Company Valuation: VSTECS Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 10,637 6,529 6,322 7,446 11,153 13,276 - -
Change - -38.62% -3.17% 17.77% 49.78% 19.04% - -
Enterprise Value (EV) 10,637 6,529 6,322 7,446 11,153 13,276 13,276 13,276
Change - -38.62% -3.17% 17.77% 49.78% 19.04% 0% 0%
P/E 7.88x 7.74x - 6.87x 7.99x 7.68x 6.75x 5.92x
PBR 1.31x 0.85x 0.77x 0.81x 1.04x 1.13x 1.03x 0.93x
PEG - -0.2x - - 0.3x 0.3x 0.5x 0.4x
Capitalization / Revenue 0.14x 0.08x - 0.08x 0.11x 0.12x 0.11x 0.1x
EV / Revenue 0x 0x - 0x 0x 0.12x 0.11x 0.1x
EV / EBITDA 0x 0x 0x 0x 0x 5.51x 4.78x 5.06x
EV / EBIT 0x 0x - 0x 0x 5.73x 5.13x 4.58x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.27 0.17 - 0.257 0.4177 0.572 0.625 0.685
Rate of return 3.69% 3.78% - 4.94% 5.36% 6.16% 6.73% 7.38%
EPS 2 0.9274 0.5815 - 0.7567 0.9768 1.209 1.376 1.568
Distribution rate 29.1% 29.2% - 34% 42.8% 47.3% 45.4% 43.7%
Net sales 1 78,335 77,324 - 89,086 97,626 112,143 125,709 139,029
EBITDA 1 1,637 1,470 1,553 1,781 2,117 2,410 2,775 2,622
EBIT 1 1,661 1,328 - 1,699 1,986 2,316 2,587 2,896
Net income 1 1,314 823.1 - 1,052 1,353 1,692 1,925 2,197
Net Debt - - - - - - - -
Reference price 2 7.310 4.500 4.400 5.200 7.800 9.285 9.285 9.285
Nbr of stocks (in thousands) 1,455,172 1,450,918 1,436,890 1,431,912 1,429,814 1,429,788 - -
Announcement Date 3/24/22 3/23/23 3/21/24 3/21/25 3/19/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
7.61x - - 6.22% 1.68B
23.22x1.96x15.42x0.45% 361B
25.02x10.13x17.95x0.35% 195B
21.51x2.03x10.36x0.93% 80.66B
20.42x0.53x9.54x1.57% 59.42B
33.72x5.92x20.09x1.24% 42.92B
35.87x21.92x27.15x1.24% 37.31B
13.75x0.6x7.32x3.49% 31.02B
12.39x0.65x9.66x5.43% 22.33B
16.75x0.32x9.52x0.72% 21.28B
Average 21.03x 4.89x 14.11x 2.16% 85.31B
Weighted average by Cap. 23.54x 4.69x 15.27x 0.88%

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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-40%: Exceptional extension
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