Valuation China Merchants Securities Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 10/09/2024			5-day change	1st Jan Change
15.05 ^CNY	0.00%		+1.28%	+10.34%

09-02	China Merchants Securities' H1 Profit Inches Up; Revenue Slips	MT
09-02	China Merchants Securities H1 Profit Inches Up, Operating Income Down 11%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	112,598	185,679	143,396	107,337	108,629	118,592	-	-
Change	-	64.9%	-22.77%	-25.15%	1.2%	9.17%	-	-
Enterprise Value (EV) ¹	260,249	282,621	234,936	297,116	355,461	300,297	307,019	320,530
Change	-	8.6%	-16.87%	26.47%	19.64%	-15.52%	2.24%	4.4%
P/E ratio	18.9x	22x	14.1x	15.5x	14.5x	14.4x	13.7x	12.4x
PBR	1.75x	2.24x	1.36x	1.15x	0.97x	1.06x	1.02x	0.95x
PEG	-	2.37x	0.8x	-0.5x	1.56x	1.3x	2.67x	1.1x
Capitalization / Revenue	6.02x	5.72x	4.87x	3.66x	3.62x	6.1x	5.46x	5.12x
EV / Revenue	13.9x	8.7x	7.98x	10.1x	11.8x	15.4x	14.1x	13.8x
EV / EBITDA	28,184,381x	-	-	-	-	-	-	-
EV / EBIT	29.6x	15.3x	17x	43.2x	45.8x	31.1x	29.2x	27.9x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Dividend per Share ²	-	0.437	0.54	0.185	0.252	0.2908	0.3315	0.3517
Rate of return	-	1.87%	3.06%	1.39%	1.85%	1.93%	2.2%	2.34%
EPS ²	0.97	1.06	1.25	0.86	0.94	1.042	1.096	1.216
Distribution rate	-	41.2%	43.2%	21.5%	26.8%	27.9%	30.2%	28.9%
Net sales ¹	18,708	32,469	29,429	29,336	30,020	19,446	21,711	23,179
EBITDA	9,234	-	-	-	-	-	-	-
EBIT ¹	8,794	18,511	13,815	6,870	7,761	9,663	10,521	11,508
Net income ¹	7,282	9,492	11,645	8,072	8,764	9,041	9,638	10,570
Net Debt ¹	147,652	96,942	91,540	189,778	246,832	181,705	188,426	201,938
Reference price ²	18.29	23.34	17.65	13.30	13.64	15.05	15.05	15.05
Nbr of stocks (in thousands)	6,659,389	8,696,527	8,696,527	8,696,527	8,696,527	8,696,527	-	-
Announcement Date	10/03/20	05/03/21	21/01/22	24/03/23	18/02/24	-	-	-

¹CNY in Million²CNY

Estimates

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E ratio	EV / Sales	EV / EBITDA	Yield (Y)	Capi. ($)
CHINA MERCHANTS SECURITIES CO., LTD.	14.44x	15.44x	-	+1.93%	16.65B
THE GOLDMAN SACHS GROUP, INC.	12.85x	9.47x	-	+2.47%	156B
MORGAN STANLEY	13.77x	5.9x	-	+3.69%	156B
CHARLES SCHWAB	22.55x	8.12x	15.34x	+1.62%	115B
CITIGROUP INC.	10.12x	-	-	+3.74%	111B
CITIC SECURITIES COMPANY LIMITED	14.69x	4.4x	10.6x	+2.52%	36.21B
RAYMOND JAMES FINANCIAL, INC.	12.53x	1.25x	6.2x	+1.53%	23.95B
CSC FINANCIAL CO., LTD.	5.21x	-	-	+7.90%	18.64B
NOMURA HOLDINGS, INC.	9.16x	6.28x	-	+4.47%	16.13B
LPL FINANCIAL HOLDINGS INC.	14.67x	1.49x	8.48x	+0.57%	15.66B
Average	13.00x	6.54x	10.16x	+3.04%	66.51B
Weighted average by Cap.	14.16x	7.28x	12.74x	+2.93%