Company Valuation: National Electronics Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 1,068 1,019 987.3 845.9 567.8 370.7
Change - -4.58% -3.08% -14.32% -32.87% -34.71%
Enterprise Value (EV) 1 3,708 3,599 4,106 4,621 4,834 5,279
Change - -2.94% 14.08% 12.55% 4.59% 9.21%
P/E 8.95x 8.9x 11x 17.7x 13.8x 3.95x
PBR 0.44x 0.4x 0.38x 0.33x 0.22x 0.14x
PEG - -6.64x -0.6x -0.4x -1x 0x
Capitalization / Revenue 1.58x 0.71x 1.42x 1.69x 0.98x 0.74x
EV / Revenue 5.5x 2.49x 5.91x 9.22x 8.36x 10.5x
EV / EBITDA -177x 75x -159x -73.1x 239x 202x
EV / EBIT -98.9x 104x -115x -64.9x 346x 263x
EV / FCF -16x 9.28x -17.2x -23.3x -9.39x -2.12x
FCF Yield -6.25% 10.8% -5.81% -4.29% -10.7% -47.1%
Dividend per Share 2 0.035 0.035 0.035 0.023 0.012 0.005
Rate of return 3.27% 3.33% 3.37% 2.5% 1.94% 1.23%
EPS 2 0.1196 0.118 0.0946 0.052 0.0448 0.1025
Distribution rate 29.3% 29.7% 37% 44.2% 26.8% 4.88%
Net sales 1 673.9 1,443 694.6 501.3 578.2 502.3
EBITDA 1 -20.94 48.01 -25.83 -63.21 20.2 26.13
EBIT 1 -37.48 34.71 -35.66 -71.2 13.98 20.07
Net income 1 120.8 116.3 91.36 48.87 41.13 93.9
Net Debt 1 2,640 2,581 3,119 3,776 4,266 4,908
Reference price 2 1.0700 1.0500 1.0400 0.9200 0.6200 0.4050
Nbr of stocks (in thousands) 997,759 970,173 949,307 919,421 915,841 915,325
Announcement Date 28/07/20 21/07/21 20/07/22 28/07/23 31/07/24 31/07/25
1HKD in Million2HKD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 41.89M
35.64x1.18x10.52x2.71% 10.85B
24.59x1.8x13.05x1.23% 3.66B
18.03x1.34x9.47x2.27% 3.25B
19.95x - - - 589M
44.7x - - 0.38% 402M
-11.41x0.38x7.14x - 239M
Average 21.92x 1.17x 10.05x 1.65% 2.72B
Weighted average by Cap. 29.61x 1.32x 10.80x 2.28%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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