Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 5.5x - 7.5x | 6.5x |
| Fair Value | HK$ 37.34 - HK$ 65.25 | HK$ 51.01 |
| Upside | -45.8% - -5.2% | -25.9% |
| Select Revenue and EBITDA Forecast | ||||||
| (HKD in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 81,969 | 86,143 | 90,156 | 96,181 | 110,074 | 107,361 |
| % Growth | -13.6% | 5.1% | 4.7% | 6.7% | 14.4% | -2.5% |
| EBITDA | 13,139 | 16,092 | 16,852 | 17,794 | 23,171 | 24,103 |
| % of Revenue | 16.0% | 18.7% | 18.7% | 18.5% | 21.1% | 22.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (HKD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 16,092 | 16,852 | 17,794 | 23,171 | 24,103 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4,279) | (4,494) | (4,466) | (6,929) | (7,465) | |
| EBIT | 11,813 | 12,358 | 13,328 | 16,242 | 16,638 | |
| Pro forma Taxes | (3,308) | (3,460) | (3,732) | (4,548) | (4,659) | |
| NOPAT | 7,354 | 8,505 | 8,898 | 9,596 | 11,694 | 11,979 |
| Capital Expenditures | (4,411) | (7,522) | (7,818) | (6,260) | (5,911) | (3,547) |
| NWC Investment | 32 | (10) | (10) | (15) | (35) | 7 |
| (+) D&A | 2,925 | 4,279 | 4,494 | 4,466 | 6,929 | 7,465 |
| Free Cash Flow | 5,900 | 5,251 | 5,564 | 7,787 | 12,678 | 15,904 |
| % Growth | -11% | 6% | 40% | 63% | 25% | |