Company Valuation: Kangxin New Materials Co., Ltd

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Capitalization 1 4,540 3,754 5,096 3,926 3,563 2,794
Change - -17.31% 35.73% -22.96% -9.25% -21.59%
Enterprise Value (EV) 1 5,222 5,643 7,067 6,025 5,661 4,981
Change - 8.08% 25.22% -14.75% -6.04% -12%
P/E ratio 11.6x -23.3x 165x -20.3x -12x -8.32x
PBR 1.1x 0.95x 1.05x 0.85x 0.82x 0.7x
PEG - 0x -1x 0x -0.2x -0.6x
Capitalization / Revenue 2.26x 3.67x 3.96x 8.79x 14.5x 4.64x
EV / Revenue 2.59x 5.52x 5.49x 13.5x 23x 8.27x
EV / EBITDA 8.32x 261x 32.3x -4,606x -83.7x -81.2x
EV / EBIT 10.1x -56.6x 75.8x -47.5x -29.3x -25.2x
EV / FCF -115x -6.12x -11.8x -132x 95x 444x
FCF Yield -0.87% -16.3% -8.48% -0.76% 1.05% 0.23%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.3771 -0.156 0.023 -0.144 -0.22 -0.25
Distribution rate - - - - - -
Net sales 1 2,013 1,023 1,286 446.7 246.3 602.2
EBITDA 1 627.6 21.63 218.5 -1.308 -67.64 -61.31
EBIT 1 515.7 -99.72 93.24 -126.9 -193.3 -197.3
Net income 1 390 -161.4 30.45 -193.5 -297.1 -333.6
Net Debt 1 681.2 1,889 1,971 2,099 2,098 2,188
Reference price 2 4.390 3.630 3.790 2.920 2.650 2.080
Nbr of stocks (in thousands) 1,034,264 1,034,264 1,344,543 1,344,543 1,344,543 1,343,108
Announcement Date 5/19/20 4/27/21 4/2/22 4/22/23 4/19/24 4/27/25
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 712M
22.63x3.55x9.8x2.72% 22.25B
21.21x1.94x11.52x2.27% 420M
Average 21.92x 2.74x 10.66x 2.5% 7.8B
Weighted average by Cap. 22.61x 3.52x 9.83x 2.71%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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