Company Valuation: STATE EN ASSETS

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 89.89 247.6 177.9 534.8 813.3 824.4
Change - 175.41% -28.13% 200.52% 52.08% 1.37%
Enterprise Value (EV) 1 241.3 186.8 203 547.2 780.7 825.8
Change - -22.56% 8.64% 169.58% 42.67% 5.78%
P/E 9.9x -15x -7.21x -8.09x -38.2x -149x
PBR 0.77x 0.82x 0.64x 1.88x 3.11x 3.15x
PEG - 0x -0.1x -0.1x 0.6x 2x
Capitalization / Revenue 0.32x 1.19x 0.83x 2.17x 6.85x 7.89x
EV / Revenue 0.87x 0.9x 0.95x 2.22x 6.57x 7.91x
EV / EBITDA 12.3x 64.2x -18.7x -9.98x -93.1x 186x
EV / EBIT 13.5x 141x -14.3x -8.93x -47.3x -272x
EV / FCF -13.8x 13x -3.36x 32.5x 24.9x -23.9x
FCF Yield -7.23% 7.68% -29.7% 3.08% 4.01% -4.18%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.0475 -0.0213 -0.0319 -0.0594 -0.0191 -0.004973
Distribution rate - - - - - -
Net sales 1 276.9 207.2 213.7 246 118.8 104.5
EBITDA 1 19.6 2.91 -10.86 -54.83 -8.386 4.436
EBIT 1 17.84 1.327 -14.15 -61.3 -16.51 -3.036
Net income 1 7.614 -11.72 -24.65 -58.36 -21.3 -5.541
Net Debt 1 151.4 -60.73 25.04 12.45 -32.6 1.38
Reference price 2 0.470 0.320 0.230 0.480 0.730 0.740
Nbr of stocks (in thousands) 191,263 773,659 773,659 1,114,069 1,114,069 1,114,069
Announcement Date 7/26/21 7/25/22 7/19/23 7/10/24 7/21/25 7/24/26
1HKD in Million2HKD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 184M
35.45x6.55x27.44x0.58% 321B
30.39x2.85x16.91x1.56% 247B
25.29x1.68x12.49x1.82% 168B
33.92x4.94x20.72x1.01% 159B
32.99x3.62x16.4x1.25% 154B
-652.64x1.76x39.87x-.--% 150B
16.74x1.63x11.7x2.75% 118B
42.06x9.48x29.4x0.23% 92.36B
19.5x1.65x13.54x1.9% 89.51B
Average -46.26x 3.79x 20.94x 1.23% 149.78B
Weighted average by Cap. -37.88x 3.94x 21.48x 1.16%

Y-o-Y evolution of P/E

Valuation ratios - P/E - STATE EN ASSETS

Historical PBR trend

Valuation ratios - PBR - STATE EN ASSETS

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - STATE EN ASSETS

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - STATE EN ASSETS

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