Company Valuation: Fire Rock Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 4,512 4,147 2,150 652.8 499.2 388.5
Change - -8.09% -48.15% -69.64% -23.53% -22.17%
Enterprise Value (EV) 1 3,904 4,419 2,617 568.5 447.6 278.9
Change - 13.21% -40.79% -78.27% -21.28% -37.67%
P/E 13.1x -3.42x 71.2x 1.17x -29.3x -4.89x
PBR 6.57x -8.99x -5x 4.98x 4.45x 3.03x
PEG - 0x -1x 0x 0x -0x
Capitalization / Revenue 8.66x 4.01x 18.7x 4.84x 3.55x 2.66x
EV / Revenue 7.49x 4.27x 22.7x 4.21x 3.18x 1.91x
EV / EBITDA 9.21x 6.76x 208x 314x 20.7x 42.3x
EV / EBIT 9.4x 6.91x 222x 920x 22.7x 58.8x
EV / FCF 12.5x 6.11x -12x -16.8x 58.3x 20x
FCF Yield 7.99% 16.4% -8.35% -5.94% 1.72% 5%
Dividend per Share 3 0.219 - - - - -
Rate of return 0.93% - - - - -
EPS 3 1.788 -6.318 0.1573 2.916 -0.0889 -0.3273
Distribution rate 12.3% - - - - -
Net sales 1 520.9 1,035 115.1 134.9 140.6 146.2
EBITDA 1 424.1 653.5 12.59 1.81 21.63 6.595
EBIT 1 415.1 639.9 11.77 0.618 19.7 4.744
Net income 1 343.2 -1,213 30.2 559.9 -17.06 -64.41
Net Debt 1 -608.3 272.2 466.4 -84.28 -51.65 -109.6
Reference price 3 23.500 21.600 11.200 3.400 2.600 1.600
Nbr of stocks (in thousands) 192,000 192,000 192,000 192,000 192,000 242,821
Announcement Date 11/04/21 09/08/23 09/08/23 25/04/24 24/04/25 27/04/26
1HKD in Million2CNY in Million3HKD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 61.95M
14.87x3.44x8.94x2.37% 87.37B
16.24x2.01x6.97x2.62% 11.07B
10.8x1.88x5.44x0.92% 7.11B
13.07x2.23x10.28x6.22% 6.03B
25x2.14x10.7x1.82% 5.67B
13.45x3.2x8x5.67% 3.79B
12.97x2.09x8.89x7.7% 3.26B
15.15x4.94x12.09x3.48% 3.31B
11.69x1.31x5.96x0.51% 3.32B
Average 14.80x 2.58x 8.59x 3.48% 13.1B
Weighted average by Cap. 14.96x 3.06x 8.70x 2.68%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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