Company Valuation: Flat Glass Group Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 112,835 64,039 56,149 41,781 33,326 29,685 - -
Change - -43.25% -12.32% -25.59% -20.24% -10.92% - -
Enterprise Value (EV) 1 113,821 71,680 61,857 49,276 43,046 39,810 39,716 39,199
Change - -37.02% -13.7% -20.34% -12.64% -7.52% -0.24% -1.3%
P/E ratio 32.6x 16.9x 9.65x 23.9x 20.2x 15.2x 11.5x 9.54x
PBR 5.86x 2.55x 1.2x 1.11x - 0.83x 0.79x 0.75x
PEG - - 0.4x -0.4x -8.69x 0.6x 0.4x 0.5x
Capitalization / Revenue 12.9x 4.14x 2.61x 2.24x 2.14x 1.93x 1.56x 1.5x
EV / Revenue 13.1x 4.64x 2.87x 2.64x 2.77x 2.59x 2.09x 1.98x
EV / EBITDA 37.7x 19.1x 11.5x 13.6x 14.1x 11.4x 9.46x 7.81x
EV / EBIT 47.8x 33.3x 16.8x 43.6x 39.9x 25x 17x 14x
EV / FCF -35.7x -9.08x -17x 48x 386x 19.5x 16.8x 13.3x
FCF Yield -2.8% -11% -5.89% 2.08% 0.26% 5.14% 5.94% 7.53%
Dividend per Share 2 - - 0.618 0.13 - 0.1594 0.2138 0.279
Rate of return - - 5.17% 1.27% - 1.97% 2.64% 3.45%
EPS 2 0.99 0.99 1.24 0.43 0.42 0.5315 0.702 0.8487
Distribution rate - - 49.8% 30.2% - 30% 30.5% 32.9%
Net sales 1 8,713 15,461 21,524 18,683 15,567 15,378 18,993 19,751
EBITDA 1 3,017 3,745 5,385 3,625 3,061 3,488 4,198 5,019
EBIT 1 2,382 2,155 3,674 1,130 1,080 1,591 2,342 2,793
Net income 1 2,120 2,123 2,760 1,007 980.6 1,210 1,669 2,296
Net Debt 1 985.8 7,641 5,708 7,495 9,720 10,125 10,031 9,514
Reference price 2 32.261 16.701 11.964 10.261 8.474 8.096 8.096 8.096
Nbr of stocks (in thousands) 2,146,893 2,146,894 2,351,324 2,333,453 2,329,572 2,329,572 - -
Announcement Date 3/21/22 3/27/23 3/26/24 3/27/25 3/26/26 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
15.23x2.59x11.41x1.97% 4.37B
12.65x4.06x8.19x-.--% 23.63B
24.4x6.18x20.06x1.83% 20.23B
34.82x5.04x21.14x-.--% 18.69B
-101.72x1.31x14.96x0.03% 18.18B
-24.73x1.44x14.31x-.--% 11.14B
-69.5x1.26x8.91x-.--% 10.8B
22.54x3.37x14.17x - 9.84B
24.31x1.4x10.31x1.05% 7.67B
-42.95x9.26x27.24x-.--% 7.12B
Average -10.50x 3.59x 15.07x 0.54% 13.17B
Weighted average by Cap. -9.59x 3.72x 15.07x 0.45%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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