Company Valuation: BYD Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 7,24,616 6,51,570 5,71,597 7,85,956 8,45,468 8,86,687 - -
Change - -10.08% -12.27% 37.5% 7.57% 4.88% - -
Enterprise Value (EV) 1 7,08,526 6,13,134 4,93,383 7,03,579 8,74,231 7,39,455 6,86,086 5,11,617
Change - -13.46% -19.53% 42.6% 24.25% -15.42% -7.22% -25.43%
P/E ratio 205x 29.8x 18.9x 18.1x 23.9x 20.2x 15.8x 13.3x
PBR 6.65x 4.47x 4.07x 3.93x - 2.96x 2.63x 2.25x
PEG - 0x 0.2x 0.5x -1.1x 0.8x 0.6x 0.7x
Capitalization / Revenue 3.43x 1.54x 0.95x 1.01x 1.05x 0.94x 0.83x 0.78x
EV / Revenue 3.35x 1.45x 0.82x 0.91x 1.09x 0.78x 0.64x 0.45x
EV / EBITDA 35x 14.7x 6.04x 6.13x 7.41x 5.86x 4.78x 3.03x
EV / EBIT 108x 28.5x 12.9x 13.9x 21.8x 14.1x 10.6x 7.05x
EV / FCF 25.2x 14.1x 10.4x 19.5x -8.95x 15.2x 11.5x 5.32x
FCF Yield 3.97% 7.08% 9.65% 5.13% -11.2% 6.59% 8.73% 18.8%
Dividend per Share 2 0.035 0.3807 1.032 1.325 0.358 1.324 1.675 1.62
Rate of return 0.05% 0.67% 1.59% 1.59% 0.42% 1.45% 1.83% 1.77%
EPS 2 0.3533 1.903 3.44 4.613 3.58 4.541 5.807 6.914
Distribution rate 9.91% 20% 30% 28.7% 10% 29.2% 28.8% 23.4%
Net sales 1 2,11,300 4,24,061 6,02,315 7,77,102 8,03,965 9,42,720 10,73,648 11,41,308
EBITDA 1 20,236 41,830 81,656 1,14,749 1,18,054 1,26,193 1,43,676 1,68,718
EBIT 1 6,571 21,542 38,103 50,486 40,185 52,272 64,507 72,594
Net income 1 3,045 16,622 30,041 40,254 32,619 41,484 53,820 62,067
Net Debt 1 -16,091 -38,436 -78,213 -82,378 28,763 -1,47,232 -2,00,601 -3,75,070
Reference price 2 72.40 56.79 64.87 83.51 85.68 91.63 91.63 91.63
Nbr of stocks (in thousands) 87,33,429 87,16,895 87,16,895 87,16,224 91,05,624 90,85,053 - -
Announcement Date 29/03/22 28/03/23 26/03/24 24/03/25 27/03/26 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.18x0.79x5.81x1.45% 13TCr
254.31x12.48x84.46x-.--% 1,30900Cr
14.45x0.33x4.68x1.78% 2.27TCr
144.4x0.54x14.78x-.--% 2.07TCr
-5.21x3.05x-10.67x-.--% 1.91TCr
-76.87x1.26x-153.5x-.--% 1.67TCr
-21.3x0.93x17.25x-.--% 1.63TCr
-2.98x6x-10.08x - 980.27Cr
-8.71x1.56x-18.76x-.--% 674.21Cr
Average 35.36x 2.99x -7.34x 0.4% 17.24TCr
Weighted average by Cap. 217.32x 10.72x 70.30x 0.15%

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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