Company Valuation: PanAsialum Holdings Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 336 306 230.4 140.4 117.6 158.4
Change - -8.93% -24.71% -39.06% -16.24% 34.69%
Enterprise Value (EV) 1 2,160 751.5 556.7 127.6 23.87 159.2
Change - -65.21% -25.92% -77.08% -81.3% 567.22%
P/E 0.36x -0.9x -2.2x 4.98x 4.19x -2.68x
PBR 0.27x 0.33x 0.32x 0.19x 0.16x 0.23x
PEG - 0x 0x -0x -14.47x 0x
Capitalization / Revenue 0.18x 0.16x 0.14x 0.14x 0.13x 0.44x
EV / Revenue 1.19x 0.41x 0.35x 0.12x 0.03x 0.44x
EV / EBITDA -17.7x -3.29x -19.4x 5.72x 0.46x -2.34x
EV / EBIT -9.24x -2.3x -4.94x -3.1x -3.64x -1.29x
EV / FCF -1.49x 0.66x 13.5x 1.04x 0.08x -1.28x
FCF Yield -67% 151% 7.4% 96.6% 1,206% -78.3%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.7677 -0.2841 -0.0872 0.0235 0.0234 -0.0493
Distribution rate - - - - - -
Net sales 1 1,818 1,855 1,611 1,037 917.2 359.8
EBITDA 1 -122 -228.8 -28.76 22.32 51.85 -67.92
EBIT 1 -233.8 -326.6 -112.6 -41.14 -6.555 -123.7
Net income 1 920.8 -340.7 -104.6 28.16 28.08 -59.12
Net Debt 1 1,824 445.5 326.3 -12.8 -93.73 0.838
Reference price 2 0.2800 0.2550 0.1920 0.1170 0.0980 0.1320
Nbr of stocks (in thousands) 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000
Announcement Date 4/28/21 4/22/22 4/20/23 4/18/24 4/16/25 4/16/26
1HKD in Million2HKD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 18.82M
8.45x1.43x5.27x - 40.07B
5.83x0.63x2.72x6.92% 22.97B
9.47x0.88x6.59x0.55% 22.66B
9.33x0.83x4.81x5.89% 17.95B
10.66x - - 5.56% 12.49B
7.58x0.83x4.09x0.88% 11.94B
7.4x1.56x4.58x7.44% 8.97B
6.87x1.22x3.8x7.11% 8.62B
11.48x3.24x7.18x2.98% 6.73B
Average 8.56x 1.33x 4.88x 4.67% 15.24B
Weighted average by Cap. 8.41x 1.17x 4.86x 4.5%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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