Activation Group Holdings Limited (9919.HK)

Industry: Advertising Agencies Sector: Communication Services Currency Used: CN Live Price: $1.03

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016
Stock Price	0.94	1.22	0.93	0.97	0.80	1.39	1.35	1.34	1.36
Market Capitalization	698.42M	903.78M	682.26M	716.21M	618.41M	833.63M	945.47M	1,067.79M	1,087.03M
(-) Cash & Equivalents	333.91M	310.13M	283.30M	353.08M	317.65M	116.67M	44.20M	35.41M	24.21M
(+) Total Debt	8.31M	7.31M	10.33M	10.00M	14.55M	58.25M	14.20M	5.71M	4.46M
Enterprise Value	372.83M	600.96M	409.29M	373.13M	315.31M	775.21M	915.47M	1,038.09M	1,067.27M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Revenue	1,776M	1,564M	848M	967M	695M	904M	458M	662M	684M	492M	362M
Cost of Revenue	1,224M	1,095M	593M	669M	493M	637M	326M	464M	512M	343M	227M
Gross Profit	552M	469M	254M	298M	202M	267M	132M	198M	172M	149M	135M
Gross Profit Margin	31.1%	30.0%	30.0%	30.8%	29.1%	29.6%	28.7%	29.9%	25.2%	30.3%	37.4%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	277M	290M	138M	145M	152M	129M	103M	145M	109M	67M	63M
Operating Expenses	286M	274M	136M	145M	152M	129M	103M	127M	106M	101M	83M
Operating Income (EBIT)	267M	195M	118M	153M	50M	139M	29M	71M	66M	48M	52M
Operating Income Margin	15.0%	12.5%	13.9%	15.8%	7.2%	15.4%	6.3%	10.7%	9.7%	9.8%	14.5%
Interest Income	3M	2M	2M	1M	2M	2M	2M	1M	0M	0M	0M
Interest Expense	0M	0M	0M	0M	1M	1M	3M	5M	1M	1M	1M
Net Interest Income	3M	2M	2M	1M	1M	1M	0M	-4M	-1M	-1M	-1M
Unusual Items	16M	0M	1M	11M	4M	5M	10M	0M	0M	-5M	1M
EBT Excluding Unusual Items	270M	197M	119M	154M	51M	140M	29M	67M	65M	48M	51M
Pre-Tax Income	286M	197M	120M	165M	56M	145M	39M	67M	65M	42M	53M
Pre-Tax Margin	16.1%	12.6%	14.2%	17.0%	8.0%	16.0%	8.4%	10.1%	9.5%	8.6%	14.6%
Income Tax Expense	86M	64M	33M	46M	27M	42M	13M	26M	22M	17M	14M
Net Income	181M	119M	79M	108M	24M	92M	23M	30M	37M	21M	32M
Net Income Margin	10.2%	7.6%	9.3%	11.2%	3.4%	10.2%	5.1%	4.5%	5.4%	4.3%	9.0%
Depreciation & Amortization	4M	4M	5M	5M	2M	1M	1M	4M	1M	4M	2M
EBITDA	271M	199M	123M	158M	52M	140M	30M	75M	67M	52M	55M
EBITDA Margin	15.3%	12.7%	14.5%	16.4%	7.5%	15.4%	6.5%	11.4%	9.8%	10.6%	15.1%
NOPAT	187M	132M	86M	110M	25M	98M	19M	43M	44M	29M	38M
NOPAT Margin	10.5%	8.4%	10.1%	11.4%	3.7%	10.9%	4.1%	6.5%	6.4%	5.9%	10.6%
Owner's Earnings	184M	115M	82M	112M	23M	89M	23M	33M	37M	24M	33M
Owner's Earnings Margin	10.3%	7.3%	9.7%	11.6%	3.2%	9.8%	5.1%	5.1%	5.4%	4.9%	9.2%
EPS (Basic)	0.24	0.16	0.11	0.15	0.03	0.13	0.03	0.05	0.06	0.03	0.04
EPS (Diluted)	0.24	0.16	0.11	0.15	0.03	0.13	0.03	0.05	0.06	0.03	0.04
Shares (Basic)	741M	739M	744M	740M	735M	740M	769M	600M	600M	772M	772M
Shares (Diluted)	742M	739M	744M	740M	735M	740M	769M	600M	600M	800M	800M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Cash & Cash Equivalents	288.69M	379.19M	379.19M	307.08M	300.27M	405.82M	302.94M	129.49M	88.40M	70.81M	72.63M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	2.85M	2.55M	4.71M	9.01M	2.70M	0.00M
