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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.7x - 9.6x | 9.1x |
| Selected Fwd EBITDA Multiple | 22.9x - 25.3x | 24.1x |
| Fair Value | HK$ 0.13 - HK$ 0.15 | HK$ 0.14 |
| Upside | -14.9% - 0.2% | -7.4% |
| Benchmarks | Ticker | Full Ticker |
| Cirtek Holdings Limited | 1433 | SEHK:1433 |
| Chong Fai Jewellery Group Holdings Company Limited | 8537 | SEHK:8537 |
| Viva Goods Company Limited | 933 | SEHK:933 |
| Virtual Mind Holding Company Limited | 1520 | SEHK:1520 |
| Baijin Life Science Holdings Limited | 1466 | SEHK:1466 |
| Hanvey Group Holdings Limited | 8219 | SEHK:8219 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 1433 | 8537 | 933 | 1520 | 1466 | 8219 | ||
| SEHK:1433 | SEHK:8537 | SEHK:933 | SEHK:1520 | SEHK:1466 | SEHK:8219 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.1% | -21.7% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | 38.9% | NM- | NM- | NM- | NM- | 6.1% | |
| Latest Twelve Months | 58564.1% | 200.9% | 85.8% | 7.2% | 78.1% | 263.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.7% | -3.1% | -14.3% | -46.0% | -25.9% | -2.6% | |
| Prior Fiscal Year | 0.0% | -1.8% | -2.0% | -89.8% | -2.9% | -2.0% | |
| Latest Fiscal Year | 16.2% | 3.0% | -0.3% | -42.7% | -16.2% | 4.4% | |
| Latest Twelve Months | 16.2% | 1.8% | -0.3% | -42.7% | -3.6% | 4.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.27x | 0.13x | 0.14x | 2.38x | 5.39x | 0.43x | |
| EV / LTM EBITDA | 1.6x | 7.1x | -46.0x | -5.6x | -149.1x | 9.8x | |
| EV / LTM EBIT | 2.0x | 15.0x | -6.7x | -5.5x | -91.0x | 143.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -149.1x | -5.6x | 7.1x | ||||
| Historical EV / LTM EBITDA | -49.4x | 9.8x | 41.4x | ||||
| Selected EV / LTM EBITDA | 8.7x | 9.1x | 9.6x | ||||
| (x) LTM EBITDA | 6 | 6 | 6 | ||||
| (=) Implied Enterprise Value | 53 | 55 | 58 | ||||
| (-) Non-shareholder Claims * | (22) | (22) | (22) | ||||
| (=) Equity Value | 31 | 34 | 36 | ||||
| (/) Shares Outstanding | 247.5 | 247.5 | 247.5 | ||||
| Implied Value Range | 0.12 | 0.14 | 0.15 | ||||
| FX Rate: HKD/HKD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.12 | 0.14 | 0.15 | 0.15 | |||
| Upside / (Downside) | -18.2% | -10.9% | -3.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1433 | 8537 | 933 | 1520 | 1466 | 8219 | |
| Enterprise Value | 148 | 16 | 1,431 | 334 | 575 | 59 | |
| (+) Cash & Short Term Investments | 69 | 36 | 740 | 67 | 45 | 36 | |
| (+) Investments & Other | 12 | 17 | 4,632 | 1 | 0 | 0 | |
| (-) Debt | (68) | (27) | (2,215) | (27) | (66) | (59) | |
| (-) Other Liabilities | 0 | 0 | (942) | 1 | (21) | 1 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 161 | 42 | 3,646 | 376 | 533 | 38 | |
| (/) Shares Outstanding | 1,989.5 | 300.0 | 9,723.8 | 670.5 | 772.4 | 247.5 | |
| Implied Stock Price | 0.08 | 0.14 | 0.38 | 0.56 | 0.69 | 0.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.08 | 0.14 | 0.38 | 0.56 | 0.69 | 0.15 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | HKD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |