Company Valuation: In Construction Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 139.4 215.8 134.5 73.87 58.1 172.6
Change - 54.76% -37.69% -45.06% -21.35% 197.14%
Enterprise Value (EV) 1 109.3 89.35 34.02 6.426 -3.032 84.5
Change - -18.23% -61.92% -81.11% -147.18% 2,886.87%
P/E 4.86x 3.47x -8.77x -5.75x -3.07x 2.66x
PBR 0.5x 0.69x 0.49x 0.28x 0.24x 0.56x
PEG - 0x 0x 0.4x -0.1x -0x
Capitalization / Revenue 0.37x 0.47x 0.4x 0.19x 0.21x 0.51x
EV / Revenue 0.29x 0.19x 0.1x 0.02x -0.01x 0.25x
EV / EBITDA 3.55x 1.21x -2.03x -0.49x 0.16x 1.25x
EV / EBIT 3.56x 1.21x -2.01x -0.48x 0.16x 1.25x
EV / FCF 25.4x 0.9x -18.6x -0.22x -5.86x 18.5x
FCF Yield 3.94% 112% -5.37% -445% -17.1% 5.4%
Dividend per Share 2 - 0.06 - - - -
Rate of return - 23.1% - - - -
EPS 2 0.0346 0.0749 -0.0185 -0.0155 -0.0228 0.0781
Distribution rate - 80.1% - - - -
Net sales 1 378.8 462.2 332.4 383.1 273.6 340.7
EBITDA 1 30.8 73.97 -16.79 -13.18 -19.12 67.76
EBIT 1 30.7 73.82 -16.9 -13.28 -19.25 67.66
Net income 1 28.7 62.19 -15.33 -12.86 -18.91 64.84
Net Debt 1 -30.16 -126.4 -100.4 -67.44 -61.13 -88.14
Reference price 2 0.1680 0.2600 0.1620 0.0890 0.0700 0.2080
Nbr of stocks (in thousands) 830,000 830,000 830,000 830,000 830,000 830,000
Announcement Date 7/22/21 7/21/22 7/20/23 7/18/24 7/18/25 7/17/26
1HKD in Million2HKD
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 39.15M
56.12x2.59x24.69x0.07% 97.59B
12.25x1.05x5.75x4.77% 70.29B
34.15x4.3x23.32x0.2% 58.29B
26.07x2.01x19.74x1.13% 55.68B
50.74x4.04x25.56x1.91% 39.91B
27.22x0.68x11.26x2.27% 34.06B
23.27x1.59x14.65x0.2% 33.62B
21.85x0.44x6.92x2.78% 29.56B
4.92x0.31x5.78x5.98% 26.22B
Average 28.51x 1.89x 15.30x 2.15% 44.52B
Weighted average by Cap. 32.09x 2.13x 16.90x 1.83%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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