Cash & Short-Term Investments	288.69M	379.19M	379.19M	307.08M	300.27M	408.67M	305.48M	134.21M	97.41M	73.51M	72.63M
Net Receivables	211.27M	293.08M	293.08M	397.64M	308.86M	231.69M	222.70M	170.32M	258.65M	189.39M	103.94M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-1.59M	-6.92M	-2.70M	0.00M
Other Current Assets	28.38M	0.67M	0.67M	17.94M	16.24M	30.33M	29.20M	21.74M	17.43M	42.64M	38.04M
Total Current Assets	528.35M	672.93M	672.93M	722.65M	625.37M	670.69M	557.38M	324.67M	366.57M	302.84M	214.60M
Property, Plant & Equipment	12.72M	11.45M	11.45M	10.42M	14.67M	13.82M	14.83M	18.44M	11.92M	12.31M	11.91M
Goodwill	10.23M	10.23M	10.23M	10.23M	10.23M	10.23M	10.23M	10.23M	10.23M	10.23M	9.16M
Intangible Assets	0.58M	0.70M	0.70M	0.86M	0.31M	0.43M	0.35M	0.27M	0.23M	0.30M	0.29M
Long-Term Investments	48.59M	44.05M	44.05M	49.98M	59.61M	20.00M	5.29M	5.51M	6.81M	5.89M	0.50M
Tax Assets	0.00M	0.00M	0.00M	0.00M	0.36M	1.09M	0.52M	0.55M	0.00M	1.99M	0.95M
Other Non-Current Assets	2.27M	6.55M	6.55M	1.26M	-0.36M	-1.09M	-0.52M	-0.55M	2.43M	2.70M	0.00M
Other Assets	0.00M	0.00M	0.00M	0.00M	1.06M	1.09M	0.52M	0.55M	0.00M	0.00M	0.00M
Total Non-Current Assets	74.39M	72.98M	72.98M	72.75M	85.87M	45.56M	31.22M	35.01M	31.63M	33.42M	22.81M
Total Assets	602.73M	745.91M	745.91M	795.40M	711.25M	716.24M	588.60M	359.68M	398.20M	336.26M	237.42M
Accounts Payable	206.58M	294.70M	294.70M	339.41M	289.60M	221.76M	143.46M	149.67M	163.07M	114.66M	59.61M
Short-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	74.81M	19.00M	0.00M	3.00M
Tax Payables	0.00M	0.00M	0.00M	23.86M	13.38M	21.76M	13.05M	11.98M	0.00M	13.60M	9.57M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	-3.12M	-1.47M	0.00M	-78.99M	0.00M	0.00M	0.00M
Other Current Liabilities	42.06M	24.09M	24.09M	86.08M	58.14M	57.60M	58.37M	124.51M	69.14M	75.79M	43.37M
Total Current Liabilities	248.64M	318.79M	318.79M	449.34M	357.99M	299.65M	214.88M	281.98M	251.22M	204.05M	115.55M
Long-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	9.54M	7.80M	7.80M	6.58M	9.60M	8.74M	13.74M	17.43M	11.05M	11.42M	10.37M
Deferred Tax Liabilities	0.00M	3.32M	3.32M	3.37M	3.45M	0.20M	0.20M	0.21M	0.00M	0.19M	0.13M
Other Non-Current Liabilities	3.31M	0.00M	0.00M	3.37M	3.45M	0.20M	0.20M	0.00M	0.25M	0.00M	0.00M
Total Non-Current Liabilities	12.85M	11.12M	11.12M	13.31M	16.50M	9.14M	14.14M	17.64M	11.30M	11.61M	10.50M
Total Liabilities	261.49M	329.90M	329.90M	462.65M	374.49M	308.79M	229.02M	299.63M	262.51M	215.66M	126.05M
Preferred Stock	0.00M	0.00M	0.00M	38.05M	38.37M	31.76M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	0.66M	0.66M	0.66M	0.66M	0.66M	0.67M	0.67M	0.09M	0.00M	0.00M	0.00M
Retained Earnings	0.00M	283.28M	283.28M	250.25M	191.48M	185.05M	92.61M	68.69M	72.26M	70.89M	59.99M
