Company Valuation: CECEP Solar Energy Co.,Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 21,862 33,679 28,655 21,813 18,646 17,425
Change - 54.06% -14.92% -23.87% -14.52% -6.55%
Enterprise Value (EV) 1 42,213 54,743 42,307 38,053 38,590 39,165
Change - 29.68% -22.72% -10.06% 1.41% 1.49%
P/E 21.3x 28.7x 17.9x 13.8x 15.2x 21.8x
PBR 1.56x 2.26x 1.31x 0.95x 0.8x 0.73x
PEG - 2x 4x -10.63x -0.7x -0.6x
Capitalization / Revenue 4.12x 4.8x 3.1x 2.29x 3.09x 3.51x
EV / Revenue 7.96x 7.8x 4.58x 3.99x 6.39x 7.9x
EV / EBITDA 12.1x 14.9x 11x 9.76x 10.8x 11.3x
EV / EBIT 19x 23.3x 17.1x 14.9x 17.8x 21x
EV / FCF -27.5x -82.4x 32.5x -26.2x -15.4x -125x
FCF Yield -3.64% -1.21% 3.08% -3.81% -6.51% -0.8%
Dividend per Share 2 0.124 - 0.237 0.1458 0.1129 0.0761
Rate of return 1.71% - 3.23% 2.61% 2.37% 1.71%
EPS 2 0.3418 0.3909 0.4084 0.4031 0.313 0.2037
Distribution rate 36.3% - 58% 36.2% 36.1% 37.4%
Net sales 1 5,305 7,016 9,236 9,540 6,039 4,957
EBITDA 1 3,475 3,676 3,863 3,899 3,580 3,481
EBIT 1 2,226 2,346 2,471 2,549 2,166 1,867
Net income 1 1,028 1,181 1,387 1,579 1,225 822.6
Net Debt 1 20,352 21,063 13,653 16,239 19,944 21,740
Reference price 2 7.270 11.200 7.330 5.580 4.760 4.440
Nbr of stocks (in thousands) 3,007,098 3,007,098 3,909,227 3,909,227 3,917,126 3,924,442
Announcement Date 4/27/21 4/14/22 4/12/23 4/12/24 4/23/25 4/23/26
1CNY in Million2CNY
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 2.46B
20.11x10.2x14.3x2.21% 26.43B
76.95x19.66x22.79x-.--% 26.54B
31.82x8.03x10.5x1.24% 16.52B
11.26x5.22x8.53x3.83% 7.51B
17.72x4.79x8.16x3.24% 4.11B
Average 31.57x 9.58x 12.86x 2.1% 13.93B
Weighted average by Cap. 40.15x 12.12x 15.46x 1.49%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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