Company Valuation: China State Construction International Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 48,815 44,180 45,490 61,761 48,121 45,004 - -
Change - -9.49% 2.96% 35.77% -22.09% -6.48% - -
Enterprise Value (EV) 1 97,432 44,180 97,179 1,18,586 1,10,080 1,01,775 1,04,720 1,11,308
Change - -54.66% 119.96% 22.03% -7.17% -7.54% 2.89% 6.29%
P/E 7.18x 5.55x 4.96x 6.59x 4.9x 4.43x 4.07x 4.13x
PBR 0.87x 0.76x 0.61x 0.81x 0.53x 0.51x 0.47x 0.43x
PEG - 0.3x 0.3x 3x -39.97x 1.23x 0.47x -3.14x
Capitalization / Revenue 0.63x 0.43x 0.4x 0.54x 0.42x 0.38x 0.35x 0.35x
EV / Revenue 1.26x 0.43x 0.85x 1.03x 0.97x 0.85x 0.82x 0.86x
EV / EBITDA 9.61x 3.6x 6.67x 7.42x 6.84x 5.98x 5.79x 5.98x
EV / EBIT 10x 3.81x 7.09x 7.89x 7.29x 6.42x 6.2x 6.61x
EV / FCF -78.7x -293x -467x 126x - 15.9x 17.6x 12.9x
FCF Yield -1.27% -0.34% -0.21% 0.79% - 6.28% 5.69% 7.78%
Dividend per Share 2 0.405 0.48 0.56 0.615 0.625 0.7275 0.7302 0.787
Rate of return 4.18% 5.47% 6.2% 5.02% 6.86% 8.54% 8.57% 9.24%
EPS 2 1.349 1.58 1.82 1.86 1.858 1.925 2.092 2.064
Distribution rate 30% 30.4% 30.8% 33.1% 33.6% 37.8% 34.9% 38.1%
Net sales 1 77,310 1,01,975 1,13,734 1,15,107 1,13,784 1,19,491 1,28,245 1,29,227
EBITDA 1 10,136 12,271 14,570 15,982 16,096 17,030 18,092 18,606
EBIT 1 9,704 11,584 13,716 15,025 15,100 15,855 16,903 16,831
Net income 1 6,801 7,957 9,164 9,361 9,729 10,258 11,049 10,847
Net Debt 1 48,618 - 51,689 56,825 61,959 56,771 59,716 66,303
Reference price 2 9.690 8.770 9.030 12.260 9.110 8.520 8.520 8.520
Nbr of stocks (in thousands) 50,37,617 50,37,617 50,37,617 50,37,617 52,82,217 52,82,217 - -
Announcement Date 25/03/22 21/03/23 21/03/24 21/03/25 26/03/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
59.13x2.69x25.74x0.06% 10TCr
13.25x1.12x6.12x4.42% 7.77TCr
35x4.41x23.92x0.19% 5.96TCr
26.98x2.07x20.3x1.12% 5.8TCr
56.81x4.52x28.56x1.58% 4.63TCr
29.54x0.73x12.05x2.1% 3.73TCr
24.6x1.68x15.52x0.19% 3.55TCr
24.85x0.51x8.03x2.37% 3.44TCr
4.49x0.3x5.98x6.27% 2.71TCr
Average 30.52x 2.00x 16.25x 2.03% 5.31TCr
Weighted average by Cap. 34.09x 2.23x 17.71x 1.75%

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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