Company Valuation: Topsports International Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: February 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 40,506 37,529 30,298 19,569 17,124 5,566 - -
Change - -7.35% -19.27% -35.41% -12.5% -67.49% - -
Enterprise Value (EV) 1 39,272 35,581 28,199 19,111 17,016 3,864 2,983 2,772
Change - -9.4% -20.75% -32.23% -10.96% -77.29% -22.8% -7.07%
P/E 16.6x 20.4x 13.7x 15.2x 13.5x 5.35x 7.09x 6.28x
PBR 3.83x 3.82x 3.08x 2.16x 1.99x 0.66x 0.66x 0.66x
PEG - -0.8x 0.7x -0.4x -9.03x -0.3x -0.3x 0.5x
Capitalization / Revenue 1.27x 1.39x 1.05x 0.72x 0.67x 0.24x 0.28x 0.27x
EV / Revenue 1.23x 1.31x 0.97x 0.71x 0.66x 0.17x 0.15x 0.14x
EV / EBITDA 6.59x 7.66x 6.33x 6.26x 6.04x 1.54x 1.36x 1.18x
EV / EBIT 11.4x 14.6x 10.1x 12x 11.2x 3x 2.87x 2.32x
EV / FCF 7.9x 8.91x 10.3x 5.09x 6.96x 1.95x 2.02x 4.96x
FCF Yield 12.7% 11.2% 9.69% 19.6% 14.4% 51.3% 49.5% 20.2%
Dividend per Share 2 0.2 0.18 0.21 0.16 0.16 0.1841 0.1508 0.1663
Rate of return 3.06% 2.97% 4.3% 5.07% 5.79% 20.5% 16.8% 18.5%
EPS 2 0.3945 0.2962 0.3569 0.2074 0.2043 0.1677 0.1265 0.1428
Distribution rate 50.7% 60.8% 58.8% 77.1% 78.3% 110% 119% 116%
Net sales 1 31,876 27,073 28,933 27,013 25,740 22,855 19,776 20,503
EBITDA 1 5,958 4,647 4,458 3,053 2,816 2,517 2,195 2,346
EBIT 1 3,430 2,431 2,786 1,593 1,522 1,288 1,039 1,194
Net income 1 2,446 1,837 2,213 1,286 1,267 1,068 882.9 1,039
Net Debt 1 -1,234 -1,948 -2,100 -457.4 -107.5 -1,702 -2,583 -2,794
Reference price 2 6.5320 6.0519 4.8858 3.1556 2.7613 0.8976 0.8976 0.8976
Nbr of stocks (in thousands) 6,201,222 6,201,222 6,201,222 6,201,222 6,201,222 6,201,222 - -
Announcement Date 5/30/22 5/23/23 5/22/24 5/21/25 5/27/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
5.18x0.16x1.46x21.21% 802M
24.61x3.74x13.32x3.62% 188B
41.18x5.05x20.93x0.91% 134B
26.88x2.76x17.63x0.76% 74.88B
43.62x2.46x9.4x1.52% 31.06B
19.73x1.37x7.73x4.68% 25.01B
14.42x2.8x10.77x1.63% 22.65B
17.88x2.5x11.25x2.09% 22.02B
23.51x1.4x11.9x-.--% 16.96B
15.96x2.02x8.2x3.81% 12.05B
Average 23.30x 2.43x 11.26x 4.02% 52.72B
Weighted average by Cap. 29.04x 3.53x 14.99x 2.22%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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