Company Valuation: Top Spring International Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,805 1,575 1,239 825.8 757 573.5
Change - -12.71% -21.36% -33.33% -8.33% -24.24%
Enterprise Value (EV) 1 10,916 10,606 8,428 7,519 6,951 5,274
Change - -2.84% -20.53% -10.79% -7.55% -24.12%
P/E -6.21x 51.5x -6.69x -0.94x -0.41x -0.2x
PBR 0.18x 0.15x 0.13x 0.1x 0.12x 0.17x
PEG - -0x 0x -0x -0x -0x
Capitalization / Revenue 3.14x 2.47x 0.34x 0.87x 0.55x 0.42x
EV / Revenue 19x 16.6x 2.3x 7.88x 5.08x 3.88x
EV / EBITDA -126x -178x 40.7x -16.3x -13x -4.44x
EV / EBIT -113x -157x 41.9x -16.1x -12.8x -4.44x
EV / FCF -8.11x 5.51x 5.95x 9.35x 64.3x 2.5x
FCF Yield -12.3% 18.1% 16.8% 10.7% 1.56% 39.9%
Dividend per Share 2 0.04 0.04 0.01 - - -
Rate of return 3.39% 3.88% 1.23% - - -
EPS 2 -0.19 0.02 -0.121 -0.5734 -1.2 -1.9
Distribution rate -21.1% 200% -8.26% - - -
Net sales 1 575.1 639 3,667 954.3 1,369 1,360
EBITDA 1 -86.46 -59.74 207.3 -461.9 -536 -1,187
EBIT 1 -96.34 -67.63 201 -468.1 -543.7 -1,189
Net income 1 -283.3 33.43 -185.1 -876.9 -1,833 -2,905
Net Debt 1 9,111 9,031 7,189 6,693 6,194 4,701
Reference price 2 1.1800 1.0300 0.8100 0.5400 0.4950 0.3750
Nbr of stocks (in thousands) 1,529,285 1,529,285 1,529,285 1,529,285 1,529,285 1,529,285
Announcement Date 4/23/21 4/21/22 4/25/23 4/29/24 4/24/25 4/29/26
1HKD in Million2HKD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 37.25M
15.51x4.92x13.25x3.27% 44.16B
18.25x4x16.07x1.34% 28.47B
8.37x1.53x7.99x4.29% 27.74B
5.5x0.66x1.4x9.09% 26.47B
14.38x3.1x14.83x2.51% 26.04B
10.51x2.12x9.04x4% 21.13B
7.81x0.86x3.15x2.86% 19.97B
13.23x6.43x16.91x1.65% 19.16B
10.05x1.48x12.38x3.81% 18.38B
Average 11.51x 2.79x 10.56x 3.65% 23.16B
Weighted average by Cap. 11.98x 2.96x 10.77x 3.67%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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