Company Valuation: Activation Group Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 493.3 890.3 639 723.3 608.9 709.4
Change - 80.49% -28.23% 13.2% -15.83% 16.51%
Enterprise Value (EV) 1 201.6 490.4 348.3 422.8 237.5 419.6
Change - 143.31% -28.97% 21.39% -43.84% 76.7%
P/E 21.3x 9.45x 26.7x 6.65x 7.68x 9.33x
PBR 1.37x 2.19x 1.9x 2.13x 1.78x 2.07x
PEG - 0x -0.4x 0x -0.3x -2.26x
Capitalization / Revenue 1.08x 0.98x 0.92x 0.75x 0.72x 1x
EV / Revenue 0.44x 0.54x 0.5x 0.44x 0.28x 0.59x
EV / EBITDA 6.79x 3.57x 8.29x 2.76x 2.26x 5x
EV / EBIT 6.99x 3.6x 8.72x 2.8x 2.31x 5.13x
EV / FCF -6.22x 3.21x 7.15x 4.31x 1.55x -18.9x
FCF Yield -16.1% 31.1% 14% 23.2% 64.7% -5.28%
Dividend per Share 2 - 0.0247 0.0117 0.0741 0.0536 0.0494
Rate of return - 2.09% 1.36% 7.63% 6.55% 5.19%
EPS 2 0.0305 0.1251 0.0321 0.146 0.1065 0.1021
Distribution rate - 19.7% 36.3% 50.7% 50.3% 48.4%
Net sales 1 458 904.1 694.8 967.2 847.8 707.4
EBITDA 1 29.66 137.2 42.03 153.1 104.9 83.88
EBIT 1 28.84 136.4 39.97 150.9 102.7 81.84
Net income 1 23.42 92.49 23.63 108 79.24 76
Net Debt 1 -291.7 -399.9 -290.7 -300.5 -371.4 -289.8
Reference price 2 0.6484 1.1813 0.8580 0.9713 0.8175 0.9525
Nbr of stocks (in thousands) 7,60,836 7,53,718 7,44,742 7,44,742 7,44,742 7,44,742
Announcement Date 28/04/21 25/04/22 20/04/23 19/04/24 16/04/25 17/04/26
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 7.6Cr
-52.82x3.74x15.78x-.--% 510.47Cr
6.2x0.21x2.31x2.36% 408.66Cr
17.38x2x5.59x1.42% 205.7Cr
32.51x - - - 145.2Cr
8.54x1.62x5.36x5.48% 127.31Cr
-53.89x2.15x7.78x3.24% 101.24Cr
22.24x - - 1.28% 97Cr
Average -2.83x 1.94x 7.36x 2.3% 200.42Cr
Weighted average by Cap. -11.50x 2.09x 8.58x 1.66%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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