Company Valuation: BYD Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 724,616 651,570 571,597 785,956 845,468 658,828 - -
Change - -10.08% -12.27% 37.5% 7.57% -22.08% - -
Enterprise Value (EV) 1 708,526 619,310 500,541 703,579 874,231 696,494 639,522 680,545
Change - -12.59% -19.18% 40.56% 24.25% -20.33% -8.18% 6.41%
P/E 205x 29.8x 18.9x 18.1x 23.9x 14.4x 11.2x 9.96x
PBR 6.65x 4.47x 4.07x 3.93x 3.17x 1.99x 1.72x 1.51x
PEG - 0x 0.2x 0.5x -1.1x 0.8x 0.4x 0.8x
Capitalization / Revenue 3.43x 1.54x 0.95x 1.01x 1.05x 0.74x 0.65x 0.58x
EV / Revenue 3.35x 1.46x 0.83x 0.91x 1.09x 0.79x 0.63x 0.6x
EV / EBITDA 35x 15x 6.24x 6.13x 7.41x 5.27x 4.17x 3.95x
EV / EBIT 108x 28.7x 13.1x 13.9x 21.8x 14.5x 11.1x 9.54x
EV / FCF 25.2x 14.2x 10.4x 19.5x -8.95x 228x 12.7x 5.86x
FCF Yield 3.97% 7.05% 9.61% 5.13% -11.2% 0.44% 7.85% 17.1%
Dividend per Share 2 0.035 0.3807 1.032 1.325 0.358 1.075 1.326 1.427
Rate of return 0.05% 0.67% 1.59% 1.59% 0.42% 1.78% 2.19% 2.36%
EPS 2 0.3533 1.903 3.44 4.613 3.58 4.204 5.413 6.081
Distribution rate 9.91% 20% 30% 28.7% 10% 25.6% 24.5% 23.5%
Net sales 1 211,300 424,061 602,315 777,102 803,965 884,590 1,010,918 1,134,900
EBITDA 1 20,236 41,328 80,265 114,749 118,054 132,187 153,462 172,441
EBIT 1 6,571 21,542 38,103 50,486 40,185 48,071 57,421 71,352
Net income 1 3,045 16,622 30,041 40,254 32,619 38,269 49,348 60,343
Net Debt 1 -16,091 -32,260 -71,056 -82,378 28,763 37,666 -19,306 21,717
Reference price 2 72.40 56.79 64.87 83.51 85.68 60.54 60.54 60.54
Nbr of stocks (in thousands) 8,733,429 8,716,895 8,716,895 8,716,224 9,105,624 9,085,053 - -
Announcement Date 3/29/22 3/28/23 3/26/24 3/24/25 3/27/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
353.18x13.56x99.58x-.--% 1,477B
9.88x1.27x11.59x3.29% 231B
14.91x0.81x5.41x1.72% 101B
36.17x9.15x23.31x1.08% 77.06B
7.11x0.34x2.74x0.93% 67.64B
7.65x1.21x13.94x3.53% 54.74B
11.94x0.27x3.39x4.96% 48.45B
11.67x0.68x9.28x3.95% 44.41B
22.26x1.29x7.25x2.42% 43.74B
Average 52.75x 3.17x 19.61x 2.43% 238.4B
Weighted average by Cap. 247.61x 9.93x 71.76x 0.84%

Y-o-Y evolution of P/E

Valuation ratios - P/E - BYD Company Limited

Historical PBR trend

Valuation ratios - PBR - BYD Company Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - BYD Company Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - BYD Company Limited


Year-on-year evolution of the Yield

Valuation ratios - Yield - BYD Company Limited