Accumulated OCI	324.12M	-54.55M	-54.55M	-61.16M	-38.37M	-31.76M	0.45M	-8.88M	48.87M	-8.43M	-4.72M
Minority Interest	16.47M	19.78M	19.78M	20.21M	17.28M	23.10M	12.91M	12.14M	21.48M	21.95M	18.04M
Total Shareholders’ Equity	324.78M	229.39M	229.39M	227.80M	192.14M	185.72M	93.74M	59.89M	121.13M	62.46M	55.27M
Total Equity	341.24M	249.17M	249.17M	248.00M	209.42M	208.82M	106.65M	72.03M	142.60M	84.41M	73.31M
Total Liabilities & Equity	602.73M	579.07M	579.07M	710.65M	583.91M	517.61M	335.66M	371.65M	405.11M	300.08M	199.36M
Tangible Assets	591.92M	734.98M	734.98M	784.31M	700.70M	705.59M	578.02M	349.18M	387.73M	325.73M	227.96M
Tangible Equity	330.43M	238.24M	238.24M	236.91M	198.88M	198.16M	96.06M	61.53M	132.14M	73.88M	63.86M
Tangible Book Value	330.43M	238.24M	238.24M	236.91M	198.88M	198.16M	96.06M	61.53M	132.14M	73.88M	63.86M
Total Investments	48.59M	44.05M	44.05M	49.98M	59.61M	22.85M	7.83M	8.63M	8.90M	8.59M	0.50M
Net Debt	-288.69M	-379.19M	-379.19M	-307.08M	-300.27M	-405.82M	-302.94M	-54.68M	-69.40M	-70.81M	-69.63M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Working Capital	277.1M	297.4M	297.4M	293.9M	277.6M	391.3M	351.1M	50.5M	120.6M	113.8M	108.6M
Total Capital	334.3M	349.2M	349.2M	346.4M	345.9M	415.1M	373.7M	152.1M	149.5M	128.3M	117.4M
Capital Employed	351.5M	370.3M	370.3M	366.6M	363.5M	436.9M	382.3M	85.5M	152.2M	147.3M	131.4M
Invested Capital	45.6M	-30.0M	-30.0M	39.3M	45.6M	9.2M	70.7M	22.6M	61.1M	57.5M	44.8M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Net Income	181.18M	118.70M	120.13M	164.79M	23.63M	92.49M	23.42M	29.97M	37.11M	42.47M	52.66M
Depreciation & Amortization	5.21M	10.74M	5.10M	5.19M	5.00M	6.07M	6.91M	4.22M	3.77M	3.85M	2.45M
Deferred Income Tax	0.00M	-19.64M	0.00M	0.00M	67.51M	0.00M	0.00M	0.00M	0.00M	-8.57M	0.00M
Stock-Based Compensation	22.59M	22.38M	16.58M	9.75M	18.62M	0.00M	0.00M	0.00M	0.00M	7.64M	0.00M
Change in Working Capital	-18.39M	27.44M	71.04M	-28.15M	-62.65M	-22.79M	-57.85M	87.54M	-40.43M	-21.48M	-3.44M
Accounts Receivable	-45.78M	27.12M	127.42M	-89.81M	-86.13M	-10.41M	-52.87M	87.54M	-71.76M	-83.22M	-27.59M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	27.39M	0.32M	-56.38M	61.66M	23.48M	-12.38M	-4.98M	0.00M	31.33M	61.74M	24.15M
Other Non-Cash Items	36.88M	89.78M	-43.25M	-36.46M	8.89M	99.60M	-1.54M	-16.29M	57.94M	0.53M	-19.68M
Net Cash from Operating Activities	227.47M	269.04M	169.61M	115.12M	61.00M	175.36M	-29.06M	105.43M	58.40M	24.44M	32.00M
Capital Expenditures (PPE)	-1.12M	-7.63M	-1.86M	-0.66M	-3.18M	-4.25M	-0.90M	-0.87M	-1.07M	-0.66M	-1.48M
Acquisitions (Net)	0.00M	0.00M	-2.91M	0.20M	-0.59M	3.11M	0.00M	1.20M	0.00M	-6.55M	0.00M
Purchases of Investments	0.00M	0.00M	0.00M	0.00M	-36.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	0.00M	36.79M	0.00M	1.11M	6.31M	0.00M	0.00M	0.00M
Other Investing Activities	1.14M	-14.93M	4.50M	-0.05M	-35.52M	1.49M	10.34M	-8.50M	-3.82M	-6.90M	0.09M
