Company Valuation: Top Spring International Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,805 1,575 1,239 825.8 757 573.5
Change - -12.71% -21.36% -33.33% -8.33% -24.24%
Enterprise Value (EV) 1 10,916 10,606 8,428 7,519 6,951 5,274
Change - -2.84% -20.53% -10.79% -7.55% -24.12%
P/E -6.21x 51.5x -6.69x -0.94x -0.41x -0.2x
PBR 0.18x 0.15x 0.13x 0.1x 0.12x 0.17x
PEG - -0x 0x -0x -0x -0x
Capitalization / Revenue 3.14x 2.47x 0.34x 0.87x 0.55x 0.42x
EV / Revenue 19x 16.6x 2.3x 7.88x 5.08x 3.88x
EV / EBITDA -126x -178x 40.7x -16.3x -13x -4.44x
EV / EBIT -113x -157x 41.9x -16.1x -12.8x -4.44x
EV / FCF -8.11x 5.51x 5.95x 9.35x 64.3x 2.5x
FCF Yield -12.3% 18.1% 16.8% 10.7% 1.56% 39.9%
Dividend per Share 2 0.04 0.04 0.01 - - -
Rate of return 3.39% 3.88% 1.23% - - -
EPS 2 -0.19 0.02 -0.121 -0.5734 -1.2 -1.9
Distribution rate -21.1% 200% -8.26% - - -
Net sales 1 575.1 639 3,667 954.3 1,369 1,360
EBITDA 1 -86.46 -59.74 207.3 -461.9 -536 -1,187
EBIT 1 -96.34 -67.63 201 -468.1 -543.7 -1,189
Net income 1 -283.3 33.43 -185.1 -876.9 -1,833 -2,905
Net Debt 1 9,111 9,031 7,189 6,693 6,194 4,701
Reference price 2 1.1800 1.0300 0.8100 0.5400 0.4950 0.3750
Nbr of stocks (in thousands) 15,29,285 15,29,285 15,29,285 15,29,285 15,29,285 15,29,285
Announcement Date 23/04/21 21/04/22 25/04/23 29/04/24 24/04/25 29/04/26
1HKD in Million2HKD
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 3.14Cr
62.18x - - - 6.64TCr
14x4.54x12.22x3.62% 3.98TCr
5.74x0.78x1.6x8.58% 2.81TCr
8.28x1.46x8.04x4.27% 2.77TCr
17.51x3.91x15.72x1.4% 2.7TCr
13.43x3.04x14.56x2.6% 2.48TCr
9.36x3.54x7.84x-.--% 2.21TCr
8.3x0.92x3.35x2.69% 2.12TCr
10.35x2.03x8.38x4.06% 2.08TCr
Average 16.57x 2.53x 8.96x 3.4% 2.78TCr
Weighted average by Cap. 23.32x 2.67x 9.26x 3.53%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


  1. Stock Market
  2. Stocks
  3. 3688 Stock
  4. Valuation Top Spring International Holdings Limited