Company Valuation: REF Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 128 194.6 99.84 71.68 56.06 130.6
Change - 52% -48.68% -28.21% -21.79% 132.88%
Enterprise Value (EV) 1 -70.75 107.2 47.98 25.14 36.73 83.92
Change - 251.55% -55.25% -47.6% 46.12% 128.47%
P/E 7.01x 22.6x 8.94x 6.12x 9.89x 43.9x
PBR 0.62x 1.4x 1x 0.99x 0.7x 1.58x
PEG - -0.4x 0.3x 1.24x -0.2x -0.9x
Capitalization / Revenue 0.87x 1.44x 0.77x 0.58x 0.53x 1.41x
EV / Revenue -0.48x 0.79x 0.37x 0.2x 0.35x 0.91x
EV / EBITDA -3.31x 5.18x 3.12x 1.51x 3.77x 16.2x
EV / EBIT -3.99x 6.28x 4.24x 1.98x 5.16x 24x
EV / FCF -2.84x 6.5x 3.02x 0.86x 2.09x 2.94x
FCF Yield -35.2% 15.4% 33.1% 116% 47.8% 34%
Dividend per Share 2 0.5 0.2 0.15 - - -
Rate of return 100% 26.3% 38.5% - - -
EPS 2 0.0714 0.0337 0.0436 0.0458 0.0221 0.0116
Distribution rate 701% 593% 344% - - -
Net sales 1 147.5 135.1 129.7 124 106.4 92.3
EBITDA 1 21.34 20.68 15.38 16.68 9.737 5.176
EBIT 1 17.71 17.08 11.31 12.7 7.115 3.501
Net income 1 18.27 8.628 11.16 11.71 5.669 2.975
Net Debt 1 -198.7 -87.35 -51.86 -46.54 -19.33 -46.64
Reference price 2 0.500 0.760 0.390 0.280 0.219 0.510
Nbr of stocks (in thousands) 256,000 256,000 256,000 256,000 256,000 256,000
Announcement Date 3/18/21 A 3/11/22 A 3/20/23 A 3/25/24 A 3/27/25 A 3/26/26 A
1HKD in Million2HKD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 52.07M
17.04x0.76x7.97x1.24% 8.41B
13.51x0.8x7.13x1.36% 8.14B
15.01x - - - 1.83B
9.34x - - - 1.04B
9.65x0.69x4.03x2.89% 836M
Average 12.91x 0.75x 6.38x 1.83% 3.38B
Weighted average by Cap. 14.74x 0.77x 7.39x 1.38%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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