Company Valuation: China State Construction Engineering Corporation Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,09,741 2,27,704 2,01,633 2,49,662 2,11,974 1,76,851 - -
Change - 8.56% -11.45% 23.82% -15.1% -16.57% - -
Enterprise Value (EV) 1 4,57,781 5,91,556 6,45,553 6,84,382 7,37,451 6,35,736 6,89,398 7,97,149
Change - 29.22% 9.13% 6.01% 7.75% -13.79% 8.44% 15.63%
P/E 4x 4.41x 3.67x 5.41x 5.46x 4.94x 4.41x 4.35x
PBR 0.63x 0.61x 0.48x 0.55x 0.44x 0.34x 0.32x 0.31x
PEG - -2.76x 0.56x -0.4x -0.4x -0.63x 0.4x 2.78x
Capitalization / Revenue 0.11x 0.11x 0.09x 0.11x 0.1x 0.09x 0.08x 0.08x
EV / Revenue 0.24x 0.29x 0.28x 0.31x 0.35x 0.31x 0.32x 0.35x
EV / EBITDA 4.24x 6.25x 6.35x 7.59x 9.52x 5.78x 6.35x 8.14x
EV / EBIT 4.55x 6.82x 6.93x 8.5x 10.7x 9.02x 9.7x 10.6x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.25 0.2527 0.2714 0.2715 0.2718 0.2546 0.2771 0.3232
Rate of return 5% 4.65% 5.64% 4.53% 5.3% 5.95% 6.48% 7.55%
EPS 2 1.25 1.23 1.31 1.11 0.94 0.8665 0.9697 0.9849
Distribution rate 20% 20.5% 20.7% 24.5% 28.9% 29.4% 28.6% 32.8%
Net sales 1 18,91,339 20,55,052 22,65,529 21,87,148 20,82,142 20,50,941 21,50,413 22,47,470
EBITDA 1 1,07,982 94,620 1,01,642 90,190 77,468 1,09,904 1,08,615 97,878
EBIT 1 1,00,601 86,733 93,132 80,561 68,949 70,509 71,036 75,030
Net income 1 51,408 50,950 54,264 46,187 39,069 35,700 38,898 40,640
Net Debt 1 2,48,040 3,63,852 4,43,920 4,34,720 5,25,477 4,58,884 5,12,546 6,20,297
Reference price 2 5.000 5.430 4.810 6.000 5.130 4.280 4.280 4.280
Nbr of stocks (in thousands) 4,19,48,168 4,19,34,433 4,19,19,514 4,16,10,322 4,13,20,390 4,13,20,390 - -
Announcement Date 15/04/22 17/04/23 18/04/24 15/04/25 17/04/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
4.96x0.31x5.79x5.92% 2.65TCr
55.55x2.56x24.44x0.07% 9.66TCr
12.36x1.06x5.79x4.73% 7.12TCr
33.46x4.2x22.82x0.2% 5.71TCr
26.01x2x19.7x1.14% 5.57TCr
51.4x4.07x25.79x1.9% 4.04TCr
27.66x0.7x11.44x2.23% 3.47TCr
23.1x1.58x14.53x0.2% 3.34TCr
22.33x0.45x7.09x2.71% 3.04TCr
13.48x0.38x4.16x4.89% 1.93TCr
Average 27.03x 1.73x 14.16x 2.4% 4.65TCr
Weighted average by Cap. 31.13x 2.03x 16.22x 1.96%

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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-40%: Exceptional extension
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