Company Valuation: Studio City International Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,099 493.5 1,148 1,248 1,088 683.7
Change - -55.1% 132.59% 8.72% -12.81% -37.17%
Enterprise Value (EV) 1 2,127 2,097 3,087 3,368 3,138 2,613
Change - -1.37% 47.2% 9.1% -6.85% -16.72%
P/E -2.69x -1.95x -3.23x -9.35x -11.2x -11.6x
PBR 1.04x 0.63x 1.43x 1.87x 1.84x 1.31x
PEG - 0.1x 0.1x 0.1x 0.4x 0.3x
Capitalization / Revenue 22.3x 4.62x 99.4x 2.8x 1.7x 0.98x
EV / Revenue 43.2x 19.6x 267x 7.56x 4.91x 3.76x
EV / EBITDA -17.8x -34.3x -19.9x 24.6x 13x 9.31x
EV / EBIT -7.7x -11.3x -11.1x -122x 80.6x 36.4x
EV / FCF -16.2x -5.42x -5.7x -15.5x 27.6x 16.6x
FCF Yield -6.16% -18.4% -17.6% -6.45% 3.62% 6.03%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -4.412 -2.728 -1.844 -0.6933 -0.504 -0.3051
Distribution rate - - - - - -
Net sales 1 49.21 106.9 11.55 445.5 639.1 694.6
EBITDA 1 -119.2 -61.23 -155 137.1 240.7 280.5
EBIT 1 -276.2 -185.5 -277.2 -27.64 38.95 71.84
Net income 1 -321.6 -252.6 -326.5 -133.5 -96.73 -58.76
Net Debt 1 1,028 1,604 1,940 2,120 2,049 1,929
Reference price 2 11.8700 5.3300 5.9600 6.4800 5.6500 3.5500
Nbr of stocks (in thousands) 92,588 92,588 192,588 192,588 192,588 192,588
Announcement Date 3/31/21 3/31/22 3/31/23 3/22/24 3/21/25 3/13/26
1USD in Million2USD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 169M
13.71x2.7x7.16x3.05% 25.25B
18.04x2.35x7.81x1.24% 8.23B
13.29x0.67x2.6x-.--% 8.2B
19.04x1.88x5.68x6.5% 5.81B
17.68x3.34x9.06x1.02% 2.11B
10.2x1.4x6.97x6.03% 2.09B
10.44x1.43x5.76x0.12% 1.8B
23.22x0.99x5.75x3.63% 1.46B
-62.84x1.45x9.88x-.--% 1.27B
Average 6.98x 1.80x 6.74x 2.4% 5.64B
Weighted average by Cap. 13.26x 2.13x 6.48x 2.59%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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