Company Valuation: CSPC Pharmaceutical Group Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,00,932 97,707 86,022 55,169 96,380 99,353 - -
Change - -3.19% -11.96% -35.87% 74.7% 3.08% - -
Enterprise Value (EV) 1 89,633 86,241 72,284 46,931 86,710 88,638 85,515 81,933
Change - -3.79% -16.18% -35.07% 84.76% 2.22% -3.52% -4.19%
P/E 14.7x 14.1x 13.5x 12.1x 21.8x 12.1x 14.1x 12.9x
PBR 3.17x 2.86x 2.39x 1.62x 2.56x 2.31x 2.11x 1.92x
PEG - 14.13x -1.73x -0.5x -9.88x 0.1x -1x 1.46x
Capitalization / Revenue 2.94x 2.77x 2.52x 1.78x 3.26x 2.78x 2.82x 2.65x
EV / Revenue 2.61x 2.44x 2.12x 1.51x 2.94x 2.48x 2.43x 2.18x
EV / EBITDA 9.5x 9.43x 8.39x 6.22x 12.1x 6.93x 8.61x 7.78x
EV / EBIT 10.7x 10.8x 9.77x 7.68x 15.6x 9.6x 11.1x 10x
EV / FCF 23.7x 14.1x 26.2x 17.5x 19.5x 12x 12.3x 8.74x
FCF Yield 4.22% 7.11% 3.82% 5.71% 5.12% 8.31% 8.16% 11.4%
Dividend per Share 2 0.18 0.21 0.28 0.26 0.29 0.3699 0.3697 0.3847
Rate of return 2.13% 2.56% 3.86% 5.44% 3.44% 4.26% 4.25% 4.43%
EPS 2 0.5773 0.5831 0.5376 0.3946 0.3859 0.7189 0.6181 0.6728
Distribution rate 31.2% 36% 52.1% 65.9% 75.2% 51.5% 59.8% 57.2%
Net sales 1 34,309 35,292 34,175 31,046 29,533 35,696 35,175 37,540
EBITDA 1 9,431 9,148 8,615 7,547 7,168 12,782 9,929 10,529
EBIT 1 8,366 7,952 7,400 6,113 5,564 9,230 7,705 8,187
Net income 1 6,901 6,949 6,382 4,632 4,409 7,935 6,932 7,548
Net Debt 1 -11,298 -11,467 -13,738 -8,238 -9,670 -10,715 -13,838 -17,420
Reference price 2 8.470 8.200 7.260 4.780 8.430 8.690 8.690 8.690
Nbr of stocks (in thousands) 1,19,16,370 1,19,15,520 1,18,48,756 1,15,41,665 1,14,33,025 1,14,33,025 - -
Announcement Date 22/03/22 22/03/23 20/03/24 28/03/25 25/03/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.09x2.48x6.93x4.26% 1.27TCr
33.6x12.3x24.81x0.58% 1,05700Cr
28.84x - - 2.07% 62TCr
32.43x7.35x15.3x2.81% 43TCr
20.47x4.85x12.02x2.72% 36TCr
22.14x5.72x14.28x2.8% 30TCr
20.58x4.25x12.07x2.07% 25TCr
25.76x6.78x12.06x2.45% 22TCr
13.84x4.97x10.44x3.68% 21TCr
-41.37x5.93x33.46x2.47% 17TCr
Average 16.84x 6.07x 15.71x 2.59% 36.33TCr
Weighted average by Cap. 24.41x 8.07x 18.26x 1.99%

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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