Company Valuation: Apex Ace Holding Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 184 302.9 457.2 449.7 727.3 442.7
Change - 64.6% 50.97% -1.66% 61.74% -39.13%
Enterprise Value (EV) 1 568.7 698.9 866.2 1,181 1,258 1,246
Change - 22.9% 23.94% 36.38% 6.49% -0.98%
P/E -36x 44.8x -13.7x -27.8x 143x 6.9x
PBR 0.63x 0.98x 1.51x 1.6x 2.6x 1.29x
PEG - -0x 0x 0.5x -1x 0x
Capitalization / Revenue 0.1x 0.11x 0.17x 0.18x 0.24x 0.08x
EV / Revenue 0.32x 0.26x 0.32x 0.47x 0.41x 0.22x
EV / EBITDA 117x 20.4x -488x 31.1x 25.3x 6.83x
EV / EBIT -391x 27.6x -73.2x 42.4x 32x 7.13x
EV / FCF -2.2x -64.1x 39.8x -3.84x 6.07x -5.04x
FCF Yield -45.4% -1.56% 2.51% -26.1% 16.5% -19.8%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.005115 0.0067 -0.0313 -0.0153 0.004815 0.0608
Distribution rate - - - - - -
Net sales 1 1,756 2,640 2,689 2,530 3,052 5,723
EBITDA 1 4.856 34.24 -1.774 37.96 49.74 182.3
EBIT 1 -1.456 25.35 -11.83 27.83 39.32 174.6
Net income 1 -5.115 6.735 -32.39 -16.16 6.721 66.56
Net Debt 1 384.7 396 408.9 731.6 530.7 803
Reference price 2 0.1840 0.3000 0.4300 0.4250 0.6900 0.4200
Nbr of stocks (in thousands) 1,000,000 1,009,550 1,063,320 1,058,020 1,054,005 1,054,005
Announcement Date 4/22/21 4/28/22 4/27/23 4/26/24 4/25/25 4/28/26
1HKD in Million2HKD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 108M
23.96x2.86x15.7x2.15% 225B
12.86x1.52x7x3.92% 181B
25.36x3.32x15.22x1.91% 155B
33.94x5.05x21.23x1.16% 148B
39.47x5.25x23.55x1.26% 128B
30.45x4.38x21.48x0.89% 102B
88.01x10.89x62.26x0.36% 90.91B
30.91x3.85x20.69x1.1% 89.61B
32.87x5.29x18.41x1.38% 89.5B
Average 35.31x 4.71x 22.84x 1.57% 120.82B
Weighted average by Cap. 31.88x 4.22x 20.40x 1.79%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Apex Ace Holding Limited

Historical PBR trend

Valuation ratios - PBR - Apex Ace Holding Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Apex Ace Holding Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Apex Ace Holding Limited

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