Company Valuation: Top Standard Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 117.5 85.71 62.21 31.52 15.33 41.8
Change - -27.06% -27.42% -49.33% -51.37% 172.73%
Enterprise Value (EV) 1 123.4 89.27 68.48 41.24 23.11 49.94
Change - -27.64% -23.29% -39.78% -43.98% 116.14%
P/E 5.01x -24.6x -8.29x 4.4x -1.35x -34.7x
PBR -7.14x -12.4x -4.33x -6.46x -1.33x -3.89x
PEG - 0x -0x -0x 0x 0.4x
Capitalization / Revenue 3.96x 12.5x 4.6x 3.47x 1.07x 2.12x
EV / Revenue 4.16x 13x 5.06x 4.55x 1.61x 2.53x
EV / EBITDA -23.3x -24.6x -11.9x -6.98x -6.45x 40.9x
EV / EBIT -23.3x -24.4x -10.2x -5.31x -4.27x 49.2x
EV / FCF 6.46x -8.89x 20.2x -2.76x 19.1x -23.5x
FCF Yield 15.5% -11.3% 4.94% -36.2% 5.23% -4.25%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.2034 -0.0252 -0.0543 0.0432 -0.0572 -0.005036
Distribution rate - - - - - -
Net sales 1 29.68 6.847 13.54 9.072 14.33 19.71
EBITDA 1 -5.293 -3.624 -5.763 -5.912 -3.581 1.222
EBIT 1 -5.296 -3.653 -6.735 -7.77 -5.407 1.016
Net income 1 19.03 -3.029 -7.505 6.009 -9.801 -1.007
Net Debt 1 5.861 3.562 6.276 9.725 7.777 8.135
Reference price 2 1.0200 0.6200 0.4500 0.1900 0.0770 0.1750
Nbr of stocks (in thousands) 1,15,200 1,38,240 1,38,240 1,65,888 1,99,066 2,38,879
Announcement Date 30/03/21 31/03/22 31/03/23 30/04/24 30/04/25 30/04/26
1HKD in Million2HKD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 51.78L
45.01x3.6x23.49x2.43% 12TCr
24.27x1.23x12.05x2.3% 5.46TCr
18.32x1.87x11.29x3.14% 2.35TCr
11.56x1.63x7.34x0.89% 1.08TCr
31.74x1.22x11.27x0.81% 1.01TCr
32.36x0.48x9.13x2.89% 959.02Cr
12.46x1.08x6.23x6.98% 830.9Cr
38.87x2.66x14.93x0.38% 799.3Cr
116.69x4.8x37.63x-.--% 750.51Cr
Average 36.81x 2.06x 14.82x 2.2% 2.5TCr
Weighted average by Cap. 36.38x 2.54x 17.69x 2.37%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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