Stock 1631 REF HOLDINGS LIMITED
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Financials REF Holdings Limited

Equities

1631

KYG7469C1050

Commercial Printing Services

Market Closed - Hong Kong S.E.
Other stock markets
 01:39:00 03/05/2024 pm IST 		5-day change 1st Jan Change
0.335 HKD +1.52% Intraday chart for REF Holdings Limited -2.90% +19.64%
01/04 Ref Holdings' Unit Secures Office Space Through Two Lease Deals MT
07/03 REF Holdings' 2023 Profit Rises MT

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 248.3 145.9 128 194.6 99.84 71.68
Enterprise Value (EV) 1 40.21 -76.91 -70.75 107.2 47.98 25.14
P/E ratio 6.76 x 4.35 x 7.01 x 22.6 x 8.94 x 6.12 x
Yield - - 100% 26.3% 38.5% -
Capitalization / Revenue 1.29 x 0.77 x 0.87 x 1.44 x 0.77 x 0.58 x
EV / Revenue 0.21 x -0.4 x -0.48 x 0.79 x 0.37 x 0.2 x
EV / EBITDA 0.95 x -1.76 x -3.31 x 5.18 x 3.12 x 1.51 x
EV / FCF 4.9 x -1.61 x -2.84 x 6.5 x 3.02 x 0.86 x
FCF Yield 20.4% -62.1% -35.2% 15.4% 33.1% 116%
Price to Book 1.2 x 0.61 x 0.62 x 1.4 x 1 x 0.99 x
Nbr of stocks (in thousands) 2,56,000 2,56,000 2,56,000 2,56,000 2,56,000 2,56,000
Reference price 2 0.9700 0.5700 0.5000 0.7600 0.3900 0.2800
Announcement Date 10/04/19 19/03/20 18/03/21 11/03/22 20/03/23 25/03/24
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 192.4 190.5 147.5 135.1 129.7 124
EBITDA 1 42.21 43.72 21.34 20.68 15.38 16.68
EBIT 1 40.28 40.06 17.71 17.08 11.31 12.7
Operating Margin 20.94% 21.03% 12.01% 12.64% 8.72% 10.24%
Earnings before Tax (EBT) 1 43.54 40.24 21.19 11.12 12.96 13.92
Net income 1 36.74 33.54 18.27 8.628 11.16 11.71
Net margin 19.1% 17.61% 12.38% 6.39% 8.61% 9.44%
EPS 2 0.1435 0.1310 0.0714 0.0337 0.0436 0.0458
Free Cash Flow 1 8.212 47.78 24.94 16.5 15.86 29.26
FCF margin 4.27% 25.08% 16.91% 12.22% 12.23% 23.59%
FCF Conversion (EBITDA) 19.46% 109.3% 116.84% 79.81% 103.11% 175.45%
FCF Conversion (Net income) 22.35% 142.47% 136.53% 191.29% 142.11% 249.81%
Dividend per Share - - 0.5000 0.2000 0.1500 -
Announcement Date 10/04/19 19/03/20 18/03/21 11/03/22 20/03/23 25/03/24
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 208 223 199 87.3 51.9 46.5
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 8.21 47.8 24.9 16.5 15.9 29.3
ROE (net income / shareholders' equity) 19.5% 15% 8.15% 4.97% 9.35% 13.6%
ROA (Net income/ Total Assets) 10% 8.49% 3.81% 4.53% 3.95% 6.3%
Assets 1 367.5 394.8 479.8 190.4 282.8 185.9
Book Value Per Share 2 0.8100 0.9400 0.8100 0.5400 0.3900 0.2800
Cash Flow per Share 2 0.0500 0.0500 0.7300 0.5000 0.0700 0.1400
Capex 1 12.2 0.57 0.03 13.5 0.63 0.14
Capex / Sales 6.33% 0.3% 0.02% 10% 0.48% 0.11%
Announcement Date 10/04/19 19/03/20 18/03/21 11/03/22 20/03/23 25/03/24
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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Other Commercial Printing Services
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