Company Valuation: CSPC Pharmaceutical Group Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 100,932 97,707 86,022 55,169 96,380 92,722 - -
Change - -3.19% -11.96% -35.87% 74.7% -3.8% - -
Enterprise Value (EV) 1 89,633 86,241 72,284 46,931 86,710 81,859 79,283 76,220
Change - -3.79% -16.18% -35.07% 84.76% -5.59% -3.15% -3.86%
P/E 14.7x 14.1x 13.5x 12.1x 21.8x 11.2x 13.1x 12x
PBR 3.17x 2.86x 2.39x 1.62x 2.56x 2.16x 1.98x 1.8x
PEG - 14.13x -1.73x -0.5x -9.88x 0.1x -0.9x 1.32x
Capitalization / Revenue 2.94x 2.77x 2.52x 1.78x 3.26x 2.6x 2.63x 2.46x
EV / Revenue 2.61x 2.44x 2.12x 1.51x 2.94x 2.29x 2.25x 2.03x
EV / EBITDA 9.5x 9.43x 8.39x 6.22x 12.1x 6.5x 7.98x 7.24x
EV / EBIT 10.7x 10.8x 9.77x 7.68x 15.6x 8.89x 10.4x 9.4x
EV / FCF 23.7x 14.1x 26.2x 17.5x 19.5x 9.96x 11.3x 7.96x
FCF Yield 4.22% 7.11% 3.82% 5.71% 5.12% 10% 8.85% 12.6%
Dividend per Share 2 0.18 0.21 0.28 0.26 0.29 0.3633 0.3682 0.3827
Rate of return 2.13% 2.56% 3.86% 5.44% 3.44% 4.48% 4.54% 4.72%
EPS 2 0.5773 0.5831 0.5376 0.3946 0.3859 0.7213 0.6181 0.6742
Distribution rate 31.2% 36% 52.1% 65.9% 75.2% 50.4% 59.6% 56.8%
Net sales 1 34,309 35,292 34,175 31,046 29,533 35,677 35,195 37,634
EBITDA 1 9,431 9,148 8,615 7,547 7,168 12,600 9,933 10,533
EBIT 1 8,366 7,952 7,400 6,113 5,564 9,206 7,644 8,108
Net income 1 6,901 6,949 6,382 4,632 4,409 7,937 6,917 7,537
Net Debt 1 -11,298 -11,467 -13,738 -8,238 -9,670 -10,863 -13,439 -16,502
Reference price 2 8.470 8.200 7.260 4.780 8.430 8.110 8.110 8.110
Nbr of stocks (in thousands) 11,916,370 11,915,520 11,848,756 11,541,665 11,433,025 11,433,025 - -
Announcement Date 22/03/22 22/03/23 20/03/24 28/03/25 25/03/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.31x2.31x6.54x4.45% 11.9B
34.43x12.54x25.95x0.57% 1,054B
27.51x6.31x17.15x2.07% 621B
30.73x7.36x15.07x2.77% 438B
17.67x4.38x10.82x3.03% 325B
21.42x5.5x13.31x2.87% 281B
21.07x4.44x12.4x1.98% 262B
14.26x5.33x10.96x3.5% 219B
23.64x6.27x11.07x2.8% 195B
-47.34x5.67x31.3x2.47% 163B
Average 15.47x 6.01x 15.46x 2.65% 356.81B
Weighted average by Cap. 23.60x 7.80x 18.17x 2.01%

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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