Company Valuation: Beijing Electronic Zone High-tech Group Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Capitalization 1 5,906 6,052 4,609 4,362 5,000 4,899
Change - 2.46% -23.84% -5.34% 14.62% -2.01%
Enterprise Value (EV) 1 9,073 9,606 7,904 9,520 11,060 11,625
Change - 5.88% -17.72% 20.45% 16.17% 5.11%
P/E ratio 17x 11.5x 137x 7.36x -27.9x -3.11x
PBR 0.89x 0.87x 0.67x 0.58x 0.68x 0.84x
PEG - 0.2x -1.5x 0x 0x -0x
Capitalization / Revenue 3.24x 1.6x 2.35x 0.85x 1.77x 2.32x
EV / Revenue 4.97x 2.55x 4.02x 1.85x 3.92x 5.51x
EV / EBITDA 17.5x 12.8x 25.6x 10.3x 37.1x -57.4x
EV / EBIT 19.8x 13.8x 33.1x 11.2x 60.7x -34.3x
EV / FCF -3.18x -37.2x 6.36x 2,460x -272x 45.6x
FCF Yield -31.5% -2.68% 15.7% 0.04% -0.37% 2.19%
Dividend per Share 2 0.134 0.14 0.015 0.053 - -
Rate of return 2.54% 2.59% 0.36% 1.36% - -
EPS 2 0.31 0.47 0.03 0.53 -0.16 -1.41
Distribution rate 43.2% 29.8% 50% 10% - -
Net sales 1 1,825 3,770 1,965 5,150 2,821 2,112
EBITDA 1 519.9 750.5 308.8 924.6 298.1 -202.7
EBIT 1 457.3 694.4 238.7 849.4 182.2 -338.5
Net income 1 351 520.7 31.57 591.9 -177.3 -1,580
Net Debt 1 3,167 3,555 3,295 5,158 6,060 6,726
Reference price 2 5.280 5.410 4.120 3.900 4.470 4.380
Nbr of stocks (in thousands) 11,18,585 11,18,585 11,18,585 11,18,585 11,18,585 11,18,585
Announcement Date 17/04/20 22/04/21 19/04/22 20/04/23 29/04/24 25/04/25
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 83Cr
16.2x16.04x22.75x3.68% 282.58Cr
10.81x14.7x17.8x5.2% 270.14Cr
16.57x10.19x21x2.37% 265.09Cr
18.14x16.06x18.92x1.94% 211.29Cr
15.94x8.08x19.51x3.75% 104.61Cr
65.16x2.57x4.04x - 67Cr
Average 23.80x 11.27x 17.34x 3.39% 183.43Cr
Weighted average by Cap. 18.13x 13.00x 19.25x 3.42%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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