Company Valuation: China Railway Construction Heavy Industry Corporation Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024
Capitalization 1 27,041 21,067 21,174 23,467
Change - -22.09% 0.51% 10.83%
Enterprise Value (EV) 1 25,743 20,170 21,831 22,900
Change - -21.65% 8.24% 4.9%
P/E ratio 13.3x 11.4x 13.2x 15.7x
PBR 1.91x 1.36x 1.28x 1.34x
PEG -1.82x -1.27x -1x -2.36x
Capitalization / Revenue 2.84x 2.09x 2.11x 2.34x
EV / Revenue 2.7x 2x 2.18x 2.28x
EV / EBITDA 11.6x 8.58x 9.98x 10.1x
EV / EBIT 15.6x 12.1x 15.7x 16.6x
EV / FCF -21.4x -40.8x -32.8x 17.2x
FCF Yield -4.67% -2.45% -3.05% 5.8%
Dividend per Share 2 0.098 0.104 0.09 0.085
Rate of return 1.93% 2.63% 2.27% 1.93%
EPS 2 0.38 0.3458 0.3 0.28
Distribution rate 25.8% 30.1% 30% 30.4%
Net sales 1 9,517 10,102 10,027 10,046
EBITDA 1 2,226 2,350 2,187 2,259
EBIT 1 1,648 1,662 1,390 1,378
Net income 1 1,735 1,844 1,593 1,508
Net Debt 1 -1,298 -897.2 657.3 -567.3
Reference price 2 5.070 3.950 3.970 4.400
Nbr of stocks (in thousands) 5,333,497 5,333,497 5,333,497 5,333,497
Announcement Date 3/30/22 3/30/23 3/28/24 3/28/25
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 3.09B
21.62x3.57x16.86x1.45% 191B
19.26x1.72x11.97x2.49% 22.08B
12.27x1.16x8.4x3.07% 13.56B
13.42x1.43x9.99x4.85% 8.45B
10.53x0.58x4.45x3.04% 3.94B
9.99x0.77x7.35x3.48% 2.79B
10.78x - - - 1.95B
21.92x2.63x11.79x2.29% 1.72B
35.6x - - -.--% 1.66B
Average 17.27x 1.69x 10.12x 2.58% 25.02B
Weighted average by Cap. 20.31x 3.11x 15.36x 1.8%
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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