Company Valuation: Asia Television Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024
Market Cap 1 723.5 484.8 169.8 241.6 233.1 175.6
Change - -33% -64.97% 42.28% -3.54% -24.67%
Enterprise Value (EV) 1 1,070 680.8 416.4 572.2 561.2 534.6
Change - -36.38% -38.84% 37.43% -1.92% -4.74%
P/E -1.28x -2.38x -0.65x -1.22x -1.76x -1.01x
PBR 7.11x 3.84x -1.32x -0.96x -0.6x -0.41x
PEG - 0x -0x 0x 0.1x 0x
Capitalization / Revenue 4.61x 3.15x 1.07x 3.13x 2.21x 2.21x
EV / Revenue 6.82x 4.42x 2.62x 7.42x 5.33x 6.72x
EV / EBITDA -8.94x -4.58x -4.48x -7.25x -6.78x -6.16x
EV / EBIT -8.18x -4.53x -4.25x -6.78x -6.38x -6.03x
EV / FCF 7.52x -5.19x -12.1x -13.7x 12.7x -12.2x
FCF Yield 13.3% -19.3% -8.29% -7.29% 7.85% -8.2%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.7636 -0.2053 -0.2626 -0.181 -0.1212 -0.0882
Distribution rate - - - - - -
Net sales 1 156.9 154.1 158.9 77.09 105.3 79.54
EBITDA 1 -119.7 -148.6 -93.01 -78.95 -82.74 -86.72
EBIT 1 -130.8 -150.2 -98 -84.34 -87.92 -88.6
Net income 1 -557.6 -173.1 -260.7 -184.4 -132.4 -120.1
Net Debt 1 346.5 196 246.6 330.6 328.2 359
Reference price 2 0.9744 0.4884 0.1711 0.2211 0.2133 0.0893
Nbr of stocks (in thousands) 742,567 992,567 992,567 1,092,567 1,092,567 1,966,618
Announcement Date 5/14/20 4/29/21 5/31/22 4/28/23 4/30/24 4/30/25
1CNY in Million2CNY
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 17.05M
34.08x4.57x22.01x0.51% 3.8B
13.33x1.69x7.15x3.23% 2.1B
86.84x1.8x22.61x - 1.62B
35.66x1.68x16.01x0.52% 1.51B
7.18x0.69x7.75x2.62% 1.14B
Average 35.42x 2.09x 15.11x 1.72% 1.7B
Weighted average by Cap. 35.42x 2.67x 16.55x 1.46%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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