Company Valuation: Beijing Beilu Pharmaceutical Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 4,727 4,523 3,208 3,503 3,050 4,469
Change - -4.32% -29.09% 9.2% -12.92% 46.53%
Enterprise Value (EV) 1 4,417 4,204 3,088 3,545 3,239 4,300
Change - -4.82% -26.55% 14.81% -8.63% 32.77%
P/E 26.6x 36.7x 326x -47.5x 207x 44.1x
PBR 2.71x 2.44x 1.81x 2.12x 1.83x 1.98x
PEG - -1.2x -3.5x 0x -2x 0x
Capitalization / Revenue 5.71x 5.36x 4.19x 3.93x 3.1x 3.71x
EV / Revenue 5.34x 4.98x 4.03x 3.98x 3.29x 3.57x
EV / EBITDA 24.6x 24.2x 44.7x 150x 22.6x 23.5x
EV / EBIT 32.2x 37.7x -603x -62.4x 60.8x 48.9x
EV / FCF -1,039x -34.3x -52.9x -20.1x -134x -25.5x
FCF Yield -0.1% -2.92% -1.89% -4.97% -0.75% -3.93%
Dividend per Share 2 0.06 0.07 0.07 - 0.05 -
Rate of return 0.63% 0.76% 1.07% - 0.81% -
EPS 2 0.36 0.25 0.02 -0.15 0.03 0.18
Distribution rate 16.7% 28% 350% - 167% -
Net sales 1 827.3 843.9 765.9 890.7 983.6 1,205
EBITDA 1 179.7 173.6 69.09 23.6 143.4 182.7
EBIT 1 137.3 111.4 -5.124 -56.82 53.24 87.86
Net income 1 174.7 125 11.21 -71.76 13.65 92.73
Net Debt 1 -310.6 -319.3 -120 42.28 189.1 -168.8
Reference price 2 9.560 9.180 6.520 7.120 6.200 7.940
Nbr of stocks (in thousands) 494,494 492,718 491,956 491,935 491,935 562,873
Announcement Date 18/03/21 29/03/22 23/04/23 21/04/24 17/04/25 21/04/26
1CNY in Million2CNY
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 829M
32.45x11.78x23.93x0.61% 1,019B
28.48x6.32x17.7x2.09% 617B
33.26x7.78x16.08x2.64% 464B
104.98x5.87x24.89x2.36% 356B
18.81x4.58x11.36x2.9% 333B
19.83x5.17x12.78x3.09% 267B
20.02x4.17x11.86x2.13% 244B
25.46x6.66x11.86x2.5% 218B
-43.78x6.39x24.97x2.27% 179B
Average 26.61x 6.52x 17.27x 2.29% 369.8B
Weighted average by Cap. 31.80x 7.61x 18.61x 1.96%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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