Company Valuation: Tengda Construction Group Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 4,733 5,212 4,051 3,965 3,789 3,867
Change - 10.14% -22.28% -2.12% -4.44% 2.04%
Enterprise Value (EV) 1 1,906 1,552 160.7 859.2 1,208 1,077
Change - -18.54% -89.65% 434.59% 40.56% -10.85%
P/E 7.79x 6.39x 256x 83.4x 144x 124x
PBR 0.89x 0.86x 0.67x 0.57x 0.63x 0.63x
PEG - 0.2x -2.6x 0x -3.2x 6.7x
Capitalization / Revenue 0.8x 0.75x 0.69x 0.98x 1.02x 0.8x
EV / Revenue 0.32x 0.22x 0.03x 0.21x 0.32x 0.22x
EV / EBITDA 6.95x 1.82x 0.49x -2,519x 24.6x 29.6x
EV / EBIT 9.11x 1.97x 0.69x -8.13x -37.7x -18.8x
EV / FCF 3.94x 1.78x 0.46x -1.56x -1.84x 4.45x
FCF Yield 25.4% 56% 215% -64.2% -54.4% 22.5%
Dividend per Share 2 0.05 0.02 - 0.02 0.02 0.01
Rate of return 1.69% 0.61% - 0.81% 0.84% 0.41%
EPS 2 0.3798 0.51 0.01 0.0297 0.0164 0.0195
Distribution rate 13.2% 3.92% - 67.2% 122% 51.4%
Net sales 1 5,903 6,925 5,841 4,064 3,718 4,845
EBITDA 1 274.2 854.2 330.7 -0.3411 49.17 36.36
EBIT 1 209.1 786.7 231.9 -105.7 -32.07 -57.35
Net income 1 607.2 820.4 16.51 47.07 26 30.74
Net Debt 1 -2,827 -3,660 -3,890 -3,106 -2,582 -2,790
Reference price 2 2.960 3.260 2.560 2.480 2.370 2.420
Nbr of stocks (in thousands) 15,98,903 15,98,903 15,82,478 15,98,903 15,98,903 15,97,811
Announcement Date 15/04/21 28/04/22 14/04/23 15/04/24 18/04/25 17/04/26
1CNY in Million2CNY
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 49Cr
56.24x2.6x24.78x0.07% 9.8TCr
11.94x1.03x5.64x4.89% 6.81TCr
34.28x4.31x23.41x0.2% 5.85TCr
25.21x1.95x19.2x1.17% 5.38TCr
49.74x3.99x25.23x1.94% 3.91TCr
23.26x1.59x14.64x0.2% 3.36TCr
26.96x0.68x11.15x2.29% 3.35TCr
21.58x0.43x6.83x2.81% 2.9TCr
4.93x0.31x5.95x5.72% 2.63TCr
Average 28.24x 1.88x 15.20x 2.14% 4.4TCr
Weighted average by Cap. 31.98x 2.12x 16.87x 1.83%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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