Company Valuation: Beijing Sports and Entertainment Industry

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 247.4 290.1 105.6 152.1 126.7 133.8
Change - 17.25% -63.59% 44% -16.67% 5.56%
Enterprise Value (EV) 1 132.8 183.6 26.49 89.95 89.29 125.6
Change - 38.26% -85.57% 239.54% -0.73% 40.63%
P/E -20.9x -7.41x -1.58x -3.1x -5.55x -5.42x
PBR 0.76x 1.03x 0.53x 1.13x 1.14x 1.53x
PEG - -0x -0x 0.1x 0.1x -0.67x
Capitalization / Revenue 2.05x 1.33x 1.54x 2.44x 0.75x 0.7x
EV / Revenue 1.1x 0.84x 0.39x 1.44x 0.53x 0.66x
EV / EBITDA -4.3x -12.9x -0.52x -1.77x -2.06x -4.27x
EV / EBIT -2.87x -8.38x -0.45x -1.52x -1.78x -3.47x
EV / FCF -1.83x -4.31x -3.02x -7.23x -4.8x -8.61x
FCF Yield -54.6% -23.2% -33.1% -13.8% -20.8% -11.6%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.0911 -0.278 -0.4732 -0.3482 -0.1623 -0.1753
Distribution rate - - - - - -
Net sales 1 120.9 218.7 68.57 62.39 169.7 190.6
EBITDA 1 -30.89 -14.24 -51.15 -50.72 -43.29 -29.38
EBIT 1 -46.22 -21.91 -58.31 -59.04 -50.06 -36.17
Net income 1 -11.86 -38.8 -66.63 -49.02 -22.85 -24.69
Net Debt 1 -114.6 -106.4 -79.11 -62.12 -37.44 -8.202
Reference price 2 1.9000 2.0600 0.7500 1.0800 0.9000 0.9500
Nbr of stocks (in thousands) 130,202 140,802 140,802 140,802 140,802 140,802
Announcement Date 4/28/21 4/28/22 4/26/23 4/30/24 4/23/25 4/27/26
1HKD in Million2HKD
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
8.06x0.3x4.29x7.52% 1.81B
7.45x2.13x8.27x1.76% 467M
6.87x0.47x2.38x11.62% 446M
16.11x0.37x8.18x5.21% 425M
-14.19x0.58x5.13x-.--% 329M
Average 4.86x 0.77x 5.65x 5.22% 695.5M
Weighted average by Cap. 6.70x 0.60x 5.13x 6.28%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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