Company Valuation: Travel Expert (Asia) Enterprises Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 117.3 91.77 91.77 68.32 79.03 88.21
Change - -21.74% 0% -25.56% 15.67% 11.61%
Enterprise Value (EV) 1 45.79 30.54 25.06 -2.171 -0.9029 -0.6574
Change - -33.29% -17.95% -108.66% 58.41% 27.19%
P/E -3.57x -5.12x -41.6x 7.57x 23.4x 14.6x
PBR 1.5x 1.5x 1.54x 1x 1.22x 1.31x
PEG - 0.1x 0.5x -0x -0.4x 0.2x
Capitalization / Revenue 18.3x 8.93x 2.28x 0.42x 0.31x 0.25x
EV / Revenue 7.13x 2.97x 0.62x -0.01x -0x -0x
EV / EBITDA -0.93x -1.53x -2.05x -1x -0.24x -0.14x
EV / EBIT -0.9x -1.49x -1.96x -1.73x -0.4x -0.21x
EV / FCF -0.69x 15.8x 4.42x -0.18x -0.05x -0.06x
FCF Yield -144% 6.34% 22.6% -559% -1,973% -1,629%
Dividend per Share 2 - - - 0.007 0.008 0.01
Rate of return - - - 5.22% 5.16% 5.78%
EPS 2 -0.0645 -0.0351 -0.004322 0.0177 0.006617 0.0118
Distribution rate - - - 39.5% 121% 84.4%
Net sales 1 6.423 10.28 40.27 162.2 255.2 359
EBITDA 1 -49.08 -20 -12.23 2.18 3.732 4.556
EBIT 1 -50.82 -20.46 -12.81 1.254 2.264 3.108
Net income 1 -32.89 -17.92 -2.204 9.027 3.374 6.04
Net Debt 1 -71.48 -61.23 -66.71 -70.49 -79.93 -88.86
Reference price 2 0.2300 0.1800 0.1800 0.1340 0.1550 0.1730
Nbr of stocks (in thousands) 509,859 509,859 509,859 509,859 509,859 509,859
Announcement Date 7/19/21 7/21/22 7/20/23 7/19/24 7/24/25 7/23/26
1HKD in Million2HKD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 12.94M
20.28x5.59x15.08x0.79% 160B
17.88x2.29x9.06x0.59% 39.16B
16.64x1.95x7.34x0.76% 29.29B
125.73x5.16x29.06x0% 5.76B
8.39x0.84x3.25x2.53% 4B
46.67x4.3x27.24x-.--% 1.86B
16.26x0.76x4.68x3.22% 1.84B
48.7x1.4x7.76x0.38% 1.57B
38.51x0.82x5.61x-.--% 1.22B
Average 37.67x 2.57x 12.12x 0.92% 24.47B
Weighted average by Cap. 22.19x 4.44x 13.25x 0.77%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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