Company Valuation: High Templar Tech Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Capitalization 1 8,312 2,286 1,558 1,660 3,253 3,899
Change - -72.5% -31.84% 6.51% 96.04% 19.84%
Enterprise Value (EV) 1 8,884 -3,265 -5,391 -7,053 -6,081 -2,705
Change - -136.76% -65.09% -30.83% 13.78% 55.52%
P/E ratio 3x 2.51x 2.71x -4.47x 82.1x 41.2x
PBR 0.7x 0.19x 0.12x 0.13x 0.25x 0.31x
PEG - -0x -0.1x 0x -1x 0x
Capitalization / Revenue 0.95x 0.63x 0.98x 3.17x 25.8x 18x
EV / Revenue 1.01x -0.9x -3.4x -13.5x -48.1x -12.5x
EV / EBITDA 1.77x -4.14x -6x 45x 21.6x 9.02x
EV / EBIT 1.78x -4.2x -6.14x 42.9x 20.6x 8.39x
EV / FCF 3.33x -0.47x -5.29x -3.84x -6.69x 0.97x
FCF Yield 30% -214% -18.9% -26.1% -15% 103%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 10.94 3.59 2.27 -1.471 0.1761 0.5
Distribution rate - - - - - -
Net sales 1 8,796 3,616 1,587 524 126.3 216.4
EBITDA 1 5,014 788.1 899.1 -156.6 -281.9 -299.9
EBIT 1 4,992 777.7 877.5 -164.6 -295.8 -322.5
Net income 1 3,264 958.8 589.1 -362 39.13 91.73
Net Debt 1 571.8 -5,551 -6,949 -8,713 -9,335 -6,603
Reference price 2 32.80 9.01 6.16 6.57 14.47 20.58
Nbr of stocks (in thousands) 2,53,458 2,53,729 2,53,088 2,52,475 2,24,899 1,89,404
Announcement Date 27/04/20 29/04/21 29/04/22 28/04/23 29/04/24 23/04/25
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 48Cr
13.37x8.81x28.08x5.22% 3.53TCr
17.85x0.54x5.18x2.73% 2.8TCr
15.42x2.29x8.15x2.81% 1.86TCr
14.68x0.76x7.29x2.11% 887.84Cr
15.47x0.44x5.92x0.64% 283.13Cr
42.84x0.43x10.77x0.86% 274.8Cr
18.1x0.99x7.55x5.31% 272.92Cr
50.47x0.46x31.21x-.--% 173.63Cr
Average 23.52x 1.84x 13.02x 2.46% 1.13TCr
Weighted average by Cap. 16.74x 3.79x 14.63x 3.48%
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Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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