Company Valuation: Sai MicroElectronics Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 15,224 17,928 10,838 17,633 12,579 40,975
Change - 17.76% -39.55% 62.7% -28.66% 225.73%
Enterprise Value (EV) 1 14,838 15,618 9,959 17,736 12,950 40,110
Change - 5.26% -36.24% 78.09% -26.98% 209.72%
P/E 76.8x 79.2x -148x 172x -74x 27.8x
PBR 4.94x 3.53x 2.18x 3.42x 2.55x 6.08x
PEG - - 1x -1x 0x -0x
Capitalization / Revenue 19.9x 19.3x 13.8x 13.6x 10.4x 49.7x
EV / Revenue 19.4x 16.8x 12.7x 13.6x 10.7x 48.7x
EV / EBITDA 188x 310x -35.6x 1,632x -179x -64.9x
EV / EBIT 2,572x -366x -27x -147x -51.8x -50x
EV / FCF -53.7x -122x -5.98x -17.2x -46.1x 139x
FCF Yield -1.86% -0.82% -16.7% -5.8% -2.17% 0.72%
Dividend per Share 2 0.035 0.035 - 0.035 - 0.37
Rate of return 0.15% 0.14% - 0.15% - 0.66%
EPS 2 0.31 0.31 -0.1 0.14 -0.2322 2.012
Distribution rate 11.3% 11.3% - 25% - 18.4%
Net sales 1 765 928.5 785.8 1,300 1,205 824.1
EBITDA 1 78.84 50.42 -279.9 10.87 -72.34 -618.1
EBIT 1 5.768 -42.65 -369.1 -120.9 -249.9 -802.7
Net income 1 201.1 205.7 -73.36 103.6 -170 1,473
Net Debt 1 -386.2 -2,310 -879 102.7 371.1 -864.7
Reference price 2 23.82 24.56 14.78 24.04 17.18 55.96
Nbr of stocks (in thousands) 639,122 729,979 733,289 733,497 732,213 732,213
Announcement Date 16/03/21 30/03/22 28/03/23 26/03/24 19/03/25 26/03/26
1CNY in Million2CNY
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 4.18B
59.1x9.37x47.56x1.35% 195B
80.9x12x23.04x-.--% 129B
69.85x - - 0.14% 70.09B
53.62x10.94x40.69x0.87% 58.94B
10909.78x103.81x3289.53x - 57.81B
56.52x7.54x30.15x0.72% 43.17B
58.83x9.8x39.84x0.75% 44.36B
30.97x8.53x23.49x1.07% 41.8B
41.43x9.48x30.79x0.49% 38.88B
Average 1,262.33x 21.43x 440.64x 0.67% 68.28B
Weighted average by Cap. 985.27x 18.90x 345.16x 0.73%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Sai MicroElectronics Inc.