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 4/25/22 4/20/23 4/19/24 4/16/25 4/17/26
1CNY in Million2CNY
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 65.48M
15.57x4.34x11.69x1.03% 123B
25.91x5.32x18.75x-.--% 37.26B
15.53x2.02x7.91x0.66% 34.68B
39.36x6.6x19.83x0.53% 32.89B
24.79x1.83x7.6x0.81% 25.19B
40.97x5.91x25.42x-.--% 22.56B
25.38x3.06x10.85x-.--% 9.05B
26.95x2.74x10.18x5.89% 5.38B
Average 26.81x 3.98x 14.03x 1.12% 32.21B
Weighted average by Cap. 22.89x 4.28x 13.73x 0.76%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Activation Group Holdings Limited

Historical PBR trend

Valuation ratios - PBR - Activation Group Holdings Limited

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Activation Group Holdings Limited

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Activation Group Holdings Limited

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