Company Valuation: Xinyi Solar Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 178,387 117,536 76,864 40,599 28,506 32,838 32,838 -
Change - -34.11% -34.6% -47.18% -29.79% 15.2% 0% -
Enterprise Value (EV) 1 175,209 118,086 79,570 48,280 40,060 42,586 42,518 42,870
Change - -32.6% -32.62% -39.32% -17.03% 6.31% -0.16% 0.83%
P/E ratio 36.6x 23.8x 20.2x 9.7x 26.1x 24.9x 14.5x 11.2x
PBR 6.73x 3.88x 2.58x 1.27x 0.91x 1.01x 0.96x 0.92x
PEG - 54.86x -0.9x 1x -0.4x 1.3x 0.2x 0.4x
Capitalization / Revenue 14.5x 7.32x 3.74x 1.52x 1.22x 1.61x 1.4x 1.21x
EV / Revenue 14.2x 7.35x 3.87x 1.81x 1.71x 2.09x 1.81x 1.58x
EV / EBITDA 26.1x 15.4x 11.6x 6.26x 8.54x 9.29x 7.18x 6.05x
EV / EBIT 29.9x 18.1x 15x 8.19x 16.1x 17.4x 11.4x 8.96x
EV / FCF 176x -90.2x -106x -11.8x -10.8x 9x 11.1x 8.25x
FCF Yield 0.57% -1.11% -0.95% -8.5% -9.25% 11.1% 9% 12.1%
Dividend per Share 2 0.17 0.27 0.2 0.225 0.1068 0.0623 0.1097 0.1396
Rate of return 0.84% 2.04% 2.31% 4.93% 3.4% 1.74% 3.05% 3.89%
EPS 2 0.5532 0.5556 0.4287 0.4703 0.1204 0.1442 0.2468 0.3203
Distribution rate 30.7% 48.6% 46.7% 47.8% 88.7% 43.2% 44.4% 43.6%
Net sales 1 12,316 16,065 20,544 26,629 23,411 20,412 23,433 27,144
EBITDA 1 6,709 7,690 6,872 7,718 4,691 4,585 5,919 7,085
EBIT 1 5,853 6,514 5,318 5,893 2,485 2,447 3,733 4,786
Net income 1 4,561 4,924 3,820 4,187 1,077 1,321 2,184 2,806
Net Debt 1 -3,178 549.6 2,707 7,681 11,553 9,748 9,680 10,032
Reference price 2 20.250 13.220 8.640 4.560 3.140 3.590 3.590 3.590
Nbr of stocks (in thousands) 8,809,254 8,890,763 8,896,240 8,903,251 9,078,447 9,147,044 9,147,044 -
Announcement Date 1/3/21 28/2/22 27/2/23 28/2/24 28/2/25 - - -
1HKD in Million2HKD
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
24.63x2.07x9.21x1.76% 4.15B
15.61x4.41x10.49x-.--% 24.44B
-33.18x1.6x34.95x-.--% 20.33B
33.16x4.79x20.09x-.--% 17.8B
25.47x6.14x20.7x2.04% 12.68B
-12.67x1.57x18.1x-.--% 11.89B
-14.42x1.24x17.64x-.--% 11.58B
22.22x3.3x13.95x - 10.07B
39.83x1.51x11.82x0.35% 7.78B
-40.45x8.91x82.28x-.--% 7.4B
Average 6.02x 3.55x 23.92x 0.46% 12.81B
Weighted average by Cap. 4.99x 3.56x 22.52x 0.3%

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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