Company Valuation: Forward Fashion (International) Holdings Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 472 376 152 118 88 112
Change - -20.34% -59.57% -22.37% -25.42% 27.27%
Enterprise Value (EV) 1 821.1 726.5 423.2 376.9 407.8 183.2
Change - -11.52% -41.75% -10.94% 8.19% -55.07%
P/E -3.56x 11.7x -4.59x -7x -1.14x 1.94x
PBR 1.76x 1.23x 0.61x 0.52x 0.59x 0.53x
PEG - -0x 0x 0.1x -0x -0x
Capitalization / Revenue 0.53x 0.31x 0.16x 0.12x 0.09x 0.13x
EV / Revenue 0.93x 0.59x 0.44x 0.37x 0.43x 0.21x
EV / EBITDA -4.84x 8.42x 18.7x 10.3x -14.1x 1.89x
EV / EBIT -3.5x 18.5x -48.9x -91.6x -5.94x 3.07x
EV / FCF 3.25x 5.22x 2.8x 3.7x 4.03x 1.33x
FCF Yield 30.7% 19.2% 35.8% 27% 24.8% 75.2%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.3313 0.0804 -0.0828 -0.0421 -0.1922 0.1442
Distribution rate - - - - - -
Net sales 1 884.5 1,228 959.9 1,008 938.3 870.2
EBITDA 1 -169.7 86.32 22.67 36.77 -28.88 97.13
EBIT 1 -234.8 39.27 -8.648 -4.115 -68.7 59.7
Net income 1 -131.1 32.16 -33.14 -16.85 -76.89 57.67
Net Debt 1 349.1 350.5 271.2 258.9 319.8 71.23
Reference price 2 1.1800 0.9400 0.3800 0.2950 0.2200 0.2800
Nbr of stocks (in thousands) 400,000 400,000 400,000 400,000 400,000 400,000
Announcement Date 21/04/21 21/04/22 20/04/23 22/04/24 29/04/25 30/04/26
1HKD in Million2HKD
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 45.4M
27.43x3.1x15.06x-.--% 10.66B
14.33x0.87x7.78x-.--% 6.03B
14.02x0.59x5.8x2.47% 4.32B
5.89x - - - 401M
8.47x0.53x4.27x1.8% 299M
5.96x - - 6.88% 318M
25.24x0.5x6.12x-.--% 243M
28.4x1.62x5.77x0.09% 182M
Average 16.22x 1.20x 7.47x 1.61% 2.5B
Weighted average by Cap. 20.37x 1.91x 10.87x 0.61%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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