Company Valuation: Shenzhen Inovance Technology Co.,Ltd

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 160,450 180,760 184,574 168,854 157,571 191,528 191,528 -
Change - 12.66% 2.11% -8.52% -6.68% 21.55% 0% -
Enterprise Value (EV) 1 159,246 178,654 182,035 164,593 158,168 189,378 186,299 182,153
Change - 12.19% 1.89% -9.58% -3.9% 19.73% -1.63% -2.23%
P/E ratio 78.4x 50.4x 42.6x 35.5x 36.6x 35.2x 29.4x 24.7x
PBR 15.1x 11.1x 9.33x 6.9x 5.63x 5.87x 5.06x 4.38x
PEG - 0.7x 2.1x 3.86x -3.6x 1.4x 1.5x 1.3x
Capitalization / Revenue 13.9x 10x 8.02x 5.55x 4.25x 4.19x 3.48x 2.98x
EV / Revenue 13.8x 9.89x 7.91x 5.41x 4.27x 4.14x 3.39x 2.84x
EV / EBITDA 60.1x 42.8x 36.9x 29.4x 29.2x 29.8x 24.2x 20.2x
EV / EBIT 67.4x 46.8x 40.7x 32.9x 34.2x 35.2x 28.5x 23.5x
EV / FCF 143x 180x 118x 88.3x 30x 60.1x 42.5x 31.9x
FCF Yield 0.7% 0.56% 0.85% 1.13% 3.33% 1.66% 2.35% 3.14%
Dividend per Share 2 0.24 0.3 0.36 0.45 0.41 0.5077 0.6214 0.7254
Rate of return 0.39% 0.44% 0.52% 0.71% 0.7% 0.72% 0.88% 1.02%
EPS 2 0.7933 1.36 1.63 1.78 1.6 2.01 2.408 2.863
Distribution rate 30.3% 22.1% 22.1% 25.3% 25.6% 25.3% 25.8% 25.3%
Net sales 1 11,509 18,057 23,008 30,420 37,041 45,696 54,980 64,236
EBITDA 1 2,648 4,170 4,931 5,601 5,410 6,361 7,704 9,035
EBIT 1 2,363 3,816 4,470 5,001 4,626 5,385 6,544 7,752
Net income 1 2,085 3,534 4,320 4,742 4,285 5,414 6,488 7,713
Net Debt 1 -1,204 -2,105 -2,539 -4,261 597.2 -2,151 -5,229 -9,375
Reference price 2 62.20 68.60 69.50 63.14 58.58 70.79 70.79 70.79
Nbr of stocks (in thousands) 2,579,585 2,634,982 2,655,738 2,674,282 2,689,842 2,705,584 2,705,584 -
Announcement Date 2/26/21 2/28/22 3/1/23 4/3/24 4/28/25 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
35.56x4.18x30.06x0.71% 28.04B
21.49x2.58x14.39x2.5% 202B
31.57x3.83x18.14x1.66% 163B
28.15x4.72x19.7x1.26% 135B
36.13x4.61x20.87x1.25% 108B
97.13x12.94x69.73x0.32% 99.93B
44.69x6.72x28.2x0.1% 92.5B
28.05x4.64x16.17x1.6% 77.76B
31.14x6.45x20.22x0.61% 50.83B
29.09x4.13x17.46x1.71% 41.7B
Average 38.30x 5.48x 25.50x 1.17% 99.81B
Weighted average by Cap. 37.05x 5.18x 24.25x 1.37%

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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