Company Valuation: Comba Telecom Systems Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 6,179 4,972 3,703 2,254 3,213 7,572
Change - -19.53% -25.52% -39.13% 42.52% 135.68%
Enterprise Value (EV) 1 5,944 4,760 3,595 1,863 2,670 6,395
Change - -19.92% -24.49% -48.17% 43.32% 139.46%
P/E -30.7x -8.4x 19.6x 342x -5.73x 211x
PBR 1.5x 1.32x 0.99x 0.63x 1.21x 2.37x
PEG - -0x -0x -3.5x 0x -2x
Capitalization / Revenue 1.22x 0.85x 0.58x 0.38x 0.71x 1.66x
EV / Revenue 1.18x 0.81x 0.56x 0.31x 0.59x 1.4x
EV / EBITDA -38.1x -8.58x 11.3x 13.6x -5.64x 33.3x
EV / EBIT -15.5x -6.01x 30.2x -47.7x -4.19x 356x
EV / FCF -9.28x 25.6x -160x 12.7x 7.38x 27.8x
FCF Yield -10.8% 3.9% -0.63% 7.87% 13.6% 3.6%
Dividend per Share 2 0.007 - 0.021 0.012 - 0.006
Rate of return 0.31% - 1.57% 1.46% - 0.25%
EPS 2 -0.0736 -0.2143 0.0684 0.0024 -0.2041 0.0115
Distribution rate -9.51% - 30.7% 500% - 52.2%
Net sales 1 5,057 5,870 6,365 5,982 4,528 4,571
EBITDA 1 -156.1 -555 318.1 137.3 -473.1 192
EBIT 1 -383.3 -792 118.8 -39.09 -637.2 17.95
Net income 1 -194.1 -592.6 190.2 6.696 -564.2 35.02
Net Debt 1 -234.4 -211.8 -108.5 -391.1 -542.4 -1,177
Reference price 2 2.2600 1.8000 1.3400 0.8200 1.1700 2.4300
Nbr of stocks (in thousands) 2,733,957 2,762,274 2,763,552 2,749,116 2,745,988 3,116,040
Announcement Date 4/27/21 4/26/22 4/25/23 4/24/24 3/27/25 3/24/26
1HKD in Million2HKD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
35.11x7.35x18.98x1.45% 450B
51.58x17.55x36.63x-.--% 219B
36.99x11.84x29.45x0.28% 181B
19.64x0.81x14.24x2.28% 177B
31.5x6x17.55x1.14% 69.36B
154.47x19.89x58.31x-.--% 59.36B
75.11x8.75x40.39x-.--% 55.34B
39.68x2.06x13.44x1.83% 52.41B
20.2x2.84x13.44x3.02% 48.04B
Average 51.59x 8.57x 26.94x 1.11% 145.66B
Weighted average by Cap. 42.58x 8.97x 24.92x 1.09%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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