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 0.184 0.300 0.430 0.425 0.690 0.420
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 226M
96.35x27.7x69.48x0.55% 18.51B
65.94x18.79x56.1x1.16% 2.63B
38.16x - - - 1.77B
25.35x4.94x15.63x2.97% 1.57B
Average 56.45x 17.14x 47.07x 1.56% 4.94B
Weighted average by Cap. 84.33x 25.09x 64.21x 0.79%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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