Company Valuation: China Vanke Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 321,735 220,246 202,298 115,413 81,037 56,090 56,090 -
Change - -31.54% -8.15% -42.95% -29.79% -30.78% 0% -
Enterprise Value (EV) 1 387,691 340,581 382,735 339,323 357,892 336,842 327,823 319,101
Change - -12.15% 12.38% -11.34% 5.47% -5.88% -2.68% -2.66%
P/E ratio 7.93x 10.2x 9.33x 10.2x -1.74x -1.86x -4.91x -8.78x
PBR 1.49x 0.97x 0.87x 0.49x 0.43x 0.34x 0.38x 0.4x
PEG - -0.2x 18.1x -0.2x 0x 0.1x 0.1x 0.2x
Capitalization / Revenue 0.77x 0.49x 0.4x 0.25x 0.24x 0.22x 0.29x 0.32x
EV / Revenue 0.93x 0.75x 0.76x 0.73x 1.04x 1.32x 1.69x 1.82x
EV / EBITDA 4.57x 5.87x 6.49x 5.68x -9.17x -25.9x 2,635x 46.5x
EV / EBIT 4.85x 6.48x 7.36x 6.7x -7.84x -18.3x -24.7x -29.9x
EV / FCF 8.42x -63.1x -38.3x -76,738x 120x -46.8x -10.8x -23.5x
FCF Yield 11.9% -1.59% -2.61% -0% 0.83% -2.14% -9.25% -4.25%
Dividend per Share 2 1.25 0.97 0.68 - - - - -
Rate of return 4.36% 4.91% 3.74% - - - - -
EPS 2 3.62 1.94 1.95 1.03 -4.173 -2.666 -1.013 -0.566
Distribution rate 34.5% 50% 34.9% - - - - -
Net sales 1 419,112 452,798 503,838 465,739 343,176 255,564 194,419 175,248
EBITDA 1 84,819 58,013 58,951 59,730 -39,047 -13,026 124.4 6,862
EBIT 1 79,959 52,531 52,007 50,649 -45,644 -18,411 -13,246 -10,655
Net income 1 41,516 22,524 22,618 12,163 -49,478 -30,557 -13,196 -6,761
Net Debt 1 65,956 120,335 180,437 223,910 276,855 280,752 271,733 263,011
Reference price 2 28.700 19.760 18.200 10.460 7.260 4.970 4.970 4.970
Nbr of stocks (in thousands) 11,617,732 11,625,383 11,557,753 11,857,753 11,857,753 11,930,709 11,930,709 -
Announcement Date 30/03/21 30/03/22 30/03/23 28/03/24 31/03/25 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-1.86x1.35x-28.44x-.--% 8.12B
95.35x - - - 46.28B
8.21x18.23x22.38x4.82% 26.28B
6.26x0.89x1.89x5.3% 20.91B
12.84x4.32x10.76x-.--% 17.27B
19.1x - - 5.57% 10.32B
10.51x1.04x8.62x1.77% 8.19B
5.45x15.61x22.15x4.41% 5.94B
12.2x0.56x7.33x3.84% 4.8B
26x - - - 4.45B
Average 19.40x 6.00x 6.38x 3.21% 15.26B
Weighted average by Cap. 35.76x 7.51x 8.96x 3.48%

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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  4. Valuation China Vanke Co., Ltd.