Company Valuation: Cornerstone Technologies Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 283.5 492.3 1,061 602.6 495.9 582.7
Change - 73.64% 115.57% -43.21% -17.72% 17.52%
Enterprise Value (EV) 1 285.6 558.2 1,114 643.6 636.2 721.5
Change - 95.47% 99.62% -42.24% -1.16% 13.41%
P/E -6.71x -7.74x -6.09x -4.52x -3.3x -4.71x
PBR 4.47x 7.9x 20.3x 5.72x 399x -12.2x
PEG - -0.4x -0x 0.1x -0.67x 0.2x
Capitalization / Revenue 5.2x 8.95x 13.2x 7.71x 3.24x 4.65x
EV / Revenue 5.24x 10.1x 13.9x 8.24x 4.15x 5.76x
EV / EBITDA -9.89x -9.87x -7.38x -5.05x -13.5x -11.8x
EV / EBIT -8.08x -8.82x -7.02x -4.83x -11.1x -9.88x
EV / FCF 23.8x -10x -97x -8.36x -12.4x -125x
FCF Yield 4.2% -10% -1.03% -12% -8.07% -0.8%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.0879 -0.1046 -0.2364 -0.1503 -0.1577 -0.1189
Distribution rate - - - - - -
Net sales 1 54.55 55.03 80.14 78.13 153.1 125.2
EBITDA 1 -28.88 -56.58 -151.1 -127.5 -47.06 -60.99
EBIT 1 -35.35 -63.29 -158.8 -133.3 -57.26 -73.04
Net income 1 -40.63 -61.36 -160.3 -124.2 -144.2 -115.2
Net Debt 1 2.067 65.91 53.03 40.98 140.3 138.8
Reference price 2 0.5900 0.8100 1.4400 0.6800 0.5200 0.5600
Nbr of stocks (in thousands) 480,541 607,791 736,991 886,239 953,575 1,040,557
Announcement Date 3/31/21 3/31/22 3/31/23 4/30/24 4/30/25 4/29/26
1HKD in Million2HKD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 41.47M
16.89x0.75x7.91x1.25% 8.37B
13.32x0.78x7.02x1.38% 8.05B
15.42x - - - 1.88B
9.49x - - - 1.05B
9.62x0.69x4.01x2.9% 840M
Average 12.95x 0.74x 6.31x 1.84% 3.37B
Weighted average by Cap. 14.64x 0.76x 7.30x 1.39%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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