Valuation Haitong Securities Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 2025-01-20			5-day change	1st Jan Change
10.72 ^CNY	+1.52%		+3.38%	-3.60%

Jan. 19	Haitong Securities, Guotai Junan Securities Merger Gets Regulatory Approval	MT
Jan. 17	China's securities regulator approves merger of Guotai Junan, Haitong Securities	RE

Data adjusted to current consolidation scope

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	153,176	144,055	137,560	98,375	102,981	123,213	123,213	-
Change	-	-5.95%	-4.51%	-28.49%	4.68%	19.65%	0%	-
Enterprise Value (EV) ¹	374,043	384,623	265,242	168,057	200,734	251,228	265,079	281,895
Change	-	2.83%	-31.04%	-36.64%	19.44%	25.15%	5.51%	6.34%
P/E ratio	18.6x	14.3x	12.5x	17.4x	117x	43.4x	33.9x	29.1x
PBR	1.41x	1.09x	0.98x	0.69x	0.75x	0.85x	0.84x	0.83x
PEG	-	1.7x	1.41x	-0.4x	-1.4x	0x	1.2x	1.7x
Capitalization / Revenue	2.97x	3.33x	2.92x	2.29x	2.49x	4.59x	4.54x	4.45x
EV / Revenue	7.26x	8.9x	5.63x	3.91x	4.86x	9.36x	9.77x	10.2x
EV / EBITDA	26.6x	23x	-	17.1x	88.8x	68.5x	57.7x	53.2x
EV / EBIT	28x	22.4x	14.3x	20.4x	196x	57.1x	53.4x	49.4x
EV / FCF	18,653,916x	-	-	-	-	-	-	-
FCF Yield	0%	-	-	-	-	-	-	-
Dividend per Share ²	0.15	0.25	0.3	0.21	0.1	0.0924	0.1337	0.1568
Rate of return	0.97%	1.94%	2.45%	2.42%	1.07%	0.86%	1.25%	1.46%
EPS ²	0.83	0.9	0.98	0.5	0.08	0.2468	0.3162	0.369
Distribution rate	18.1%	27.8%	30.6%	42%	125%	37.4%	42.3%	42.5%
Net sales ¹	51,552	43,200	47,131	43,015	41,284	26,832	27,128	27,719
EBITDA ¹	14,079	16,705	-	9,828	2,260	3,665	4,594	5,294
EBIT ¹	13,376	17,156	18,557	8,247	1,022	4,399	4,964	5,701
Net income ¹	9,523	10,875	12,827	6,545	1,008	3,233	4,703	5,201
Net Debt ¹	220,867	240,569	127,683	69,681	97,754	128,016	141,866	158,682
Reference price ²	15.46	12.86	12.26	8.69	9.37	10.72	10.72	10.72
Nbr of stocks (in thousands)	11,501,700	13,064,200	13,064,200	13,064,200	13,022,693	12,987,126	12,987,126	-
Announcement Date	3/26/20	2/26/21	3/18/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E ratio	EV / Sales	EV / EBITDA	Yield	Capi. ($)
HAITONG SECURITIES CO., LTD.	43.44x	9.36x	68.55x	+0.86%	16.88B
BANCO BTG PACTUAL S.A.	9.49x	6.39x	10.17x	+3.13%	23.83B
HOULIHAN LOKEY, INC.	31.07x	5.54x	22.41x	+1.26%	12.71B
EVERBRIGHT SECURITIES COMPANY LIMITED	32.6x	-	-	-	9.86B
MOELIS & COMPANY	73.66x	-	-	+3.10%	5.46B
MAIN STREET CAPITAL CORPORATION	12.35x	-	-	+5.35%	5.29B
AVANZA BANK HOLDING AB	20.31x	26.36x	37.83x	+3.73%	4.06B
PJT PARTNERS INC.	52.26x	-	-	+0.65%	3.77B
ICICI SECURITIES LIMITED	17.02x	6.43x	10.24x	+4.45%	3.09B
Average	32.47x	10.82x	29.84x	+2.82%	9.44B
Weighted average by Cap.	29.14x	8.38x	30.87x	+2.42%