Company Valuation: High Templar Tech Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Capitalization 1 2,286 1,558 1,660 3,253 3,899 4,100
Change - -31.84% 6.51% 96.04% 19.84% 5.17%
Enterprise Value (EV) 1 -3,265 -5,391 -7,053 -6,081 -2,705 -2,616
Change - -65.09% -30.83% 13.78% 55.52% 3.29%
P/E ratio 2.51x 2.71x -4.47x 82.1x 41.2x 5.84x
PBR 0.19x 0.12x 0.13x 0.25x 0.31x 0.33x
PEG - -0.1x 0x -1x 0x 0x
Capitalization / Revenue 0.63x 0.98x 3.17x 25.8x 18x 100x
EV / Revenue -0.9x -3.4x -13.5x -48.1x -12.5x -63.9x
EV / EBITDA -4.14x -6x 45x 21.6x 9.02x 9.05x
EV / EBIT -4.2x -6.14x 42.9x 20.6x 8.39x 7.7x
EV / FCF -0.47x -5.29x -3.84x -6.69x 0.97x 4.4x
FCF Yield -214% -18.9% -26.1% -15% 103% 22.7%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 3.59 2.27 -1.471 0.1761 0.5 4.25
Distribution rate - - - - - -
Net sales 1 3,616 1,587 524 126.3 216.4 40.96
EBITDA 1 788.1 899.1 -156.6 -281.9 -299.9 -289.1
EBIT 1 777.7 877.5 -164.6 -295.8 -322.5 -339.8
Net income 1 958.8 589.1 -362 39.13 91.73 708.6
Net Debt 1 -5,551 -6,949 -8,713 -9,335 -6,603 -6,716
Reference price 2 9.01 6.16 6.57 14.47 20.58 24.83
Nbr of stocks (in thousands) 2,53,729 2,53,088 2,52,475 2,24,899 1,89,404 1,65,126
Announcement Date 29/04/21 29/04/22 28/04/23 29/04/24 23/04/25 10/04/26
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 34Cr
10.69x1.7x5.2x5.13% 927.32Cr
42.04x0.86x11.6x-.--% 530.3Cr
10.35x1.45x4.48x5.22% 368.82Cr
-4.85x2.13x68.32x-.--% 174.62Cr
12.58x1.86x3.54x3.89% 92Cr
7.55x1.67x3.55x3.81% 77Cr
6.73x1.3x3.33x2.82% 64Cr
Average 12.15x 1.57x 14.29x 2.98% 283.59Cr
Weighted average by Cap. 16.71x 1.49x 11.35x 3.36%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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