Net Cash from Investing Activities	0.02M	-22.56M	-0.28M	-0.50M	-38.71M	0.35M	10.55M	-1.86M	-4.89M	-14.11M	-1.39M
Net Debt Issuance	-1.58M	-2.28M	-2.82M	-3.13M	-1.81M	-5.53M	-6.00M	55.81M	-2.68M	-3.00M	-1.33M
Long-Term Debt Issuance	-1.58M	-2.28M	-2.82M	-3.13M	-1.81M	-5.53M	-74.81M	55.81M	-2.68M	-3.00M	-1.33M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	68.81M	55.81M	19.00M	0.00M	3.00M
Net Stock Issuance	-18.46M	-24.99M	-0.78M	-18.69M	-23.87M	3.78M	305.94M	0.09M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	-0.78M	-18.69M	-13.68M	9.62M	335.63M	0.09M	0.00M	0.00M	0.00M
Common Stock Repurchased	-18.46M	-24.99M	0.00M	0.00M	-10.19M	-5.84M	-29.69M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-145.13M	-178.94M	-85.04M	-81.74M	-90.80M	-49.89M	0.00M	-40.60M	-54.09M	-0.26M	-7.17M
Common Dividends Paid	-85.04M	-58.61M	-85.04M	-81.74M	-90.80M	-49.89M	0.00M	-40.60M	-54.09M	-0.26M	-7.17M
Preferred Dividends Paid	-60.08M	-120.33M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	4.51M	-22.74M	-9.06M	-0.41M	-10.96M	-17.27M	-100.21M	-79.34M	18.03M	-3.23M	2.50M
Net Cash from Financing Activities	-160.66M	-228.94M	-97.71M	-103.97M	-127.44M	-68.91M	199.73M	-64.04M	-38.74M	-6.49M	-6.00M
Effect of FX on Cash	-0.82M	-4.72M	0.49M	-3.84M	-0.41M	-3.92M	-7.78M	1.57M	2.82M	-5.66M	1.57M
Net Change in Cash	-6.09M	12.82M	72.11M	6.81M	-105.55M	102.88M	173.44M	41.10M	17.59M	-1.82M	26.18M
Cash at Beginning of Period	601.80M	1,272.76M	307.08M	300.27M	405.82M	302.94M	129.49M	88.40M	70.81M	72.63M	46.45M
Cash at End of Period	595.70M	1,285.58M	379.19M	307.08M	300.27M	405.82M	302.94M	129.49M	88.40M	70.81M	72.63M
Operating Cash Flow	227.47M	269.04M	169.61M	115.12M	61.00M	175.36M	-29.06M	105.43M	58.40M	24.44M	32.00M
Capital Expenditure	-1.98M	-7.63M	-1.96M	-1.41M	-3.18M	-4.25M	-0.90M	-0.87M	-1.07M	-0.66M	-1.48M
Free Cash Flow	225.49M	261.41M	167.65M	113.71M	57.82M	171.11M	-29.96M	104.56M	57.33M	23.78M	30.52M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31
EBITDA	279.81M	181.81M	121.80M	158.28M	52.18M	139.59M	29.83M	57.38M	64.51M	86.07M	74.30M
(-) Tax Adjustment	84.01M	58.93M	33.21M	44.54M	18.26M	40.61M	10.31M	20.08M	21.49M	30.12M	20.00M
(-) Change In Working Capital	-18.39M	27.44M	71.04M	-28.15M	-62.65M	-22.79M	-57.85M	87.54M	-40.43M	-21.48M	-3.44M
(-) Capital Expenditure	-1.98M	-7.63M	-1.96M	-1.41M	-3.18M	-4.25M	-0.90M	-0.87M	-1.07M	-0.66M	-1.48M
Unlevered Free Cash Flow	212.20M	87.82M	15.59M	140.49M	93.38M	117.52M	76.48M	-51.11M	82.37M	76.76M	56.26M
(-) Net Interest Income After Taxes	2.06M	1.59M	1.11M	0.66M	0.76M	0.75M	-0.20M	-2.54M	-0.52M	-0.34M	-0.65M
Net Debt Issuance	-1.58M	-2.28M	-2.82M	-3.13M	-1.81M	-5.53M	-6.00M	55.81M	-2.68M	-3.00M	-1.33M
Levered Free Cash Flow	208.56M	83.96M	11.66M	136.70M	90.82M	111.24M	70.68M	7.24M	80.22M	74.11M	55.58M