Company Valuation: First Tractor Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 11,571 9,548 12,426 13,459 13,313 12,902 - -
Change - -17.49% 30.14% 8.32% -1.09% -3.09% - -
Enterprise Value (EV) 1 11,571 9,548 12,426 13,459 11,852 10,407 9,114 7,714
Change - -17.49% 30.14% 8.32% -11.94% -12.19% -12.42% -15.37%
P/E - - - - 10.4x 8.82x 6.66x 5.27x
PBR - - - - - - - -
PEG - - - - - 0.6x 0.2x 0.2x
Capitalization / Revenue - 0.77x 1.08x 1.13x 1.23x 0.99x 0.93x 0.79x
EV / Revenue - 0.77x 1.08x 1.13x 1.1x 0.8x 0.65x 0.47x
EV / EBITDA - 10.4x 9.62x 9.9x 9.63x 9.84x 6.3x 4.33x
EV / EBIT - 16.2x 12.5x 12.9x 12.9x 14x 7.42x 5.01x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 - - - - 0.1975 0.3 0.4 0.51
Rate of return - - - - 2.63% 4.1% 5.46% 6.96%
EPS 2 - - - - 0.7226 0.83 1.1 1.39
Distribution rate - - - - 27.3% 36.1% 36.4% 36.7%
Net sales 1 - 12,455 11,534 11,904 10,823 13,040 13,941 16,286
EBITDA 1 - 920.5 1,292 1,360 1,231 1,057 1,446 1,780
EBIT 1 - 588 996.3 1,046 918.2 742.2 1,229 1,541
Net income 1 438.2 681.1 997 922 812 930.6 1,181 1,454
Net Debt 1 - - - - -1,461 -2,495 -3,787 -5,188
Reference price 2 3.218 3.264 4.502 6.747 7.513 7.322 7.322 7.322
Nbr of stocks (in thousands) 11,23,645 11,23,645 11,23,645 11,23,645 11,23,645 11,23,645 - -
Announcement Date 29/03/22 21/03/23 27/03/24 27/03/25 26/03/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
31.61x5.36x23.74x0.73% 39TCr
37.9x5.83x31.79x0.96% 19TCr
15.17x1.16x7.5x4.92% 6.38TCr
18.33x1.7x13.88x2.97% 5.77TCr
31.25x4.32x18.2x0.42% 4.86TCr
16.92x1.71x9.72x2.57% 4.24TCr
10.91x1.05x10.4x4.74% 3.48TCr
32.14x4.66x18.59x1.56% 3.02TCr
12.05x0.39x4.03x4.08% 2.54TCr
Average 22.92x 2.91x 15.32x 2.55% 9.74TCr
Weighted average by Cap. 28.77x 4.34x 21.35x 1.59%

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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