Company Valuation: ICO Group Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 183.7 204.5 201.8 162.4 198.3 183.4
Change - 11.33% -1.29% -19.57% 22.16% -7.52%
Enterprise Value (EV) 1 99.31 156.6 42.5 -81.72 -120.3 -24.56
Change - 57.71% -72.86% -292.29% -47.2% 79.59%
P/E 21.7x 25.9x 19.2x 9.74x 7.79x 6.37x
PBR 0.38x 0.39x 0.38x 0.3x 0.35x 0.3x
PEG - -1x 0.6x 0.2x 0.1x 0.5x
Capitalization / Revenue 0.29x 0.29x 0.23x 0.15x 0.17x 0.15x
EV / Revenue 0.16x 0.22x 0.05x -0.08x -0.11x -0.02x
EV / EBITDA 2.06x 4.26x 0.86x -2.04x -1.93x -0.37x
EV / EBIT 2.2x 4.91x 0.95x -2.09x -2.12x -0.39x
EV / FCF 1.32x -1.87x 0.38x -0.96x -1.55x 0.27x
FCF Yield 75.5% -53.6% 262% -104% -64.5% 368%
Dividend per Share 2 - - - 0.01 0.0105 -
Rate of return - - - 5.41% 4.65% -
EPS 2 0.012 0.008999 0.012 0.019 0.029 0.0328
Distribution rate - - - 52.6% 36.2% -
Net sales 1 637.3 712.4 877.3 1,077 1,140 1,194
EBITDA 1 48.1 36.75 49.36 40.1 62.38 67.12
EBIT 1 45.13 31.88 44.75 39.12 56.84 63.05
Net income 1 8.099 8.122 10.97 16.69 25.7 28.81
Net Debt 1 -84.37 -47.86 -159.3 -244.1 -318.6 -208
Reference price 2 0.2600 0.2330 0.2300 0.1850 0.2260 0.2090
Nbr of stocks (in thousands) 706,439 877,590 877,590 877,590 877,590 877,590
Announcement Date 7/26/21 7/25/22 7/24/23 7/25/24 7/24/25 7/23/26
1HKD in Million2HKD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 26.75M
11.79x1.11x5.2x2.49% 16.7B
7.08x14.49x - -.--% 13.59B
6.22x9.64x28.14x2.55% 12.07B
Average 8.36x 8.42x 16.67x 1.68% 10.6B
Weighted average by Cap. 8.69x 7.84x 14.82x 1.71%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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