Company Valuation: Sunlands Technology Group

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Capitalization 1 3,049 1,197 423.2 699.2 991.4 564.6
Change - -60.74% -64.65% 65.22% 41.8% -43.05%
Enterprise Value (EV) 1 2,312 675 251.4 390.9 394.2 -31.72
Change - -70.8% -62.76% 55.49% 0.83% -108.05%
P/E ratio -7.74x -2.79x 1.93x 1.07x 1.55x 1.65x
PBR -4.12x -0.99x -0.42x -1.86x 3.57x 0.93x
PEG - -0.3x -0x 0x -1.15x -0x
Capitalization / Revenue 1.39x 0.54x 0.17x 0.3x 0.46x 0.28x
EV / Revenue 1.05x 0.31x 0.1x 0.17x 0.18x -0.02x
EV / EBITDA -5.46x -1.11x 1.67x 0.59x 0.65x -0.1x
EV / EBIT -5.03x -1.04x 2.2x 0.63x 0.69x -0.11x
EV / FCF -4.48x -2.64x -1.15x 2.3x -6.61x -0.49x
FCF Yield -22.3% -37.9% -87.1% 43.5% -15.1% -203%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -28.9 -31.87 16.28 47.07 46.44 25.06
Distribution rate - - - - - -
Net sales 1 2,194 2,204 2,508 2,323 2,160 1,990
EBITDA 1 -423.5 -609.4 150.9 663.6 605.5 327.4
EBIT 1 -459.7 -649 114.3 616.9 574.9 297.9
Net income 1 -394.8 -430.5 219.1 644 640.8 342.1
Net Debt 1 -737.8 -522.2 -171.8 -308.3 -597.3 -596.4
Reference price 2 223.68 88.95 31.45 50.28 72.11 41.24
Nbr of stocks (in thousands) 13,633 13,458 13,458 13,906 13,748 13,692
Announcement Date 4/24/20 4/16/21 4/27/22 4/25/23 4/25/24 4/25/25
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 123M
21.31x1.5x12.19x1.16% 8.56B
39.39x0.92x14.69x-.--% 6.39B
20.1x2.28x9.6x-.--% 5.77B
20.21x3.99x12.16x - 4.83B
14.26x2.18x7.17x5.77% 3.51B
12.8x - - - 1.92B
Average 21.35x 2.17x 11.16x 1.73% 4.44B
Weighted average by Cap. 23.32x 2.02x 11.61x 1.25%
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

  1. Stock Market
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  4. Valuation Sunlands Technology Group