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 1,79,330 - -
Change - 8.56% -11.45% 23.82% -15.1% -15.4% - -
Enterprise Value (EV) 1 4,57,781 5,91,556 6,45,553 6,84,382 7,37,451 6,38,215 6,91,877 7,99,628
Change - 29.22% 9.13% 6.01% 7.75% -13.46% 8.41% 15.57%
P/E 4x 4.41x 3.67x 5.41x 5.46x 5.01x 4.62x 4.46x
PBR 0.63x 0.61x 0.48x 0.55x 0.44x 0.35x 0.33x 0.31x
PEG - -2.76x 0.56x -0.4x -0.4x -0.65x 0.55x 1.29x
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 0.33x 0.36x
EV / EBITDA 4.24x 6.25x 6.35x 7.59x 9.52x 5.98x 6.52x 7.75x
EV / EBIT 4.55x 6.82x 6.93x 8.5x 10.7x 9.05x 9.74x 10.7x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.25 0.2527 0.2714 0.2715 0.2718 0.2442 0.2626 0.2726
Rate of return 5% 4.65% 5.64% 4.53% 5.3% 5.63% 6.05% 6.28%
EPS 2 1.25 1.23 1.31 1.11 0.94 0.867 0.9402 0.9726
Distribution rate 20% 20.5% 20.7% 24.5% 28.9% 28.2% 27.9% 28%
Net sales 1 18,91,339 20,55,052 22,65,529 21,87,148 20,82,142 20,39,727 21,20,830 21,92,805
EBITDA 1 1,07,982 94,620 1,01,642 90,190 77,468 1,06,740 1,06,093 1,03,144
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 4.340 4.340 4.340
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.($)
5.01x0.31x5.98x5.63% 2.67TCr
58.37x2.69x25.68x0.06% 10TCr
11.76x1.02x5.57x4.97% 6.66TCr
35.58x4.48x24.33x0.19% 6.07TCr
24.84x1.93x18.95x1.19% 5.27TCr
49.38x3.96x25.08x1.96% 3.85TCr
24.02x1.64x15.14x0.19% 3.47TCr
27.92x0.7x11.55x2.21% 3.45TCr
22.53x0.44x7.03x2.74% 2.96TCr
Average 28.82x 1.91x 15.48x 2.13% 4.95TCr
Weighted average by Cap. 32.95x 2.18x 17.31x 1.8%

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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