Stock 458 TRISTATE HOLDINGS LIMITED
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Financials Tristate Holdings Limited

Equities

458

BMG9074C1082

Apparel & Accessories

Market Closed - Hong Kong S.E.
Other stock markets
 01:39:00 03/05/2024 pm IST 		5-day change 1st Jan Change
2.82 HKD 0.00% Intraday chart for Tristate Holdings Limited +6.02% +37.56%
25/03 Tristate Holdings Limited Proposes Final Dividend for the Financial Year Ended 31 December 2023, Payable On16 July 2024 CI
25/03 Tristate Holdings Limited Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 461.7 453.6 279.8 230.9 160.2 556.8
Enterprise Value (EV) 1 213.6 447.6 219.5 89.83 189.2 373.7
P/E ratio -5.67 x -11.7 x -1.65 x 10.9 x 5.36 x 3.25 x
Yield - - - - - 12.2%
Capitalization / Revenue 0.18 x 0.15 x 0.12 x 0.08 x 0.04 x 0.13 x
EV / Revenue 0.08 x 0.15 x 0.1 x 0.03 x 0.05 x 0.09 x
EV / EBITDA 9.71 x 4.34 x 14.2 x 0.33 x 0.59 x 0.76 x
EV / FCF -2.28 x 8.98 x 0.99 x 0.53 x 3.3 x 1.06 x
FCF Yield -43.9% 11.1% 101% 188% 30.3% 94.4%
Price to Book 0.39 x 0.4 x 0.27 x 0.23 x 0.16 x 0.47 x
Nbr of stocks (in thousands) 2,71,607 2,71,607 2,71,607 2,71,607 2,71,607 2,71,607
Reference price 2 1.700 1.670 1.030 0.8500 0.5900 2.050
Announcement Date 24/04/19 27/04/20 28/04/21 27/04/22 27/04/23 25/04/24
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 2,578 3,001 2,277 3,038 3,731 4,216
EBITDA 1 21.99 103 15.42 275.1 322.3 493.2
EBIT 1 -56.42 9.096 -94.52 167.1 204.7 360.4
Operating Margin -2.19% 0.3% -4.15% 5.5% 5.49% 8.55%
Earnings before Tax (EBT) 1 -70.84 -12.23 -153 84.49 121.2 247.4
Net income 1 -80.46 -38.83 -169.4 21.13 30.77 171.2
Net margin -3.12% -1.29% -7.44% 0.7% 0.82% 4.06%
EPS 2 -0.3000 -0.1430 -0.6238 0.0778 0.1100 0.6300
Free Cash Flow 1 -93.7 49.84 220.9 169.2 57.35 352.6
FCF margin -3.63% 1.66% 9.7% 5.57% 1.54% 8.36%
FCF Conversion (EBITDA) - 48.37% 1,432.5% 61.5% 17.8% 71.51%
FCF Conversion (Net income) - - - 800.61% 186.38% 205.94%
Dividend per Share - - - - - 0.2500
Announcement Date 24/04/19 27/04/20 28/04/21 27/04/22 27/04/23 25/04/24
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - 28.9 -
Net Cash position 1 248 5.94 60.2 141 - 183
Leverage (Debt/EBITDA) - - - - 0.0898 x -
Free Cash Flow 1 -93.7 49.8 221 169 57.4 353
ROE (net income / shareholders' equity) -6.46% -3.19% -15.3% 2.81% 3.84% 16.1%
ROA (Net income/ Total Assets) -1.84% 0.26% -2.62% 4.49% 4.66% 7.27%
Assets 1 4,374 -14,786 6,479 471 660.3 2,354
Book Value Per Share 2 4.340 4.190 3.810 3.780 3.760 4.350
Cash Flow per Share 2 1.190 1.050 1.320 1.400 1.110 1.700
Capex 1 48 87.6 50.6 49.7 89.9 98
Capex / Sales 1.86% 2.92% 2.22% 1.64% 2.41% 2.33%
Announcement Date 24/04/19 27/04/20 28/04/21 27/04/22 27/04/23 25/04/24
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

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