Company Valuation: Transport International Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 6,858 5,958 5,405 4,657 4,198 5,666
Change - -13.13% -9.28% -13.84% -9.84% 34.96%
Enterprise Value (EV) 1 7,741 7,514 8,346 7,600 6,726 7,413
Change - -2.94% 11.07% -8.93% -11.51% 10.21%
P/E 3.56x 24.1x 37.3x 11.3x 22.1x 13.8x
PBR 0.52x 0.44x 0.4x 0.28x 0.25x 0.33x
PEG - -0.3x -0.9x 0x -0.4x 0x
Capitalization / Revenue 1.11x 0.83x 0.82x 0.59x 0.51x 0.67x
EV / Revenue 1.25x 1.04x 1.26x 0.96x 0.82x 0.88x
EV / EBITDA -1,096x 7.3x 16.2x 5.91x 4.47x 4.26x
EV / EBIT -7.79x 430x -13.9x 48x 21.5x 13.1x
EV / FCF -7.68x -19x -9.71x 32.3x 21.5x 7.54x
FCF Yield -13% -5.26% -10.3% 3.1% 4.66% 13.3%
Dividend per Share 2 0.5 0.5 0.5 0.8 0.5 0.8
Rate of return 3.34% 3.91% 4.39% 8.49% 6.06% 7.55%
EPS 2 4.209 0.5307 0.3054 0.8324 0.3732 0.7663
Distribution rate 11.9% 94.2% 164% 96.1% 134% 104%
Net sales 1 6,191 7,202 6,607 7,885 8,215 8,443
EBITDA 1 -7.062 1,029 515.5 1,286 1,503 1,741
EBIT 1 -993.7 17.48 -601.2 158.3 312.1 563.9
Net income 1 1,904 245 143.6 401.7 187.3 398
Net Debt 1 883.1 1,556 2,941 2,944 2,527 1,746
Reference price 2 14.980 12.800 11.380 9.420 8.250 10.600
Nbr of stocks (in thousands) 4,57,821 4,65,469 4,74,940 4,94,343 5,08,901 5,34,540
Announcement Date 19/04/21 13/04/22 17/04/23 17/04/24 14/04/25 16/04/26
1HKD in Million2HKD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 65Cr
12.1x4.88x15.11x4.03% 2.58TCr
16.52x4.16x11.55x3.01% 526.38Cr
14.17x0.68x4.74x5.87% 224.78Cr
8.88x0.42x2.58x4.11% 127.9Cr
-21.77x8.03x22.23x0.84% 103.36Cr
3.89x1.56x4.6x4.84% 23Cr
Average 5.63x 3.29x 10.14x 3.78% 521.7Cr
Weighted average by Cap. 11.74x 4.42x 13.63x 3.91%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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