Company Valuation: China State Construction Engineering Corporation Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 209,741 227,704 201,633 249,662 211,974 180,570 - -
Change - 8.56% -11.45% 23.82% -15.1% -14.81% - -
Enterprise Value (EV) 1 457,781 591,556 645,553 684,382 737,451 639,454 693,117 800,868
Change - 29.22% 9.13% 6.01% 7.75% -13.29% 8.39% 15.55%
P/E 4x 4.41x 3.67x 5.41x 5.46x 5.04x 4.51x 4.44x
PBR 0.63x 0.61x 0.48x 0.55x 0.44x 0.35x 0.33x 0.32x
PEG - -2.76x 0.56x -0.4x -0.4x -0.64x 0.4x 2.84x
Capitalization / Revenue 0.11x 0.11x 0.09x 0.11x 0.1x 0.09x 0.08x 0.08x
EV / Revenue 0.24x 0.29x 0.28x 0.31x 0.35x 0.32x 0.32x 0.36x
EV / EBITDA 4.24x 6.25x 6.35x 7.59x 9.52x 5.82x 6.38x 8.18x
EV / EBIT 4.55x 6.82x 6.93x 8.5x 10.7x 8.9x 9.76x 10.7x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.25 0.2527 0.2714 0.2715 0.2718 0.2546 0.2771 0.3232
Rate of return 5% 4.65% 5.64% 4.53% 5.3% 5.83% 6.34% 7.4%
EPS 2 1.25 1.23 1.31 1.11 0.94 0.8665 0.9697 0.9849
Distribution rate 20% 20.5% 20.7% 24.5% 28.9% 29.4% 28.6% 32.8%
Net sales 1 1,891,339 2,055,052 2,265,529 2,187,148 2,082,142 2,011,653 2,150,413 2,247,470
EBITDA 1 107,982 94,620 101,642 90,190 77,468 109,904 108,615 97,878
EBIT 1 100,601 86,733 93,132 80,561 68,949 71,882 71,036 75,030
Net income 1 51,408 50,950 54,264 46,187 39,069 35,700 38,898 40,640
Net Debt 1 248,040 363,852 443,920 434,720 525,477 458,884 512,546 620,297
Reference price 2 5.000 5.430 4.810 6.000 5.130 4.370 4.370 4.370
Nbr of stocks (in thousands) 41,948,168 41,934,433 41,919,514 41,610,322 41,320,390 41,320,390 - -
Announcement Date 15/04/22 17/04/23 18/04/24 15/04/25 17/04/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
4.99x0.32x5.8x5.89% 26.56B
53.31x2.44x23.32x0.07% 91.83B
12.27x1.05x5.77x4.76% 71.68B
26.81x2.06x20.21x1.14% 58.09B
32.12x4.03x21.86x0.21% 54.82B
51.32x4.14x26.28x1.73% 41.6B
28.38x0.7x11.56x2.18% 35.6B
23.02x0.47x7.41x2.56% 31.65B
22.42x1.53x14.09x0.21% 32.39B
13.69x0.38x4.2x4.86% 19.62B
Average 26.83x 1.71x 14.05x 2.36% 46.38B
Weighted average by Cap. 30.39x 1.98x 15.87x 1.97%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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