Financials Combine Will International Holdings Limited

Equities

N0Z

KYG229811156

Personal Products

Market Closed - Singapore S.E. 09:50:13 2024-04-29 pm EDT 5-day change 1st Jan Change
0.94 SGD -1.05% Intraday chart for Combine Will International Holdings Limited +1.62% +6.82%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 187.8 201 166.7 151.8 149.7 168.3
Enterprise Value (EV) 1 349.3 485.9 449.8 415.4 284.5 259.6
P/E ratio 3.56 x 3.7 x 5.39 x 3.72 x 3.5 x 3.96 x
Yield 4.95% 4.66% 5.69% 6.16% 6.28% 5.68%
Capitalization / Revenue 0.12 x 0.11 x 0.17 x 0.13 x 0.11 x 0.15 x
EV / Revenue 0.22 x 0.28 x 0.47 x 0.36 x 0.21 x 0.23 x
EV / EBITDA 19.9 x 3.82 x 5.02 x 3.3 x 1.79 x 1.76 x
EV / FCF -3.45 x -36.6 x -11 x 6.6 x 1.79 x 3.09 x
FCF Yield -29% -2.73% -9.11% 15.1% 56% 32.3%
Price to Book 0.3 x 0.3 x 0.24 x 0.2 x 0.21 x 0.23 x
Nbr of stocks (in thousands) 32,327 32,327 32,327 32,327 32,327 32,327
Reference price 2 5.809 6.218 5.155 4.697 4.631 5.206
Announcement Date 4/10/19 6/1/20 4/5/21 4/6/22 4/12/23 4/9/24
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,563 1,765 957.1 1,140 1,341 1,113
EBITDA 1 17.52 127.3 89.6 125.8 159.3 147.3
EBIT 1 -29.52 78.17 32.89 59.54 85.04 68.13
Operating Margin -1.89% 4.43% 3.44% 5.22% 6.34% 6.12%
Earnings before Tax (EBT) 1 57.41 62.91 33.47 46.76 60.75 48.85
Net income 1 52.75 54.36 30.92 40.82 42.76 42.53
Net margin 3.37% 3.08% 3.23% 3.58% 3.19% 3.82%
EPS 2 1.632 1.681 0.9564 1.263 1.323 1.316
Free Cash Flow 1 -101.3 -13.27 -40.96 62.89 159.3 83.97
FCF margin -6.48% -0.75% -4.28% 5.51% 11.87% 7.54%
FCF Conversion (EBITDA) - - - 49.98% 99.97% 57.02%
FCF Conversion (Net income) - - - 154.09% 372.46% 197.44%
Dividend per Share 2 0.2874 0.2896 0.2933 0.2892 0.2908 0.2959
Announcement Date 4/10/19 6/1/20 4/5/21 4/6/22 4/12/23 4/9/24
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 162 285 283 264 135 91.3
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 9.222 x 2.237 x 3.16 x 2.094 x 0.8461 x 0.6199 x
Free Cash Flow 1 -101 -13.3 -41 62.9 159 84
ROE (net income / shareholders' equity) 8.51% 8.61% 4.53% 5.67% 5.84% 5.8%
ROA (Net income/ Total Assets) -1.41% 3.35% 1.31% 2.29% 3.32% 2.86%
Assets 1 -3,733 1,621 2,367 1,784 1,286 1,485
Book Value Per Share 2 19.50 20.70 21.50 23.00 22.30 23.00
Cash Flow per Share 2 2.780 3.110 1.770 3.200 4.080 3.910
Capex 1 77.9 150 160 147 97.1 57.7
Capex / Sales 4.98% 8.52% 16.73% 12.88% 7.24% 5.19%
Announcement Date 4/10/19 6/1/20 4/5/21 4/6/22 4/12/23 4/9/24
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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