REALORD GROUP HOLDINGS LIMITED

Financials Realord Group Holdings Limited

Equities

1196

BMG7403L1046

Environmental Services & Equipment

Market Closed - Hong Kong S.E. Other stock markets 04:08:17 2024-05-07 am EDT			5-day change	1st Jan Change
5.42 ^HKD	+0.18%		+0.37%	-1.09%

Apr. 15	Tianjin Construction Development Launches Up to HK$157 Million Hong Kong IPO	MT
Mar. 25	Realord Group Holdings Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	7,222	6,573	6,429	14,008	12,765	7,895
Enterprise Value (EV) ¹	13,903	14,724	16,036	25,441	25,587	20,833
P/E ratio	18.8 x	-15.8 x	7.27 x	115 x	111 x	103 x
Yield	-	-	-	-	-	-
Capitalization / Revenue	8.9 x	7.93 x	7.4 x	11.7 x	10.6 x	9.85 x
EV / Revenue	17.1 x	17.8 x	18.4 x	21.3 x	21.3 x	26 x
EV / EBITDA	361 x	1,949 x	-294 x	-965 x	-201 x	-489 x
EV / FCF	-28.4 x	-7.48 x	-23.2 x	-6.51 x	-7.51 x	278 x
FCF Yield	-3.52%	-13.4%	-4.32%	-15.4%	-13.3%	0.36%
Price to Book	2.51 x	2.8 x	1.83 x	3.39 x	3.53 x	2.2 x
Nbr of stocks (in thousands)	1,435,710	1,438,210	1,438,210	1,439,710	1,440,710	1,440,710
Reference price ²	5.030	4.570	4.470	9.730	8.860	5.480
Announcement Date	4/26/19	4/28/20	4/26/21	4/28/22	4/27/23	4/25/24

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	811	828.9	869.3	1,195	1,199	801.5
EBITDA ¹	38.49	7.554	-54.46	-26.37	-127.3	-42.57
EBIT ¹	26.53	-5.115	-82.77	-66.92	-173.2	-89.38
Operating Margin	3.27%	-0.62%	-9.52%	-5.6%	-14.45%	-11.15%
Earnings before Tax (EBT) ¹	555.9	-430.7	1,450	428.5	371.1	320.6
Net income ¹	363.3	-415.5	885.2	122.2	114.9	76.69
Net margin	44.79%	-50.13%	101.82%	10.23%	9.58%	9.57%
EPS ²	0.2682	-0.2889	0.6152	0.0847	0.0796	0.0532
Free Cash Flow ¹	-489.9	-1,968	-692	-3,908	-3,406	75.04
FCF margin	-60.41%	-237.37%	-79.6%	-327.01%	-284.07%	9.36%
FCF Conversion (EBITDA)	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	97.85%
Dividend per Share	-	-	-	-	-	-
Announcement Date	4/26/19	4/28/20	4/26/21	4/28/22	4/27/23	4/25/24

¹HKD in Million²HKD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	6,682	8,151	9,608	11,433	12,823	12,937
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	173.6 x	1,079 x	-176.4 x	-433.5 x	-100.8 x	-303.9 x
Free Cash Flow ¹	-490	-1,968	-692	-3,908	-3,406	75
ROE (net income / shareholders' equity)	19%	-13.2%	23.4%	2.4%	11.6%	0.8%
ROA (Net income/ Total Assets)	0.24%	-0.03%	-0.35%	-0.24%	-0.56%	-0.28%
Assets ¹	148,947	1,562,139	-250,761	-51,822	-20,494	-27,696
Book Value Per Share ²	2.000	1.630	2.440	2.870	2.510	2.490
Cash Flow per Share ²	0.6200	0.4100	0.8800	0.1600	0.1200	0.1100
Capex ¹	9.94	6.03	23	11.4	15.4	2.97
Capex / Sales	1.23%	0.73%	2.64%	0.95%	1.29%	0.37%
Announcement Date	4/26/19	4/28/20	4/26/21	4/28/22	4/27/23	4/25/24

¹HKD in Million²HKD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Waste Management, Disposal & Recycling Services

	1st Jan change	Capi.
REALORD GROUP HOLDINGS LIMITED	-1.09%	997M
WASTE CONNECTIONS, INC.	+10.87%	42.99B
GFL ENVIRONMENTAL INC.	+0.44%	12.37B
CASELLA WASTE SYSTEMS, INC.	+11.57%	5.48B
STERICYCLE, INC.	-4.52%	4.4B
CLEANAWAY WASTE MANAGEMENT LIMITED	+1.86%	3.98B
ZHEFU HOLDING GROUP CO., LTD.	-0.29%	2.43B
GRANDBLUE ENVIRONMENT CO., LTD.	+6.75%	2.13B
CHINA TIANYING INC.	-1.21%	1.59B
SHANGHAI ENVIRONMENT GROUP CO., LTD	+3.78%	1.46B

Waste Management, Disposal & Recycling Services

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Financials Realord Group Holdings Limited

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