Company Valuation: Progressive Path Group Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 87.15 89.22 83 49.38 52.29 91.72
Change - 2.38% -6.98% -40.5% 5.88% 75.4%
Enterprise Value (EV) 1 179.2 244.1 260.4 196.3 115.9 141.9
Change - 36.16% 6.69% -24.62% -40.94% 22.44%
P/E 23.3x 7.36x -2.96x 2.22x 1.53x 4.5x
PBR 0.45x 0.44x 0.35x 0.19x 0.18x 0.29x
PEG - 0x 0x -0x 0x -0.1x
Capitalization / Revenue 0.2x 0.17x 0.16x 0.07x 0.06x 0.11x
EV / Revenue 0.41x 0.47x 0.51x 0.27x 0.13x 0.17x
EV / EBITDA 9.41x 6.01x 12.9x 2.79x 1.73x 2.58x
EV / EBIT -19.9x 20.9x -8.64x 5.77x 3.44x 13.4x
EV / FCF 11.9x 12.3x 6.12x 3.29x 1.61x 15.2x
FCF Yield 8.39% 8.14% 16.4% 30.4% 62.2% 6.59%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.018 0.0585 -0.0676 0.0536 0.0822 0.0491
Distribution rate - - - - - -
Net sales 1 435.6 515.9 511 728.5 913.8 841.3
EBITDA 1 19.04 40.58 20.22 70.46 66.96 54.98
EBIT 1 -9.01 11.66 -30.15 34.02 33.74 10.56
Net income 1 3.738 12.13 -21.96 22.22 34.1 20.39
Net Debt 1 92.1 154.8 177.4 146.9 63.63 50.22
Reference price 2 0.4200 0.4300 0.2000 0.1190 0.1260 0.2210
Nbr of stocks (in thousands) 207,500 207,500 415,000 415,000 415,000 415,000
Announcement Date 7/12/21 7/26/22 7/19/23 7/19/24 7/21/25 7/21/26
1HKD in Million2HKD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 15.35M
14.24x - - 1.65% 6.72B
12.63x1.88x8.95x2.43% 3.92B
12.49x0.65x3.45x3.33% 1.41B
35.13x4.01x12.99x0.93% 1.33B
31.89x1.04x7.28x - 838M
Average 21.27x 1.90x 8.17x 2.09% 2.37B
Weighted average by Cap. 16.61x 1.93x 8.44x 1.99%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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