Company Valuation: Asia Cassava Resources Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 152 190 127.5 163.7 59.06 61.4
Change - 25% -32.92% 28.44% -63.93% 3.96%
Enterprise Value (EV) 1 1,361 1,855 1,992 1,129 860 1,173
Change - 36.32% 7.42% -43.32% -23.85% 36.33%
P/E -4.42x -26.7x 2.83x -1.73x -0.53x -0.47x
PBR 0.18x 0.23x 0.15x 0.22x 0.1x 0.12x
PEG - 0.3x -0x 0x -0x -0x
Capitalization / Revenue 0.11x 0.07x 0.04x 0.04x 0.05x 0.06x
EV / Revenue 0.96x 0.68x 0.56x 0.28x 0.72x 1.2x
EV / EBITDA 114x 34.4x 22.5x 36.1x -38.1x -41x
EV / EBIT 195x 37.8x 27x 75.3x -23.5x -24.7x
EV / FCF -25x -3.83x -9.38x 1.32x 3.44x -3.77x
FCF Yield -4% -26.1% -10.7% 75.5% 29.1% -26.5%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.0588 -0.0122 0.0769 -0.162 -0.1904 -0.2236
Distribution rate - - - - - -
Net sales 1 1,424 2,716 3,585 3,969 1,193 977.9
EBITDA 1 11.97 53.91 88.67 31.26 -22.56 -28.63
EBIT 1 6.96 49.06 73.91 15 -36.53 -47.47
Net income 1 -34.37 -7.129 44.97 -94.71 -111.4 -130.7
Net Debt 1 1,209 1,665 1,865 965.6 801 1,111
Reference price 2 0.2600 0.3250 0.2180 0.2800 0.1010 0.1050
Nbr of stocks (in thousands) 584,727 584,727 584,727 584,727 584,727 584,727
Announcement Date 8/24/20 7/30/21 7/31/22 7/31/23 7/31/24 7/31/25
1HKD in Million2HKD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 9.1M
19.88x0.69x11.93x0.98% 10.5B
16.39x0.66x9.53x2.82% 8.95B
44.84x1x15.39x-.--% 3.96B
12.42x0.29x6.46x5.93% 2.26B
13.66x0.35x6.07x4.95% 610M
-32.37x - - - 581M
12.9x0.32x6.14x6.87% 493M
Average 12.53x 0.55x 9.25x 3.59% 3.42B
Weighted average by Cap. 20.36x 0.68x 10.94x 2.07%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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