Company Valuation: Tesson Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 490.6 581.2 179.5 129.1 481.1 418.8
Change - 18.47% -69.11% -28.1% 272.77% -12.95%
Enterprise Value (EV) 1 747.1 798.5 235.4 179.7 504.5 476.2
Change - 6.88% -70.52% -23.66% 180.74% -5.62%
P/E -19.4x -1.75x -0.78x -1.44x -3.15x -11.7x
PBR 0.47x 0.76x 0.34x 0.31x 1.44x 1.23x
PEG - -0x 0x 0x -0.2x 0.1x
Capitalization / Revenue 0.64x 3.39x 1.9x 1x 7.21x 13.7x
EV / Revenue 0.98x 4.66x 2.49x 1.39x 7.56x 15.5x
EV / EBITDA 3.93x -2.98x -3.97x -5.69x -6.75x -12.8x
EV / EBIT 5.94x -2.37x -2x -1.87x -3.57x -9.16x
EV / FCF 10.6x 5.34x 0.63x 5.04x 37.9x 161x
FCF Yield 9.45% 18.7% 159% 19.8% 2.64% 0.62%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.211 -2.692 -1.554 -0.605 -0.6954 -0.1116
Distribution rate - - - - - -
Net sales 1 762.9 171.3 94.4 129.2 66.71 30.65
EBITDA 1 190.2 -268.1 -59.36 -31.57 -74.73 -37.18
EBIT 1 125.9 -337.4 -117.9 -96.24 -141.5 -51.99
Net income 1 -25.2 -326.9 -196.1 -89.73 -142.9 -26.01
Net Debt 1 256.6 217.4 55.92 50.66 23.44 57.42
Reference price 2 4.100 4.700 1.210 0.870 2.190 1.310
Nbr of stocks (in thousands) 119,649 123,649 148,349 148,349 219,685 319,685
Announcement Date 4/21/21 5/31/22 4/27/23 4/23/24 4/25/25 4/29/26
1HKD in Million2HKD
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 104M
-8.19x - -10.95x-.--% 3.37B
11.82x0.88x6.25x2.02% 3.21B
26.18x - - - 1.49B
10.31x - - 4.34% 1.35B
2.31x - - 11.61% 577M
-6.2x - - - 566M
Average 6.04x 0.88x -2.35x 4.49% 1.52B
Weighted average by Cap. 5.78x 0.88x -2.57x 2.24%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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