Company Valuation: QAF Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 520.6 506.2 477.5 468.8 480.3 514.9
Change - -2.76% -5.68% -1.81% 2.45% 7.19%
Enterprise Value (EV) 1 510.6 474.5 302.4 302.1 302.9 324
Change - -7.07% -36.26% -0.11% 0.27% 6.95%
P/E 18.8x 9.72x 24.6x 17.1x 13.8x 12.9x
PBR 1.01x 0.95x 0.96x 0.96x 0.96x 1.01x
PEG - 0.1x -0.4x 0.4x 0.5x 0.9x
Capitalization / Revenue 0.93x 0.91x 0.83x 0.75x 0.76x 0.81x
EV / Revenue 0.91x 0.85x 0.52x 0.48x 0.48x 0.51x
EV / EBITDA 5.62x 8.52x 7.28x 5.14x 5.2x 5.67x
EV / EBIT 9.93x 19x 18.3x 8.03x 8.53x 9.62x
EV / FCF -37.6x 490x 1.91x -524x 10.2x 10.1x
FCF Yield -2.66% 0.2% 52.4% -0.19% 9.76% 9.94%
Dividend per Share 2 0.05 0.05 0.05 0.05 0.05 0.05
Rate of return 5.52% 5.68% 6.02% 6.13% 5.99% 5.59%
EPS 2 0.0482 0.0905 0.0337 0.0478 0.0603 0.0693
Distribution rate 104% 55.2% 148% 105% 82.9% 72.2%
Net sales 1 561.8 559 577.5 628.6 636.1 633.6
EBITDA 1 90.84 55.68 41.52 58.78 58.21 57.15
EBIT 1 51.41 24.96 16.57 37.64 35.51 33.69
Net income 1 27.74 52.08 19.41 27.48 34.7 39.84
Net Debt 1 -10.03 -31.75 -175 -166.8 -177.4 -190.9
Reference price 2 0.9050 0.8800 0.8300 0.8150 0.8350 0.8950
Nbr of stocks (in thousands) 575,268 575,268 575,268 575,268 575,268 575,268
Announcement Date 3/25/21 3/25/22 3/30/23 3/27/24 3/27/25 3/27/26
1SGD in Million2SGD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 440M
18.87x0.95x6.52x1.72% 14.85B
50.97x6.88x33.04x0.8% 12.06B
16.85x0.46x5.69x1.67% 4.49B
10.56x0.89x6.56x3.52% 1.98B
13.15x0.98x6.87x2.49% 1.83B
11.23x0.62x6.79x8.74% 1.51B
10.75x0.75x5.47x-.--% 1.26B
21.75x - - - 1.03B
13.3x1.72x8.29x4.16% 864M
Average 18.60x 1.66x 9.90x 2.89% 4.03B
Weighted average by Cap. 27.08x 2.73x 14.69x 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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