Financials High Fashion International Limited

Equities

608

BMG4453K1027

Apparel & Accessories

Market Closed - Hong Kong S.E. 01:38:11 08/05/2024 pm IST 5-day change 1st Jan Change
1.5 HKD 0.00% Intraday chart for High Fashion International Limited +2.74% +3.45%

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 580.7 592.9 586.8 443.1 443.1 489
Enterprise Value (EV) 1 975 993.2 1,089 835.7 1,041 1,127
P/E ratio 13.8 x 13.9 x 8.15 x 3.56 x 3.02 x 3.2 x
Yield 3.16% 3.09% 3.13% 2.07% 5.52% 9.38%
Capitalization / Revenue 0.21 x 0.19 x 0.2 x 0.21 x 0.15 x 0.14 x
EV / Revenue 0.36 x 0.32 x 0.37 x 0.39 x 0.36 x 0.32 x
EV / EBITDA 17.8 x 18.1 x 15.8 x 20.1 x 10.1 x 5.35 x
EV / FCF -5.8 x 4.53 x 11.8 x 4.31 x -13 x 45.3 x
FCF Yield -17.2% 22.1% 8.49% 23.2% -7.7% 2.21%
Price to Book 0.23 x 0.23 x 0.23 x 0.15 x 0.14 x 0.15 x
Nbr of stocks (in thousands) 3,05,615 3,05,615 3,05,615 3,05,615 3,05,615 3,05,615
Reference price 2 1.900 1.940 1.920 1.450 1.450 1.600
Announcement Date 26/04/18 29/04/19 28/04/20 29/04/21 28/04/22 27/04/23
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 2,733 3,075 2,914 2,157 2,888 3,515
EBITDA 1 54.8 54.75 69.14 41.62 103.2 210.5
EBIT 1 -8.53 -1.739 25.69 -5.048 39.92 146.2
Operating Margin -0.31% -0.06% 0.88% -0.23% 1.38% 4.16%
Earnings before Tax (EBT) 1 88.6 29.75 46.03 161.7 185.9 210.2
Net income 1 41.98 43.64 71.96 124.5 147.2 154
Net margin 1.54% 1.42% 2.47% 5.77% 5.1% 4.38%
EPS 2 0.1373 0.1400 0.2355 0.4074 0.4800 0.5000
Free Cash Flow 1 -168.2 219.2 92.48 193.7 -80.1 24.87
FCF margin -6.15% 7.13% 3.17% 8.98% -2.77% 0.71%
FCF Conversion (EBITDA) - 400.3% 133.75% 465.33% - 11.82%
FCF Conversion (Net income) - 502.22% 128.51% 155.55% - 16.15%
Dividend per Share 2 0.0600 0.0600 0.0600 0.0300 0.0800 0.1500
Announcement Date 26/04/18 29/04/19 28/04/20 29/04/21 28/04/22 27/04/23
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 394 400 502 393 598 638
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 7.195 x 7.311 x 7.265 x 9.432 x 5.793 x 3.029 x
Free Cash Flow 1 -168 219 92.5 194 -80.1 24.9
ROE (net income / shareholders' equity) 1.82% 1.54% 2.62% 4.68% 4.93% 4.96%
ROA (Net income/ Total Assets) -0.12% -0.02% 0.32% -0.06% 0.42% 1.47%
Assets 1 -36,249 -2,01,106 22,637 -2,11,406 34,951 10,449
Book Value Per Share 2 8.330 8.260 8.220 9.490 10.30 10.40
Cash Flow per Share 2 1.650 2.150 1.180 2.320 1.370 2.000
Capex 1 54.1 52.5 72 58.2 97.3 75.3
Capex / Sales 1.98% 1.71% 2.47% 2.7% 3.37% 2.14%
Announcement Date 26/04/18 29/04/19 28/04/20 29/04/21 28/04/22 27/04/23
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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