Company Valuation: Global Mastermind Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2018 2019 2020 2021 2022 2023
Market Cap 1 392.2 234.5 217.4 56.19 35.76 27.07
Change - -40.22% -7.27% -74.16% -36.36% -24.29%
Enterprise Value (EV) 1 228.2 271.5 338.6 103.2 91.13 96.9
Change - 18.95% 24.73% -69.54% -11.65% 6.32%
P/E -6.05x -4.29x -0.81x -0.29x -0.22x -0.79x
PBR 0.59x 0.38x 0.62x 0.16x 0.2x 0.19x
PEG - 0.3x -0x 0x 0x 0x
Capitalization / Revenue 6.06x 3.14x 6.39x 0.94x 1.84x 2.56x
EV / Revenue 3.53x 3.63x 9.95x 1.73x 4.69x 9.18x
EV / EBITDA -4.6x -10.2x -1.81x -1.75x -0.66x -3.58x
EV / EBIT -4.12x -9.79x -1.81x -1.74x -0.66x -3.37x
EV / FCF 8.99x -1.06x 2.28x -1.03x 1.99x -174x
FCF Yield 11.1% -94.6% 43.8% -97.4% 50.3% -0.57%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.152 -0.1281 -0.627 -0.3813 -0.3187 -0.0668
Distribution rate - - - - - -
Net sales 1 64.67 74.75 34.02 59.5 19.42 10.56
EBITDA 1 -49.62 -26.5 -186.8 -58.87 -137.2 -27.06
EBIT 1 -55.33 -27.72 -187.3 -59.22 -137.5 -28.74
Net income 1 -64.66 -54.59 -267.1 -183.1 -162.8 -34.14
Net Debt 1 -164 37 121.2 46.96 55.38 69.82
Reference price 2 0.9200 0.5500 0.5100 0.1100 0.0700 0.0530
Nbr of stocks (in thousands) 426,287 426,287 426,287 510,794 510,794 510,794
Announcement Date 3/29/19 3/26/20 3/29/21 3/30/22 3/29/23 4/29/24
1HKD in Million2HKD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.43M
26.15x8.75x16.74x0.91% 127B
28.55x13.48x21.95x1.42% 41.51B
21.88x4.97x12.41x2.94% 38.09B
25.44x3.71x11.74x1.31% 20.03B
25.22x5.15x13.04x2.83% 16.14B
11.47x2.74x8.27x4.49% 15.26B
17.87x3.66x10.38x0.68% 14.54B
16.27x3.98x10.67x1.84% 8.72B
42.94x - - 0.68% 3.57B
Average 23.98x 5.81x 13.15x 1.9% 28.48B
Weighted average by Cap. 24.53x 7.63x 15.38x 1.6%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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