Company Valuation: Lee & Man Paper Manufacturing Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 23,478 14,825 9,867 10,351 12,026 14,259 - -
Change - -36.86% -33.44% 4.9% 16.18% 18.57% - -
Enterprise Value (EV) 1 35,697 29,354 27,643 30,812 31,090 32,095 30,690 29,215
Change - -17.77% -5.83% 11.46% 0.9% 3.23% -4.38% -4.8%
P/E 7.54x 12.5x 9.39x 7.89x 6.19x 6.68x 6.23x 5.95x
PBR 0.7x 0.52x 0.34x 0.37x 0.4x 0.45x 0.43x 0.41x
PEG - -0.2x -0.8x 0.3x 0.1x 0.67x 0.86x 1.27x
Capitalization / Revenue 0.72x 0.51x 0.4x 0.4x 0.45x 0.51x 0.49x 0.46x
EV / Revenue 1.1x 1.01x 1.11x 1.19x 1.17x 1.14x 1.06x 0.95x
EV / EBITDA 7.63x 9.74x 8.94x 7.66x 7.87x 7.75x 7.11x 6.78x
EV / EBIT 11.4x 18.5x 16.2x 12x 12.7x 11.9x 10.7x 10.3x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.26 0.098 0.086 0.107 0.159 0.1741 0.1895 0.1978
Rate of return 4.8% 2.85% 3.76% 4.44% 5.68% 5.24% 5.71% 5.96%
EPS 2 0.7187 0.2746 0.2439 0.3056 0.452 0.4968 0.5329 0.5579
Distribution rate 36.2% 35.7% 35.3% 35% 35.2% 35% 35.6% 35.5%
Net sales 1 32,511 29,170 24,937 25,995 26,642 28,047 29,070 30,877
EBITDA 1 4,680 3,014 3,094 4,021 3,953 4,143 4,315 4,312
EBIT 1 3,130 1,586 1,710 2,558 2,440 2,686 2,871 2,850
Net income 1 3,123 1,185 1,051 1,313 1,941 2,134 2,289 2,396
Net Debt 1 12,219 14,529 17,776 20,461 19,064 17,835 16,430 14,956
Reference price 2 5.420 3.440 2.290 2.410 2.800 3.320 3.320 3.320
Nbr of stocks (in thousands) 4,331,659 4,309,565 4,308,808 4,295,000 4,295,000 4,295,000 - -
Announcement Date 07/03/22 01/03/23 08/03/24 06/03/25 10/03/26 - - -
1HKD in Million2HKD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
6.38x1.12x7.59x5.49% 1.74B
20.02x1.11x7x4.25% 22.6B
22.81x2.32x11.12x2.31% 20B
27.87x1.14x8.72x4.89% 19.59B
21.24x2.31x9.56x1.87% 6.3B
13.43x1.22x7.07x4% 5.3B
19x2.29x13.4x3.6% 5.13B
7.98x1.32x9.46x1.19% 4.27B
26.25x0.79x7.24x2.33% 4.16B
21.12x1.3x9.07x2.28% 3.69B
Average 18.61x 1.49x 9.02x 3.22% 9.28B
Weighted average by Cap. 21.44x 1.53x 9.00x 3.47%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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