Man Wah Holdings Valuation

Q: What is the Fair Price of AAM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

AAM (€0.55) is trading below our estimate of [[fair value]] (€1.15)

Is AAM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of AAM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AAM (€0.55) is trading below our estimate of fair value (€1.15)

Significantly Below Fair Value: AAM is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AAM?

Key metric: As AAM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for AAM. This is calculated by dividing AAM's market cap by their current earnings.
What is AAM's PE Ratio?
PE Ratio	8x
Earnings	HK$2.30b
Market Cap	HK$18.38b

AAM key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.1x
Enterprise Value/EBITDA	5.6x
PEG Ratio	1x

Price to Earnings Ratio vs Peers

How does AAM's PE Ratio compare to its peers?

The above table shows the PE ratio for AAM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	20.8x
SUR Surteco Group	31.5x	22.8%	€276.0m
EIN3 Einhell Germany	12.4x	9.2%	€724.7m
BOSS Hugo Boss	12.8x	13.1%	€2.8b
PUM PUMA	26.5x	18.6%	€6.8b
AAM Man Wah Holdings	8x	7.8%	€18.4b

Price-To-Earnings vs Peers: AAM is good value based on its Price-To-Earnings Ratio (8x) compared to the peer average (20.8x).

Price to Earnings Ratio vs Industry

How does AAM's PE Ratio compare vs other companies in the European Consumer Durables Industry?

5 Companies	Price / Earnings	Estimated Growth	Market Cap

5 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: AAM is good value based on its Price-To-Earnings Ratio (8x) compared to the European Consumer Durables industry average (12.6x).

Price to Earnings Ratio vs Fair Ratio

What is AAM's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AAM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	8x
Fair PE Ratio	15.5x

Price-To-Earnings vs Fair Ratio: AAM is good value based on its Price-To-Earnings Ratio (8x) compared to the estimated Fair Price-To-Earnings Ratio (15.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst AAM forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	€0.55	€0.94 +70.2%	19.4%	€1.21	€0.62	n/a	11
Nov ’25	€0.65	€0.88 +36.1%	23.7%	€1.18	€0.61	n/a	11
Oct ’25	€0.72	€0.88 +21.3%	26.9%	€1.29	€0.59	n/a	11
Sep ’25	€0.53	€0.94 +78.1%	25.1%	€1.32	€0.61	n/a	11
Aug ’25	€0.53	€1.00 +89.3%	21.8%	€1.32	€0.63	n/a	11
Jul ’25	€0.63	€1.03 +64.4%	18.8%	€1.33	€0.63	n/a	12
Jun ’25	€0.74	€0.99 +33.0%	19.1%	€1.32	€0.63	n/a	12
May ’25	€0.66	€0.84 +28.4%	17.1%	€1.17	€0.60	n/a	12
Apr ’25	€0.63	€0.84 +34.5%	17.1%	€1.17	€0.60	n/a	12
Mar ’25	€0.58	€0.86 +47.7%	15.7%	€1.19	€0.71	n/a	12
Feb ’25	€0.56	€0.85 +54.0%	15.5%	€1.17	€0.70	n/a	12
Jan ’25	€0.58	€0.89 +52.8%	14.4%	€1.19	€0.71	n/a	13
Dec ’24	€0.57	€0.89 +56.4%	14.2%	€1.18	€0.71	n/a	13
Nov ’24	€0.56	€0.98 +73.3%	15.8%	€1.32	€0.73	€0.65	12
Oct ’24	€0.63	€0.98 +55.4%	15.8%	€1.32	€0.73	€0.72	12
Sep ’24	€0.64	€0.95 +48.9%	15.8%	€1.27	€0.71	€0.53	12
Aug ’24	€0.74	€0.95 +28.8%	15.8%	€1.27	€0.71	€0.53	12
Jul ’24	€0.58	€0.97 +65.5%	15.9%	€1.29	€0.71	€0.63	12
Jun ’24	€0.58	€1.00 +70.6%	15.5%	€1.31	€0.73	€0.74	12
May ’24	€0.72	€1.11 +53.5%	15.5%	€1.37	€0.81	€0.66	11
Apr ’24	€0.72	€1.11 +54.6%	15.5%	€1.37	€0.81	€0.63	11
Mar ’24	€0.97	€1.15 +18.2%	15.8%	€1.40	€0.82	€0.58	12
Feb ’24	€1.02	€1.08 +6.3%	19.2%	€1.38	€0.68	€0.56	12
Jan ’24	€0.90	€1.06 +18.1%	21.2%	€1.43	€0.71	€0.58	12
Dec ’23	€0.90	€1.11 +23.4%	25.1%	€1.66	€0.71	€0.57	12
Nov ’23	€0.58	€1.28 +119.6%	28.1%	€1.77	€0.79	€0.56	11

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.