Company Valuation: China Rare Earth Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Market Cap 1 948.4 948.4 2,225 1,159 772.8 936.7
Change - 0% 134.57% -47.89% -33.33% 21.21%
Enterprise Value (EV) 1 -526 -788.5 406.5 -291.9 -525.7 -28.61
Change - -49.9% 151.56% -171.79% -80.11% 94.56%
P/E 24.4x 48.1x 91.7x -3.11x -3.85x -8.93x
PBR 0.37x 0.34x 0.77x 0.51x 0.37x 0.49x
PEG - -1x 4x 0x 0.1x 0.2x
Capitalization / Revenue 0.93x 0.85x 1.83x 1.43x 1.13x 1.24x
EV / Revenue -0.52x -0.71x 0.34x -0.36x -0.77x -0.04x
EV / EBITDA -8.98x -17x 7.85x 0.82x 2.79x 0.48x
EV / EBIT -19.9x -54.8x 20x 0.75x 2.4x 0.33x
EV / FCF 3.01x -7.52x -145x 14x 9.94x 0.11x
FCF Yield 33.2% -13.3% -0.69% 7.16% 10.1% 925%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.0166 0.008416 0.0104 -0.1594 -0.0856 -0.0448
Distribution rate - - - - - -
Net sales 1 1,019 1,112 1,212 810.4 686.1 756.7
EBITDA 1 58.61 46.4 51.8 -354.2 -188.5 -59.58
EBIT 1 26.4 14.4 20.34 -389 -219 -85.45
Net income 1 38.88 19.71 24.27 -373.3 -200.5 -104.9
Net Debt 1 -1,474 -1,737 -1,818 -1,451 -1,298 -965.3
Reference price 2 0.4050 0.4050 0.9500 0.4950 0.3300 0.4000
Nbr of stocks (in thousands) 2,341,700 2,341,700 2,341,700 2,341,700 2,341,700 2,341,700
Announcement Date 4/28/20 4/27/21 4/28/22 4/26/23 4/23/24 4/29/25
1HKD in Million2HKD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 249M
27.14x4.27x13.77x2.12% 126B
33.74x1.19x7.35x6.85% 39.62B
13.22x3.99x27.52x2.99% 35.43B
12.99x1.25x7.09x2.35% 35.44B
10.79x3.17x7.85x4.1% 25.68B
6.5x0.85x5.64x4.56% 19.51B
16.44x - - - 18.51B
10.5x0.91x8.05x3.34% 17.61B
17.62x0.77x6.16x1.24% 17.71B
Average 16.55x 2.05x 10.43x 3.44% 33.56B
Weighted average by Cap. 20.54x 2.83x 12.03x 3.17%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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