Company Valuation: Poly Plastic Masterbatch (SuZhou) Co.,Ltd

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 4,077 3,669 2,164 3,417 4,634 5,763
Change - -10.01% -41.01% 57.86% 35.63% 24.35%
Enterprise Value (EV) 1 3,203 3,053 1,770 2,982 4,238 5,412
Change - -4.68% -42.01% 68.43% 42.13% 27.69%
P/E 30.9x 35.4x 45.5x 31.3x 40.7x 37.9x
PBR 3.25x 2.85x 1.69x 1.89x 2.48x 2.97x
PEG - -1.7x -0.8x 0.4x 12.62x 1.2x
Capitalization / Revenue 6.07x 4.75x 2.73x 2.85x 3.4x 3.88x
EV / Revenue 4.77x 3.95x 2.24x 2.49x 3.11x 3.64x
EV / EBITDA 23.9x 28.1x 25.9x 20.5x 23.8x 22x
EV / EBIT 26.1x 32.2x 54x 33x 37.5x 30.7x
EV / FCF -1,009x -11.8x -14.2x -24x 615x 473x
FCF Yield -0.1% -8.44% -7.02% -4.17% 0.16% 0.21%
Dividend per Share 2 0.5 0.4 0.2 0.5 0.3 0.5
Rate of return 1.77% 1.57% 1.33% 2.58% 1.15% 1.55%
EPS 2 0.915 0.72 0.33 0.62 0.64 0.85
Distribution rate 54.6% 55.6% 60.6% 80.6% 46.9% 58.8%
Net sales 1 671.3 772.4 791.8 1,197 1,363 1,485
EBITDA 1 134 108.5 68.32 145.7 177.9 246
EBIT 1 122.6 94.8 32.81 90.35 113.1 176.3
Net income 1 104.4 103.3 46.89 99.49 114 151.3
Net Debt 1 -874.1 -615.9 -393.9 -434.8 -395.9 -350.6
Reference price 2 28.32 25.48 15.03 19.38 26.06 32.23
Nbr of stocks (in thousands) 1,44,000 1,44,000 1,44,000 1,76,300 1,77,827 1,78,794
Announcement Date 07/04/21 29/03/22 29/03/23 28/03/24 15/04/25 23/04/26
1CNY in Million2CNY
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 107.86Cr
17.06x0.8x5.68x4.75% 2.12TCr
13.07x - - 6.33% 1.94TCr
-320.53x - - -.--% 1.46TCr
-136.16x0.83x6.41x0.72% 1.45TCr
16.69x2.14x46.31x2.25% 1.1TCr
22.78x3.46x12.94x0.79% 776.16Cr
24.69x0.86x12.76x1.78% 628.01Cr
27.05x1.93x15.98x1.55% 602.79Cr
26.99x2.93x17.83x1.6% 530.89Cr
Average -34.26x 1.85x 16.84x 2.2% 1.07TCr
Weighted average by Cap. -49.23x 1.55x 15.18x 2.77%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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