Company Valuation: China Zhenhua (Group) Science & Technology Co., Ltd

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 30,296 64,394 59,447 32,493 23,369 29,044
Change - 112.55% -7.68% -45.34% -28.08% 24.28%
Enterprise Value (EV) 1 30,700 63,963 58,893 29,182 19,532 24,243
Change - 108.35% -7.93% -50.45% -33.07% 24.12%
P/E 50x 42.9x 24.9x 11.5x 24.1x 28.3x
PBR 5.07x 8.65x 6.09x 2.26x 1.58x 1.84x
PEG - 0x 0.4x 1x -0.4x 5x
Capitalization / Revenue 7.67x 11.4x 8.18x 4.17x 4.48x 5.05x
EV / Revenue 7.77x 11.3x 8.1x 3.75x 3.74x 4.21x
EV / EBITDA 31.5x 33.8x 19.7x 9.05x 15.5x 17.5x
EV / EBIT 38.8x 38x 21.4x 9.82x 20.1x 22.6x
EV / FCF -60x 347x -376x 286x 24.4x 35.6x
FCF Yield -1.67% 0.29% -0.27% 0.35% 4.1% 2.81%
Dividend per Share 2 0.15 0.3 1.145 1.114 0.18 0.38
Rate of return 0.25% 0.24% 1% 1.89% 0.43% 0.73%
EPS 2 1.176 2.895 4.596 5.128 1.751 1.85
Distribution rate 12.8% 10.4% 24.9% 21.7% 10.3% 20.5%
Net sales 1 3,950 5,656 7,267 7,789 5,219 5,755
EBITDA 1 975.5 1,892 2,987 3,223 1,264 1,384
EBIT 1 791.5 1,684 2,751 2,971 972.3 1,073
Net income 1 605.6 1,491 2,382 2,682 970.2 1,025
Net Debt 1 403.5 -430.4 -553.9 -3,311 -3,837 -4,801
Reference price 2 58.85 124.28 114.23 58.84 42.17 52.41
Nbr of stocks (in thousands) 514,806 518,134 520,413 552,226 554,169 554,169
Announcement Date 29/04/21 28/04/22 27/04/23 26/04/24 23/04/25 28/04/26
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 3.19B
32.56x5.86x18.14x0.67% 186B
30.79x12.14x25.9x0.39% 99.33B
13.42x0.29x6.56x3.8% 101B
41.44x6.56x21.43x0.91% 85.56B
20.37x1.17x13.1x0.55% 65.49B
70.15x6.82x33.15x0.24% 63.32B
18.96x3.23x12.21x1.46% 59.35B
68.43x8.16x34.62x0.01% 54.31B
37.57x8.33x25.45x1.03% 44.36B
Average 37.08x 5.84x 21.17x 1.01% 76.22B
Weighted average by Cap. 34.66x 5.79x 19.94x 1.07%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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