AMTD IDEA Group (AMTD) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+3395.1%

$683.29

vs $19.55 price

Levered DCF

-$101.30

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.73

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	0.34×	0.29×	0.14×	0.32×	0.86×	1.98×	2.64×	5.64×
P/B	0.01×	0.01×	0.01×	0.05×	0.16×	0.22×	0.36×	0.99×
P/S	0.26×	0.25×	0.11×	0.34×	0.68×	1.91×	3.55×	3.69×
EV / EBITDA	2.8×	3.1×	-0.03×	-0.52×	0.35×	1.72×	1.8×	4.58×
Gross margin	43.6%	45.2%	71.4%	101.2%	55.0%	99.8%	99.6%	100.1%
Operating margin	80.2%	48.2%	44.8%	116.2%	92.3%	88.5%	146.5%	89.1%
Net margin	76.2%	94.4%	83.2%	117.6%	88.5%	103.8%	133.8%	65.5%
Current ratio	8.83×	10.62×	7.66×	5.63×	5.74×	87.24×	11.6×	0×
Debt / equity	0.17×	0.18×	0.08×	0×	0.01×	0.01×	0.02×	0.12×
Interest coverage	3.6×	1.94×	9.39×	1,413.69×	774.91×	45.15×	37.16×	70.34×
Dividend yield	0.0%	32.1%	15.4%	35.2%	13.2%	3.0%	29015.3%	0.0%
Payout ratio	0.0%	8.4%	2.0%	10.1%	10.1%	5.5%	76939.5%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.5%	3.2%	11.1%	16.2%	21.2%	11.7%	13.7%	17.7%
Return on invested capital	2.0%	1.3%	5.4%	13.8%	17.7%	9.3%	10.1%	7.4%
Return on assets	1.9%	2.5%	9.6%	14.9%	18.3%	10.8%	11.3%	6.6%
Free cash flow yield	115.4%	38.4%	220.1%	59.6%	46.3%	95.1%	28.6%	3.0%
Earnings yield	294.5%	380.7%	788.6%	350.2%	130.5%	54.3%	37.7%	17.7%
Enterprise value	$256.1M	$234M	-$5.6M	-$706.7M	$477M	$1.8B	$1.8B	$2.8B
Net debt / EBITDA	2.64×	2.92×	-0.14×	-0.77×	-0.34×	-0.33×	-0.64×	0.32×
Cash conversion cycle (days)	8,745	9,606	2,168	2,349	2,609	59,939	2,336	2,373