Company Valuation: Macau Legend Development Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 6,015 3,845 2,480 1,160 893 192.2
Change - -36.08% -35.48% -53.25% -22.99% -78.47%
Enterprise Value (EV) 1 7,932 6,202 5,031 3,741 3,318 2,637
Change - -21.81% -18.89% -25.63% -11.32% -20.51%
P/E -3.08x -3.23x -4.09x -236x -1.43x -0.12x
PBR 1.09x 0.89x 0.67x 0.31x 0.29x 0.13x
PEG - 0.1x 0.1x 2.4x -0x -0x
Capitalization / Revenue 8.58x 3.39x 3.49x 1.29x 1.16x 0.54x
EV / Revenue 11.3x 5.46x 7.07x 4.15x 4.3x 7.35x
EV / EBITDA -15.5x -16x -17.3x 29.7x 28.6x -50.5x
EV / EBIT -8.49x -7.72x -7.64x -18.3x -19.5x -10.6x
EV / FCF -9.41x -80.1x -17.3x -20.8x 101x 21.2x
FCF Yield -10.6% -1.25% -5.77% -4.8% 0.99% 4.71%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -3.151 -1.92 -0.9792 -0.007935 -1.004 -2.513
Distribution rate - - - - - -
Net sales 1 700.7 1,136 711.6 901.6 771.5 358.6
EBITDA 1 -512.8 -387.1 -290.7 126.1 116.2 -52.24
EBIT 1 -933.9 -803.8 -658.2 -204.9 -169.7 -249.4
Net income 1 -1,955 -1,190 -607.2 -4.921 -622.6 -1,566
Net Debt 1 1,917 2,358 2,550 2,582 2,425 2,445
Reference price 2 9.7000 6.2000 4.0000 1.8700 1.4400 0.3100
Nbr of stocks (in thousands) 620,119 620,119 620,119 620,119 620,119 620,119
Announcement Date 4/15/21 7/15/22 4/27/23 4/24/24 4/29/25 4/29/26
1HKD in Million2HKD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.15x3.03x8.04x2.55% 29.86B
17.52x0.84x3.27x-.--% 11.25B
22.32x2.64x8.77x0.99% 10.38B
19.24x1.91x5.8x6.4% 5.88B
10.33x1.47x6.04x1.38% 2.14B
18.33x3.48x9.43x0.98% 2.19B
10.31x1.5x7.4x6.07% 2.02B
45.45x1x6.27x2.91% 1.47B
491.64x1.39x9.2x-.--% 1.33B
Average 72.37x 1.92x 7.13x 2.36% 7.39B
Weighted average by Cap. 27.48x 2.34x 7.09x 2.19%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  5. Valuation Macau Legend Development Limited