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 92,608 - -
Change - -3.19% -11.96% -35.87% 74.7% -3.91% - -
Enterprise Value (EV) 1 89,633 86,241 72,284 46,931 86,710 81,745 79,168 76,106
Change - -3.79% -16.18% -35.07% 84.76% -5.73% -3.15% -3.87%
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 1.79x
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 2.02x
EV / EBITDA 9.5x 9.43x 8.39x 6.22x 12.1x 6.49x 7.97x 7.23x
EV / EBIT 10.7x 10.8x 9.77x 7.68x 15.6x 8.88x 10.4x 9.39x
EV / FCF 23.7x 14.1x 26.2x 17.5x 19.5x 9.94x 11.3x 7.95x
FCF Yield 4.22% 7.11% 3.82% 5.71% 5.12% 10.1% 8.87% 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% 4.49% 4.55% 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 8.100 8.100 8.100
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.($)
11.23x2.29x6.49x4.49% 11.81B
35.04x12.53x26.21x0.57% 1,051B
27.19x6.2x16.98x2.12% 609B
33.15x7.52x15.43x2.7% 450B
17.85x4.43x10.91x3% 330B
21.66x5.55x13.44x2.84% 284B
21.16x4.46x12.34x1.97% 263B
14.44x5.41x11.14x3.44% 223B
24.02x6.35x11.22x2.75% 198B
-48.37x5.78x31.95x2.42% 167B
Average 15.74x 6.05x 15.61x 2.63% 358.69B
Weighted average by Cap. 23.97x 7.81x 18.29x 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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