Company Valuation: Binhai Investment Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 600.5 771.4 832.3 1,769 1,488 1,455
Change - 28.46% 7.89% 112.49% -15.87% -2.22%
Enterprise Value (EV) 1 2,392 3,212 3,915 4,748 4,442 4,204
Change - 34.29% 21.89% 21.28% -6.44% -5.36%
P/E 3.46x 4.36x 5.79x 6.92x 7.41x 7.07x
PBR 0.85x 0.89x 0.95x 0.87x 0.72x 0.7x
PEG - 2.53x -0.3x -0.3x -0.3x 2.54x
Capitalization / Revenue 0.16x 0.16x 0.14x 0.28x 0.24x 0.26x
EV / Revenue 0.65x 0.66x 0.64x 0.74x 0.72x 0.75x
EV / EBITDA 4.75x 4.41x 5.61x 6.61x 7.26x 8.72x
EV / EBIT 6.91x 5.8x 7.6x 9.2x 10.8x 14.9x
EV / FCF -14.6x -6.9x -6.64x 189x -123x 34.7x
FCF Yield -6.86% -14.5% -15.1% 0.53% -0.82% 2.88%
Dividend per Share 3 0.079 0.09 0.1 0.076 0.076 0.0769
Rate of return 7.88% 6.99% 7.2% 5.81% 7.03% 7.25%
EPS 3 0.29 0.295 0.24 0.189 0.1459 0.15
Distribution rate 27.2% 30.5% 41.7% 40.2% 52.1% 51.3%
Net sales 1 3,654 4,843 6,103 6,407 6,198 5,606
EBITDA 1 503.6 728.2 697.5 718 611.6 482.2
EBIT 1 346.2 553.8 514.8 516.3 411 282.4
Net income 1 354.9 399.7 325.8 256.6 199.8 206.1
Net Debt 1 1,791 2,440 3,082 2,979 2,954 2,749
Reference price 3 1.0020 1.2872 1.3888 1.3071 1.0807 1.0604
Nbr of stocks (in thousands) 5,99,300 5,99,300 5,99,300 13,52,993 13,76,733 13,71,935
Announcement Date 01/04/21 31/03/22 12/04/23 12/04/24 07/04/25 09/04/26
1CNY in Million2HKD in Million3CNY
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 20Cr
13.66x1.63x6.91x2.58% 66TCr
19.11x1.58x9.23x0.48% 17TCr
7.26x0.58x2.63x4.61% 11TCr
7.74x0.75x5.05x1.25% 11TCr
6.92x0.8x4.9x1.04% 11TCr
8.74x0.69x6.35x1.99% 10TCr
10.52x0.34x5.22x6.7% 9.03TCr
9.73x1.9x4.87x2.51% 7.99TCr
11.7x1.44x7.62x1.98% 5.94TCr
Average 10.60x 1.08x 5.87x 2.57% 15.02TCr
Weighted average by Cap. 12.05x 1.29x 6.35x 2.46%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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