Company Valuation: China Railway Construction Heavy Industry Corporation Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025
Market Cap 1 27,041 21,067 21,174 23,467 27,041
Change - -22.09% 0.51% 10.83% 15.23%
Enterprise Value (EV) 1 25,743 20,170 21,831 22,900 25,930
Change - -21.65% 8.24% 4.9% 13.23%
P/E 13.3x 11.4x 13.2x 15.7x 18.1x
PBR 1.91x 1.36x 1.28x 1.34x 1.45x
PEG -1.82x -1.27x -1x -2.36x -
Capitalization / Revenue 2.84x 2.09x 2.11x 2.34x 2.69x
EV / Revenue 2.7x 2x 2.18x 2.28x 2.58x
EV / EBITDA 11.6x 8.58x 9.98x 10.1x 11.3x
EV / EBIT 15.6x 12.1x 15.7x 16.6x 18.6x
EV / FCF -21.4x -40.8x -32.8x 17.2x 29.6x
FCF Yield -4.67% -2.45% -3.05% 5.8% 3.38%
Dividend per Share 2 0.098 0.104 0.09 0.085 0.084
Rate of return 1.93% 2.63% 2.27% 1.93% 1.66%
EPS 2 0.38 0.3458 0.3 0.28 0.28
Distribution rate 25.8% 30.1% 30% 30.4% 30%
Net sales 1 9,517 10,102 10,027 10,046 10,045
EBITDA 1 2,226 2,350 2,187 2,259 2,287
EBIT 1 1,648 1,662 1,390 1,378 1,398
Net income 1 1,735 1,844 1,593 1,508 1,483
Net Debt 1 -1,298 -897.2 657.3 -567.3 -1,111
Reference price 2 5.070 3.950 3.970 4.400 5.070
Nbr of stocks (in thousands) 5,333,497 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 3/20/26
1CNY in Million2CNY
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 3.33B
36.78x5.85x26.94x0.7% 410B
17.25x1.44x9.68x2.88% 26.37B
11.94x1.12x8.55x3.1% 15.29B
11.5x1.39x10.18x5.8% 9.26B
11.12x0.75x7.41x1.96% 3.94B
10.46x0.53x4.42x3.17% 3.92B
8.58x0.47x5.07x4.07% 2.44B
12.64x1.14x7.44x3.1% 2.03B
Average 15.03x 1.59x 9.96x 3.1% 52.94B
Weighted average by Cap. 33.72x 5.23x 24.51x 1.05%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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