Company Valuation: Ming Yang Smart Energy Group Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 35,588 50,451 56,803 27,973 27,116 48,207 48,207 -
Change - 41.76% 12.59% -50.75% -3.06% 77.78% 0% -
Enterprise Value (EV) 1 35,588 42,297 53,214 29,947 29,680 52,390 54,793 55,451
Change - 18.85% 25.81% -43.72% -0.89% 76.52% 4.59% 1.2%
P/E ratio 21.1x 15.1x 16x 78.4x 84.1x 41.3x 23.7x 19.2x
PBR 2.45x 2.74x 2.04x 1.04x 1.09x 1.89x 1.77x 1.65x
PEG - 0.2x -1.85x -0.9x -13.46x 0x 0.3x 0.8x
Capitalization / Revenue 1.58x 1.85x 1.85x 1x 1x 1.21x 1.08x 0.96x
EV / Revenue 1.58x 1.55x 1.73x 1.08x 1.09x 1.31x 1.23x 1.11x
EV / EBITDA 16.6x 9.49x 11x 20.6x 16.1x 16.8x 11.6x 9.04x
EV / EBIT 22.5x 11.1x 13.8x 79x 65.7x 32.2x 20x 16.7x
EV / FCF - -21.3x -6.05x -2.94x -3.69x -4.96x -28.8x -377x
FCF Yield - -4.69% -16.5% -34.1% -27.1% -20.2% -3.48% -0.27%
Dividend per Share 2 0.11 0.2211 0.3041 0.3041 0.3041 0.2848 0.2895 0.3066
Rate of return 0.58% 0.85% 1.2% 2.43% 2.41% 1.27% 1.29% 1.37%
EPS 2 0.9 1.73 1.58 0.16 0.15 0.5422 0.9445 1.169
Distribution rate 12.2% 12.8% 19.2% 190% 203% 52.5% 30.7% 26.2%
Net sales 1 22,457 27,273 30,748 27,850 27,158 39,885 44,445 50,096
EBITDA 1 2,142 4,455 4,848 1,454 1,839 3,116 4,718 6,135
EBIT 1 1,579 3,814 3,865 379 451.9 1,628 2,735 3,326
Net income 1 1,374 3,319 3,455 375 346.1 1,266 2,182 2,906
Net Debt 1 - -8,154 -3,589 1,974 2,563 4,184 6,587 7,244
Reference price 2 18.98 26.10 25.26 12.54 12.61 22.42 22.42 22.42
Nbr of stocks (in thousands) 1,875,015 1,932,986 2,248,745 2,230,724 2,150,377 2,150,167 2,150,167 -
Announcement Date 4/7/21 3/1/22 4/28/23 4/11/24 4/25/25 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
42.97x1.36x17.42x1.22% 7.26B
42.39x3x20.84x1.03% 164B
21.09x3.21x15.73x0.93% 46.57B
-8.12x1.06x59.31x-.--% 6.92B
91.86x - - 0.23% 2.78B
22.79x - - 0.89% 2B
55.78x1.61x10.77x-.--% 1.63B
Average 38.40x 2.05x 24.82x 0.62% 33B
Weighted average by Cap. 37.12x 2.92x 20.78x 0.97%

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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