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Merchants Expressway Valuation Multiples

Discover revenue and EBITDA valuation multiples for Merchants Expressway and similar public comparables like Transurban Group, Smart Parking, and Atlas Arteria.

Merchants Expressway Overview

About Merchants Expressway

China Merchants Expressway Network & Technology Holdings Co Ltd is engaged in Highway-related operations include toll road business and transportation technology business.


Founded

1993

HQ

China
Employees

n/a

Financials

LTM Revenue $1.8B

LTM EBITDA $1.6B

EV

$18.8B

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Merchants Expressway Financials

Merchants Expressway has a last 12-month revenue of $1.8B and a last 12-month EBITDA of $1.6B.

In the most recent fiscal year, Merchants Expressway achieved revenue of $1.8B and an EBITDA of $1.7B.

Merchants Expressway expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Merchants Expressway P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $1.3B $1.8B XXX XXX XXX
Gross Profit $401M $496M XXX XXX XXX
Gross Margin 30% 28% XXX XXX XXX
EBITDA $1.5B $1.7B XXX XXX XXX
EBITDA Margin 116% 97% XXX XXX XXX
Net Profit $670M $932M XXX XXX XXX
Net Margin 50% 53% XXX XXX XXX
Net Debt $4.1B $6.1B XXX XXX XXX

Financial data powered by Morningstar, Inc.

Merchants Expressway Stock Performance

As of April 15, 2025, Merchants Expressway's stock price is CNY 13 (or $2).

Merchants Expressway has current market cap of CNY 87.9B (or $12.1B), and EV of CNY 136B (or $18.8B).

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Merchants Expressway Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$18.8B $12.1B XXX XXX XXX XXX $0.11

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Merchants Expressway Valuation Multiples

As of April 15, 2025, Merchants Expressway has market cap of $12.1B and EV of $18.8B.

Merchants Expressway's trades at 10.6x LTM EV/Revenue multiple, and 11.7x LTM EBITDA.

Analysts estimate Merchants Expressway's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Merchants Expressway Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $18.8B XXX XXX XXX
EV/Revenue 10.7x XXX XXX XXX
EV/EBITDA 11.1x XXX XXX XXX
P/E 16.5x XXX XXX XXX
P/E/Growth 2.0x XXX XXX XXX
EV/FCF 23.2x XXX XXX XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Merchants Expressway Valuation Multiples

Merchants Expressway's NTM/LTM revenue growth is 3%

Merchants Expressway's revenue per employee for the last fiscal year averaged n/a, while opex per employee averaged n/a for the same period.

Over next 12 months, Merchants Expressway's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Merchants Expressway's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Merchants Expressway Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 31% XXX XXX XXX XXX
EBITDA Margin 97% XXX XXX XXX XXX
EBITDA Growth 9% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 99% XXX XXX XXX XXX
Revenue per Employee n/a XXX XXX XXX XXX
Opex per Employee n/a XXX XXX XXX XXX
S&M Expenses to Revenue 0% XXX XXX XXX XXX
G&A Expenses to Revenue 1% XXX XXX XXX XXX
R&D Expenses to Revenue 1% XXX XXX XXX XXX
Opex to Revenue 7% XXX XXX XXX XXX

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Merchants Expressway Public Comps

See public comps and valuation multiples for Road Infrastructure comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Ferrovial XXX XXX XXX XXX XXX XXX
Atlas Arteria XXX XXX XXX XXX XXX XXX
Smart Parking XXX XXX XXX XXX XXX XXX
Transurban Group XXX XXX XXX XXX XXX XXX
Ventia XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

Merchants Expressway M&A and Investment Activity

Merchants Expressway acquired  XXX companies to date.

Last acquisition by Merchants Expressway was  XXXXXXXX, XXXXX XXXXX XXXXXX . Merchants Expressway acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Merchants Expressway

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Merchants Expressway

When was Merchants Expressway founded? Merchants Expressway was founded in 1993.
Where is Merchants Expressway headquartered? Merchants Expressway is headquartered in China.
Is Merchants Expressway publicy listed? Yes, Merchants Expressway is a public company listed on SHE.
What is the stock symbol of Merchants Expressway? Merchants Expressway trades under 001965 ticker.
When did Merchants Expressway go public? Merchants Expressway went public in 2017.
Who are competitors of Merchants Expressway? Similar companies to Merchants Expressway include e.g. Ferrovial, Atlas Arteria, Smart Parking, Transurban Group.
What is the current market cap of Merchants Expressway? Merchants Expressway's current market cap is $12.1B
What is the current revenue of Merchants Expressway? Merchants Expressway's last 12-month revenue is $1.8B.
What is the current EBITDA of Merchants Expressway? Merchants Expressway's last 12-month EBITDA is $1.6B.
What is the current EV/Revenue multiple of Merchants Expressway? Current revenue multiple of Merchants Expressway is 10.6x.
What is the current EV/EBITDA multiple of Merchants Expressway? Current EBITDA multiple of Merchants Expressway is 11.7x.
What is the current revenue growth of Merchants Expressway? Merchants Expressway revenue growth between 2023 and 2024 was 31%.
Is Merchants Expressway profitable? Yes, Merchants Expressway is EBITDA-positive (as of the last 12 months).

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