Company Valuation: First Tractor Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 11,571 9,548 12,426 13,459 13,313 13,419 - -
Change - -17.49% 30.14% 8.32% -1.09% 0.8% - -
Enterprise Value (EV) 1 11,571 9,548 12,426 13,459 11,852 10,924 9,631 8,231
Change - -17.49% 30.14% 8.32% -11.94% -7.83% -11.83% -14.54%
P/E - - - - 10.4x 9.17x 6.92x 5.48x
PBR - - - - - - - -
PEG - - - - - 0.6x 0.2x 0.2x
Capitalization / Revenue - 0.77x 1.08x 1.13x 1.23x 1.03x 0.96x 0.82x
EV / Revenue - 0.77x 1.08x 1.13x 1.1x 0.84x 0.69x 0.51x
EV / EBITDA - 10.4x 9.62x 9.9x 9.63x 10.3x 6.66x 4.62x
EV / EBIT - 16.2x 12.5x 12.9x 12.9x 14.7x 7.84x 5.34x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 - - - - 0.1975 0.3 0.4 0.51
Rate of return - - - - 2.63% 3.94% 5.25% 6.7%
EPS 2 - - - - 0.7226 0.83 1.1 1.39
Distribution rate - - - - 27.3% 36.1% 36.4% 36.7%
Net sales 1 - 12,455 11,534 11,904 10,823 13,040 13,941 16,286
EBITDA 1 - 920.5 1,292 1,360 1,231 1,057 1,446 1,780
EBIT 1 - 588 996.3 1,046 918.2 742.2 1,229 1,541
Net income 1 438.2 681.1 997 922 812 930.6 1,181 1,454
Net Debt 1 - - - - -1,461 -2,495 -3,787 -5,188
Reference price 2 3.218 3.264 4.502 6.747 7.513 7.615 7.615 7.615
Nbr of stocks (in thousands) 1,123,645 1,123,645 1,123,645 1,123,645 1,123,645 1,123,645 - -
Announcement Date 29/03/22 21/03/23 27/03/24 27/03/25 26/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.42x0.84x10.41x3.84% 2.01B
37.83x5.82x31.83x0.95% 185B
23.31x - - 1.69% 8.73B
19.21x0.96x9.1x3.15% 3.83B
22.27x2.24x18.72x1.65% 3.31B
22.52x - - 1.26% 1.19B
10.48x - - 2.47% 1.17B
119.07x0.89x10.99x0.93% 861M
Average 33.01x 2.15x 16.21x 1.99% 25.75B
Weighted average by Cap. 36.43x 5.59x 30.85x 1.07%

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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