Company Valuation: ZO Future Group

Data adjusted to current consolidation scope
Fiscal Period: June 2020 2021 2022 2023 2024 2025
Market Cap 1 2,019 3,337 1,447 455.2 2,519 2,095
Change - 65.28% -56.65% -68.53% 453.39% -16.85%
Enterprise Value (EV) 1 2,491 3,903 2,088 1,077 2,965 3,006
Change - 56.69% -46.52% -48.4% 175.21% 1.38%
P/E -7.75x -43x -35.6x -17.7x -13.2x -5.97x
PBR 6.18x 6.23x 2.96x 0.88x 5.5x 5.77x
PEG - 0.6x 0.7x 0.5x -0x -0.1x
Capitalization / Revenue 8.72x 20.2x 6.55x 2.1x 9.15x 4.64x
EV / Revenue 10.8x 23.7x 9.45x 4.96x 10.8x 6.66x
EV / EBITDA -9.66x -12.9x -7.65x -4.6x -9.33x -6.56x
EV / EBIT -6.99x -10x -6.05x -3.95x -7.57x -5.34x
EV / FCF -16.3x -16.1x -12.8x -14.8x -7.31x -28.8x
FCF Yield -6.14% -6.22% -7.79% -6.74% -13.7% -3.47%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.3677 -0.1006 -0.0527 -0.0333 -0.2337 -0.3804
Distribution rate - - - - - -
Net sales 1 231.5 165 220.9 217.1 275.2 451.2
EBITDA 1 -257.9 -302.7 -273 -234.3 -317.7 -458.3
EBIT 1 -356.5 -389.1 -345.3 -272.9 -391.6 -562.6
Net income 1 -260.5 -74.23 -40.66 -25.66 -182.8 -314
Net Debt 1 472.3 566.5 641.1 622.1 445.6 910.8
Reference price 2 2.850 4.325 1.875 0.590 3.090 2.270
Nbr of stocks (in thousands) 708,401 771,560 771,560 771,560 815,257 922,784
Announcement Date 10/29/20 10/28/21 10/27/22 10/26/23 10/25/24 10/27/25
1HKD in Million2HKD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 216M
15.79x4.4x11.86x1.02% 125B
26.08x5.35x18.87x-.--% 37.51B
15.69x2.04x8x0.65% 35.03B
39.18x6.51x19.64x0.53% 32.33B
24.75x1.83x7.59x0.81% 25.14B
40.97x5.91x25.42x-.--% 22.56B
25.41x3.07x10.86x-.--% 9.06B
27.3x2.77x10.26x5.82% 5.45B
Average 26.90x 3.98x 14.06x 1.1% 32.43B
Weighted average by Cap. 22.93x 4.29x 13.78x 0.75%

Y-o-Y evolution of P/E

Valuation ratios - P/E - ZO Future Group

Historical PBR trend

Valuation ratios - PBR - ZO Future Group

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - ZO Future Group

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - ZO Future Group

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