Company Valuation: Hafary Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 60.28 73.19 86.11 131.3 131.3 219.6
Change - 21.43% 17.65% 52.5% 0% 67.21%
Enterprise Value (EV) 1 182.2 248.6 338.2 386.4 406.9 474.7
Change - 36.48% 36.02% 14.26% 5.32% 16.65%
P/E 11.5x 6.32x 2.93x 3.36x 4.77x 7.35x
PBR 0.85x 0.97x 0.93x 1.11x 1.02x 1.5x
PEG - 0x 0x 0.1x -0.2x 0.88x
Capitalization / Revenue 0.71x 0.56x 0.51x 0.58x 0.5x 0.76x
EV / Revenue 2.16x 1.91x 2x 1.7x 1.54x 1.65x
EV / EBITDA 20.3x 11.9x 7.66x 6.81x 7.49x 8.07x
EV / EBIT 43.2x 15.9x 9.09x 8.07x 9.34x 10x
EV / FCF 15.6x -20.6x 964x 55.8x -80.3x 16.4x
FCF Yield 6.39% -4.85% 0.1% 1.79% -1.25% 6.09%
Dividend per Share 2 0.01 0.015 0.015 0.015 0.015 0.015
Rate of return 7.14% 8.82% 7.5% 4.92% 4.92% 2.94%
EPS 2 0.0122 0.0269 0.0682 0.0907 0.064 0.0694
Distribution rate 82% 55.8% 22% 16.5% 23.4% 21.6%
Net sales 1 84.42 130.3 169.4 227 263.9 287.5
EBITDA 1 8.971 20.84 44.14 56.77 54.33 58.79
EBIT 1 4.213 15.63 37.2 47.85 43.58 47.49
Net income 1 5.26 11.58 29.37 39.07 27.55 29.86
Net Debt 1 121.9 175.4 252 255 275.6 255.1
Reference price 2 0.1400 0.1700 0.2000 0.3050 0.3050 0.5100
Nbr of stocks (in thousands) 430,550 430,550 430,550 430,550 430,550 430,550
Announcement Date 3/29/21 3/22/22 4/5/23 4/2/24 4/7/25 4/8/26
1SGD in Million2SGD
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 214M
25.05x3.11x15.14x1.75% 44.43B
13.01x0.98x6.43x3.18% 41.07B
30.08x6.04x20.48x2.27% 23.11B
22.08x1.89x13.67x0.66% 19.21B
18.29x2.48x12.13x1.48% 16.56B
21.42x3.34x14.01x1.19% 15.29B
-21.31x1.59x18.37x2.65% 14.3B
19.31x1.94x10.11x0.24% 9.87B
39.65x1.49x8.07x2.44% 9.8B
Average 18.62x 2.54x 13.16x 1.76% 19B
Weighted average by Cap. 18.96x 2.60x 13.06x 1.97%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Hafary Holdings Limited

Historical PBR trend

Valuation ratios - PBR - Hafary Holdings Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Hafary Holdings Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Hafary Holdings Limited

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