Company Valuation: Associated International Hotels Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 4,946 4,500 3,373 1,980 1,782 1,872
Change - -9.02% -25.04% -41.3% -10% 5.05%
Enterprise Value (EV) 1 4,773 4,259 3,121 1,673 1,471 1,548
Change - -10.76% -26.73% -46.38% -12.09% 5.25%
P/E -3.24x -4.02x -2.13x 5.26x -3.18x -3.95x
PBR 0.47x 0.48x 0.44x 0.25x 0.25x 0.29x
PEG - 0.2x -0.1x -0x 0x 0.3x
Capitalization / Revenue 11.4x 14.9x 11.3x 6.78x 5.96x 6.45x
EV / Revenue 11x 14.1x 10.4x 5.73x 4.92x 5.34x
EV / EBITDA 15.2x 23.8x 17.3x 10.1x 8.61x 9.48x
EV / EBIT 15.4x 24.3x 17.7x 10.4x 8.84x 9.74x
EV / FCF 88.8x 26.8x 42x 12.4x 15.4x 19x
FCF Yield 1.13% 3.74% 2.38% 8.04% 6.49% 5.27%
Dividend per Share 2 0.44 0.4 0.34 0.41 0.35 0.33
Rate of return 3.2% 3.2% 3.63% 7.45% 7.07% 6.35%
EPS 2 -4.238 -3.113 -4.402 1.047 -1.557 -1.318
Distribution rate -10.4% -12.8% -7.72% 39.2% -22.5% -25%
Net sales 1 434.2 301.3 299.3 292.1 299 290.2
EBITDA 1 313.7 179.2 180.6 165.2 170.8 163.4
EBIT 1 309.4 175 176.3 160.7 166.4 159.1
Net income 1 -1,526 -1,121 -1,585 376.8 -560.6 -474.4
Net Debt 1 -173.7 -240.8 -252.4 -306.5 -310.8 -323.6
Reference price 2 13.740 12.500 9.370 5.500 4.950 5.200
Nbr of stocks (in thousands) 360,000 360,000 360,000 360,000 360,000 360,000
Announcement Date 7/22/21 7/21/22 7/27/23 7/25/24 7/24/25 7/27/26
1HKD in Million2HKD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 230M
63.94x - - - 68.62B
12.31x4.33x11.1x3.91% 38.98B
19.16x4.11x16.52x1.28% 29.75B
14.62x3.17x15.16x2.39% 27.15B
8.05x1.47x8.24x4.4% 26.82B
5.51x0.69x1.44x8.98% 26.81B
8.63x3.06x7.13x-.--% 20.44B
9.79x1.91x7.37x4.29% 19.69B
13.6x6.51x17.12x1.6% 19.62B
Average 17.29x 3.16x 10.51x 3.36% 27.81B
Weighted average by Cap. 24.59x 3.17x 10.62x 3.49%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Associated International Hotels Limited

Historical PBR trend

Valuation ratios - PBR - Associated International Hotels Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Associated International Hotels Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Associated International Hotels Limited

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