Company Valuation: Shandong Hongqiao Aluminum Industry Holding Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Capitalization 1 3,326 2,650 2,955 3,891 5,159 10,193
Change - -20.33% 11.54% 31.66% 32.6% 97.58%
Enterprise Value (EV) 1 3,276 2,586 2,943 3,711 4,615 9,523
Change - -21.06% 13.81% 26.11% 24.34% 106.36%
P/E ratio 10.2x -16.1x -39.3x 170x -31.7x -148x
PBR 2.1x 1.87x 2.2x 2.8x 2.54x 5.2x
PEG - 0x 0.7x -1x 0x 2.6x
Capitalization / Revenue 1.16x 1.12x 0.93x 1.1x 1.92x 2.92x
EV / Revenue 1.14x 1.09x 0.92x 1.05x 1.72x 2.73x
EV / EBITDA 7.47x -46.4x 46.2x 29.1x -112x 1,124x
EV / EBIT 9.18x -16.6x -84.5x 174x -31.8x -106x
EV / FCF 13.7x 33.3x 38.7x 13.1x -11.9x 78.6x
FCF Yield 7.28% 3% 2.59% 7.64% -8.4% 1.27%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.3504 -0.1781 -0.0811 0.0247 -0.1432 -0.0607
Distribution rate - - - - - -
Net sales 1 2,878 2,367 3,191 3,529 2,687 3,486
EBITDA 1 438.7 -55.76 63.71 127.6 -41.11 8.476
EBIT 1 356.8 -155.9 -34.84 21.29 -145.1 -89.58
Net income 1 324.6 -165 -75.15 22.84 -145.2 -68.98
Net Debt 1 -50.11 -63.62 -12.13 -179.4 -544.4 -670.1
Reference price 2 3.59 2.86 3.19 4.20 4.54 8.97
Nbr of stocks (in thousands) 926,400 926,400 926,400 926,400 1,136,374 1,136,374
Announcement Date 3/19/20 3/4/21 3/21/22 3/16/23 3/21/24 3/13/25
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 4.97B
13.82x1.04x5.94x2.47% 32.97B
13.68x1.01x7.9x0.59% 23.13B
13.3x0.9x5.94x4.19% 18.32B
12.65x1.21x6.5x0.65% 16.18B
16.85x3.02x11.79x2.97% 11.91B
14.65x1.97x8.06x2.56% 11.28B
12.83x - - 2.74% 10.46B
12.93x3.69x8.16x2.64% 7.77B
16.08x - - - 6.92B
Average 14.09x 1.84x 7.76x 2.35% 14.39B
Weighted average by Cap. 13.91x 1.49x 7.30x 2.24%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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