% 42.51% 53.45% 20.03% 3.98% 0.5% -25.79%
P/E 7.76x 8.39x 11x 17.5x 13.3x 13.8x 15.4x 14.8x
PBR 1.03x 1.02x 1.44x 2.2x 1.98x 2.05x 1.96x 1.95x
PEG - -1.84x 0.7x 31.84x 1.2x 1.1x -1.5x 3.98x
Capitalization / Revenue 2.68x 2.16x 2.46x 3.6x 3.52x 3.94x 3.47x 3.65x
EV / Revenue 2.85x 2.54x 2.84x 4.08x 5.17x 5.28x 4.68x 3.65x
EV / EBITDA 3.5x 4.56x 5.56x 9.39x 8.75x 7.89x 8.11x 5.83x
EV / EBIT 4.84x 6.7x 8.29x 13x 12x 11.3x 11.7x 9.31x
EV / FCF - - - - - 116x -40.3x -32.9x
FCF Yield - - - - - 0.86% -2.48% -3.04%
Dividend per Share 2 0.55 0.55 0.601 0.604 0.66 0.7683 0.6913 -
Rate of return 7.77% 7.52% 5.45% 3.42% 4.45% 4.44% 3.99% -
EPS 2 0.9129 0.8712 1.001 1.006 1.115 1.253 1.125 1.167
Distribution rate 60.2% 63.1% 60.1% 60% 59.2% 61.3% 61.5% -
Net sales 1 4,029 5,206 6,631 7,092 6,722 6,843 7,756 7,386
EBITDA 1 3,281 2,900 3,393 3,081 3,971 4,576 4,477 4,622
EBIT 1 2,371 1,976 2,274 2,221 2,904 3,193 3,109 2,893
Net income 1 1,512 1,445 1,660 1,669 1,877 2,126 1,869 1,993
Net Debt 1 702.7 1,967 2,564 3,395 11,074 9,180 9,359 -
Reference price 2 7.08 7.31 11.02 17.65 14.82 17.31 17.31 17.31
Nbr of stocks (in thousands) 1,658,610 1,658,610 1,658,610 1,658,610 1,708,592 1,708,592 - -
Announcement Date 28/03/22 30/03/23 28/03/24 30/03/25 27/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.82x5.28x7.89x4.44% 4.03B
18.44x6.21x10.92x3.01% 37.96B
96.17x17.88x27.12x4.79% 31.81B
35.17x8.45x16.64x4.2% 12.25B
27.89x15.15x22.27x3.61% 11.33B
14.28x6.18x8.59x3.85% 10.23B
10.14x4.91x11.29x5.12% 9.68B
18.06x - - 3.77% 8.07B
15.07x4.75x7.91x2.3% 6.9B
10.37x4.19x6.2x5.86% 5.52B
Average 25.94x 8.11x 13.20x 4.1% 14B
Weighted average by Cap. 37.10x 9.77x 15.81x 3.95%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Anhui Expressway Company Limited

Historical PBR trend

Valuation ratios - PBR - Anhui Expressway Company Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Anhui Expressway Company Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Anhui Expressway Company Limited


Year-on-year evolution of the Yield

Valuation ratios - Yield - Anhui Expressway Company Limited
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