Company Valuation: Activation Group Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 493.3 890.3 639 723.3 608.9 709.4
Change - 80.49% -28.23% 13.2% -15.83% 16.51%
Enterprise Value (EV) 1 201.6 490.4 348.3 422.8 237.5 419.6
Change - 143.31% -28.97% 21.39% -43.84% 76.7%
P/E 21.3x 9.45x 26.7x 6.65x 7.68x 9.33x
PBR 1.37x 2.19x 1.9x 2.13x 1.78x 2.07x
PEG - 0x -0.4x 0x -0.3x -2.26x
Capitalization / Revenue 1.08x 0.98x 0.92x 0.75x 0.72x 1x
EV / Revenue 0.44x 0.54x 0.5x 0.44x 0.28x 0.59x
EV / EBITDA 6.79x 3.57x 8.29x 2.76x 2.26x 5x
EV / EBIT 6.99x 3.6x 8.72x 2.8x 2.31x 5.13x
EV / FCF -6.22x 3.21x 7.15x 4.31x 1.55x -18.9x
FCF Yield -16.1% 31.1% 14% 23.2% 64.7% -5.28%
Dividend per Share 2 - 0.0247 0.0117 0.0741 0.0536 0.0494
Rate of return - 2.09% 1.36% 7.63% 6.55% 5.19%
EPS 2 0.0305 0.1251 0.0321 0.146 0.1065 0.1021
Distribution rate - 19.7% 36.3% 50.7% 50.3% 48.4%
Net sales 1 458 904.1 694.8 967.2 847.8 707.4
EBITDA 1 29.66 137.2 42.03 153.1 104.9 83.88
EBIT 1 28.84 136.4 39.97 150.9 102.7 81.84
Net income 1 23.42 92.49 23.63 108 79.24 76
Net Debt 1 -291.7 -399.9 -290.7 -300.5 -371.4 -289.8
Reference price 2 0.6484 1.1813 0.8580 0.9713 0.8175 0.9525
Nbr of stocks (in thousands) 760,836 753,718 744,742 744,742 744,742 744,742
Announcement Date 4/28/21 A 4/25/22 A 4/20/23 A 4/19/24 A 4/16/25 A 4/17/26 A
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 76.98M
6.3x0.21x2.34x2.42% 4.17B
14.79x1.64x4.34x1.83% 1.61B
31.16x - - - 1.39B
8.67x1.64x5.41x5.37% 1.3B
-55.93x2.13x7.73x3.16% 1.04B
22.35x - - 1.51% 977M
21.77x2.89x10.51x1.42% 824M
Average 7.01x 1.71x 6.07x 2.62% 1.42B
Weighted average by Cap. 7.65x 1.15x 4.52x 2.62%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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