Company Valuation: Highway Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 14.81 11.38 8.337 9.275 8.121 3.557
Change - -23.16% -26.76% 11.25% -12.44% -56.2%
Enterprise Value (EV) 1 9.018 5.205 3.386 4.062 2.752 1.893
Change - -42.28% -34.94% 19.97% -32.25% -31.21%
P/E -31.1x 25.7x -28.2x -9.55x 92.3x -2.28x
PBR 1.54x 1.23x 1.02x 1.39x 1.3x 0.72x
PEG - -0x 0x -0x -1x 0x
Capitalization / Revenue 1.62x 0.92x 0.81x 1.47x 1.1x 0.74x
EV / Revenue 0.98x 0.42x 0.33x 0.64x 0.37x 0.39x
EV / EBITDA -19.7x 7.14x -12.6x -6.66x -5.23x -0.88x
EV / EBIT -14.6x 9.18x -7.1x -5.28x -5.14x -0.87x
EV / FCF 72.7x 4.04x 2.48x 6.88x 30.4x -1.63x
FCF Yield 1.38% 24.8% 40.4% 14.5% 3.29% -61.3%
Dividend per Share 2 0.18 0.17 0.2 0.15 0.12 -
Rate of return 4.83% 6.03% 9.8% 7.14% 6.5% -
EPS 2 -0.12 0.1098 -0.0722 -0.22 0.02 -0.3346
Distribution rate -150% 155% -277% -68.2% 600% -
Net sales 1 9.168 12.36 10.24 6.321 7.412 4.805
EBITDA 1 -0.457 0.729 -0.268 -0.61 -0.526 -2.146
EBIT 1 -0.616 0.567 -0.477 -0.769 -0.535 -2.182
Net income 1 -0.461 0.443 -0.294 -0.959 0.106 -1.524
Net Debt 1 -5.797 -6.179 -4.951 -5.213 -5.369 -1.664
Reference price 2 3.730 2.820 2.040 2.100 1.845 0.762
Nbr of stocks (in thousands) 3,972 4,037 4,087 4,417 4,402 4,667
Announcement Date 7/15/21 6/30/22 7/13/23 7/16/24 6/30/25 7/14/26
1USD in Million2USD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 5.04M
18.69x1.32x12.11x1.17% 21.71B
22.93x2.65x12.09x0.61% 4.52B
15.41x0.77x9.48x2.19% 3.17B
14.48x - - - 1.36B
16.22x2.45x8.59x3.1% 1.11B
Average 17.55x 1.80x 10.57x 1.77% 5.31B
Weighted average by Cap. 18.70x 1.50x 11.71x 1.26%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  3. HIHO Stock
  4. Valuation Highway Holdings Limited