Company Valuation: Beijing VRV Software Corporation Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Capitalization 1 8,076 8,844 5,915 6,887 7,655 8,887
Change - 9.52% -33.11% 16.42% 11.16% 16.1%
Enterprise Value (EV) 1 7,675 8,663 5,871 6,886 7,802 8,999
Change - 12.88% -32.23% 17.28% 13.31% 15.33%
P/E ratio 313x -20.1x -31.5x 1,056x -52.9x -26.3x
PBR 3.69x 5.09x 3.82x 4.46x 5.47x 8.39x
PEG - 0x 0.5x -10x 0x -0x
Capitalization / Revenue 12.6x 13.1x 10.9x 10.1x 14.8x 29.1x
EV / Revenue 12x 12.8x 10.8x 10.1x 15.1x 29.4x
EV / EBITDA 292x -17.5x -26.4x 299x -62.7x -63.2x
EV / EBIT 755x -16.9x -24.7x 838x -50.2x -45.1x
EV / FCF -155x 145x -150x -164x -83.6x 32.2x
FCF Yield -0.65% 0.69% -0.67% -0.61% -1.2% 3.11%
Dividend per Share 2 0.004 - - - - -
Rate of return 0.07% - - - - -
EPS 2 0.0178 -0.3033 -0.1294 0.0045 -0.0999 -0.2331
Distribution rate 22.5% - - - - -
Net sales 1 640.8 675.2 542.9 682.7 516.7 305.9
EBITDA 1 26.29 -494.1 -222.1 23.02 -124.4 -142.3
EBIT 1 10.17 -512.1 -237.6 8.219 -155.4 -199.6
Net income 1 25.74 -439.7 -187.6 6.586 -144.8 -338
Net Debt 1 -401 -181 -44.28 -1.056 147.3 111.4
Reference price 2 5.570 6.100 4.080 4.750 5.280 6.130
Nbr of stocks (in thousands) 1,449,824 1,449,824 1,449,824 1,449,824 1,449,824 1,449,824
Announcement Date 29/04/21 13/04/22 17/04/23 12/04/24 20/04/25 27/04/26
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 781M
25.85x12.12x19.18x0.7% 442B
92.75x - - 1.35% 1.27B
14.28x0.23x4.83x1.24% 477M
4.04x0.36x3.45x5.2% 188M
Average 34.23x 4.23x 9.15x 2.12% 88.87B
Weighted average by Cap. 26.02x 12.10x 19.15x 0.7%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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