Company Valuation: EC Healthcare

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 7,261 9,828 7,431 1,553 817.8 545.2
Change - 35.34% -24.38% -79.11% -47.33% -33.33%
Enterprise Value (EV) 1 7,328 9,853 8,203 2,522 1,068 793.4
Change - 34.45% -16.74% -69.26% -57.66% -25.7%
P/E 36.3x 49.6x 106x -81.9x -4.89x -1.35x
PBR 5.72x 5.22x 4.01x 0.79x 0.46x 0.39x
PEG - -4.9x -1.6x 1x -0x -0x
Capitalization / Revenue 3.49x 3.37x 1.92x 0.37x 0.2x 0.14x
EV / Revenue 3.52x 3.37x 2.12x 0.6x 0.26x 0.21x
EV / EBITDA 24.5x 19.6x 23.3x 6.41x 2.95x 3.19x
EV / EBIT 38.7x 29.7x 68.9x 23.1x 38.5x 103x
EV / FCF 18.3x 21.8x 18.6x 11.2x 1.91x 1.97x
FCF Yield 5.48% 4.58% 5.36% 8.93% 52.3% 50.8%
Dividend per Share 2 0.159 0.144 0.1 0.005 0.01 -
Rate of return 2.35% 1.73% 1.59% 0.38% 1.45% -
EPS 2 0.187 0.168 0.059 -0.016 -0.1411 -0.3398
Distribution rate 85% 85.7% 169% -31.3% -7.09% -
Net sales 1 2,080 2,920 3,875 4,211 4,140 3,770
EBITDA 1 298.8 502.4 352.1 393.2 361.6 249
EBIT 1 189.3 331.7 119 109 27.72 7.72
Net income 1 192.9 197.5 69.65 -18.95 -167.2 -402.7
Net Debt 1 66.9 25.37 772.1 969.2 250 248.2
Reference price 2 6.7800 8.3400 6.2700 1.3100 0.6900 0.4600
Nbr of stocks (in thousands) 1,071,016 1,178,372 1,185,211 1,185,211 1,185,211 1,185,211
Announcement Date 7/23/21 7/25/22 7/25/23 7/31/24 7/31/25 7/30/26
1HKD in Million2HKD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 63.43M
8.97x1.22x5.19x5.39% 614M
13.46x - - 4.32% 124M
18.93x2.71x7.55x2.83% 123M
14.76x - - 3.03% 112M
Average 14.03x 1.96x 6.37x 3.89% 207.47M
Weighted average by Cap. 11.47x 1.47x 5.59x 4.66%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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