Company Valuation: National Electronics Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 1,019 987.3 845.9 567.8 370.7 360.5
Change - -3.08% -14.32% -32.87% -34.71% -2.75%
Enterprise Value (EV) 1 3,599 4,106 4,621 4,834 5,279 2,801
Change - 14.08% 12.55% 4.59% 9.21% -46.94%
P/E 8.9x 11x 17.7x 13.8x 3.95x 8.78x
PBR 0.4x 0.38x 0.33x 0.22x 0.14x 0.14x
PEG - -0.6x -0.4x -1x 0x -0.2x
Capitalization / Revenue 0.71x 1.42x 1.69x 0.98x 0.74x 0.09x
EV / Revenue 2.49x 5.91x 9.22x 8.36x 10.5x 0.69x
EV / EBITDA 75x -159x -73.1x 239x 202x -44.2x
EV / EBIT 104x -115x -64.9x 346x 263x -40.3x
EV / FCF 9.28x -17.2x -23.3x -9.39x -2.12x 1.35x
FCF Yield 10.8% -5.81% -4.29% -10.7% -47.1% 73.9%
Dividend per Share 2 0.035 0.035 0.023 0.012 0.005 0.012
Rate of return 3.33% 3.37% 2.5% 1.94% 1.23% 3.04%
EPS 2 0.118 0.0946 0.052 0.0448 0.1025 0.045
Distribution rate 29.7% 37% 44.2% 26.8% 4.88% 26.7%
Net sales 1 1,443 694.6 501.3 578.2 502.3 4,049
EBITDA 1 48.01 -25.83 -63.21 20.2 26.13 -63.37
EBIT 1 34.71 -35.66 -71.2 13.98 20.07 -69.45
Net income 1 116.3 91.36 48.87 41.13 93.9 41.29
Net Debt 1 2,581 3,119 3,776 4,266 4,908 2,440
Reference price 2 1.0500 1.0400 0.9200 0.6200 0.4050 0.3950
Nbr of stocks (in thousands) 9,70,173 9,49,307 9,19,421 9,15,841 9,15,325 9,12,679
Announcement Date 21/07/21 20/07/22 28/07/23 31/07/24 31/07/25 30/07/26
1HKD in Million2HKD
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 4.19Cr
39.04x1.24x10.81x2.57% 1.12TCr
23.56x2.23x13.03x1.27% 524.54Cr
16.45x1.37x9.89x2.21% 364.81Cr
61.24x - - - 75Cr
39.8x - - 0.45% 53Cr
17.27x - - - 55Cr
-39.89x0.46x7.37x - 33Cr
Average 22.50x 1.32x 10.27x 1.63% 278.7Cr
Weighted average by Cap. 30.74x 1.51x 11.16x 2.13%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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