Company Valuation: Greenheart Group Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 155.8 218.9 157.7 83.47 89.04 247.6
Change - 40.48% -27.97% -47.06% 6.67% 178.13%
Enterprise Value (EV) 1 414.4 516.7 486.5 443.9 507.7 664
Change - 24.7% -5.85% -8.75% 14.37% 30.77%
P/E -9.04x -5.9x -2.3x -0.9x -0.64x -2.08x
PBR 0.16x 0.24x 0.19x 0.11x 0.15x 0.42x
PEG - -0x -0x -0x -0x 0x
Capitalization / Revenue 0.48x 0.68x 0.96x 0.92x 1.72x 5.85x
EV / Revenue 1.27x 1.61x 2.96x 4.88x 9.79x 15.7x
EV / EBITDA 17.8x 13.4x -22.8x -14.8x -7.15x -17.6x
EV / EBIT -4.83x -7.87x -3.97x -5.97x -5.87x -14.1x
EV / FCF 10.1x -56.6x 3,545x -45.2x -12.1x -1.13x
FCF Yield 9.94% -1.77% 0.03% -2.21% -8.26% -88.7%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.009292 -0.02 -0.037 -0.0502 -0.0751 -0.0427
Distribution rate - - - - - -
Net sales 1 326.3 320.5 164.3 90.98 51.87 42.36
EBITDA 1 23.26 38.61 -21.38 -30.06 -70.96 -37.62
EBIT 1 -85.75 -65.63 -122.5 -74.31 -86.55 -47.24
Net income 1 -17.24 -36.94 -68.15 -93.08 -139.2 -100.3
Net Debt 1 258.6 297.9 328.8 360.5 418.7 416.3
Reference price 2 0.0840 0.1180 0.0850 0.0450 0.0480 0.0890
Nbr of stocks (in thousands) 1,854,991 1,854,991 1,854,991 1,854,991 1,854,991 2,782,487
Announcement Date 4/21/21 A 4/19/22 A 4/25/23 A 4/25/24 A 4/7/25 A 4/28/26 A
1HKD in Million2HKD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 18.44M
35.33x4.77x17.24x2.57% 8.37B
-16.42x0.99x26.67x1.94% 5.21B
64.62x1.91x17.37x1.81% 4.55B
17.37x0.58x7.24x - 4.25B
13.19x1.37x8.25x2.07% 2.51B
35.26x2.53x18.87x0.22% 1.54B
12.79x - - - 1.47B
Average 23.16x 2.03x 15.94x 1.72% 3.49B
Weighted average by Cap. 24.54x 2.41x 16.75x 2.05%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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