Company Valuation: STATE EN ASSETS

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 155.9 89.89 247.6 177.9 534.8 813.3
Change - -42.32% 175.41% -28.13% 200.52% 52.08%
Enterprise Value (EV) 1 368.3 241.3 186.8 203 547.2 780.7
Change - -34.48% -22.56% 8.64% 169.58% 42.67%
P/E 16.6x 9.9x -15x -7.21x -8.09x -38.2x
PBR 4.96x 0.77x 0.82x 0.64x 1.88x 3.11x
PEG - -0.5x 0x -0.1x -0.1x 0.6x
Capitalization / Revenue 0.74x 0.32x 1.19x 0.83x 2.17x 6.85x
EV / Revenue 1.75x 0.87x 0.9x 0.95x 2.22x 6.57x
EV / EBITDA 23.6x 12.3x 64.2x -18.7x -9.98x -93.1x
EV / EBIT 25.9x 13.5x 141x -14.3x -8.93x -47.3x
EV / FCF -37.6x -13.8x 13x -3.36x 32.5x 24.9x
FCF Yield -2.66% -7.23% 7.68% -29.7% 3.08% 4.01%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.0605 0.0475 -0.0213 -0.0319 -0.0594 -0.0191
Distribution rate - - - - - -
Net sales 1 210.2 276.9 207.2 213.7 246 118.8
EBITDA 1 15.63 19.6 2.91 -10.86 -54.83 -8.386
EBIT 1 14.2 17.84 1.327 -14.15 -61.3 -16.51
Net income 1 9.376 7.614 -11.72 -24.65 -58.36 -21.3
Net Debt 1 212.4 151.4 -60.73 25.04 12.45 -32.6
Reference price 2 1.005 0.470 0.320 0.230 0.480 0.730
Nbr of stocks (in thousands) 155,081 191,263 773,659 773,659 1,114,069 1,114,069
Announcement Date 7/17/20 7/26/21 7/25/22 7/19/23 7/10/24 7/21/25
1HKD in Million2HKD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 237M
26.34x1.74x12.99x1.73% 176B
620.02x1.96x43.56x-.--% 169B
19.2x1.47x12.69x1.88% 24.74B
16.28x1.13x9.63x0.09% 15.76B
20.18x1.3x10.79x2.01% 11.42B
-8.91x64.55x-10.59x-.--% 7.22B
-8.27x75.31x-7.78x-.--% 4.07B
10.07x - - 2.52% 1.75B
Average 86.86x 21.07x 10.19x 1.03% 45.59B
Weighted average by Cap. 268.92x 3.62x 24.81x 0.93%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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