Fundamental analysis 1945.HK (Zero2IPO Holdings Inc.)

Updated on 10/04/2026

Method and analysis by Lubin Danilo, founder of Lubin Investment. Score computed automatically, with no human opinion.

We analyzed Zero2IPO Holdings stock against the 10 quality criteria of Lubin Investment. The company gets a quality score of 7/10, meaning medium quality, and a P/FCF valuation multiple of 7.1×.

Zero2IPO Holdings is a quality company by our criteria, but the price does not follow: the free cash flow multiple stays high. A great company bought too expensively is still a poor investment, so this is typically one to watch while waiting for a better entry point.

Sector: Financial Conglomerates. Listing: HK. Current price: 1.38 HKD.

Lubin scoring methodology

Zero2IPO Holdings Inc. (1945.HK)'s score is calculated automatically from 10 objective financial criteria, with no human intervention or opinion. Each criterion is validated (YES / PARTIAL / NO) based on thresholds drawn from the financial literature (Warren Buffett, Michael Mauboussin, Aswath Damodaran). The final score is the sum of validations.

The thresholds come from the financial literature, not from our preferences: see the valuation work of Aswath Damodaran (NYU Stern) and the SEC investor education resources (investor.gov).

The 10 quantitative criteria analyzed

1. Profitable: net margin > 5%
2. Growing revenue: revenue growing > 10%/year over 5 years
3. Growing earnings per share: FCF per share adjusted for stock-based compensation, > 10%/year over 5 years
4. Share count under control: stable or declining (net buybacks = value creation for shareholders)
5. Growing revenue per employee: revenue and revenue per employee both grow ≥ 10%/year over 5 years; partial when only one growth driver reaches its tier (fallback: free cash flow margin > 10% when employee history is unavailable)
6. Expanding margins: operating margin widens over 5 years (operating leverage)
7. Return on invested capital: Cash ROCE > 15% per year
8. Debt under control: net debt repayable in less than 3 years of free cash flow
9. Earnings converted to cash: free cash flow exceeds accounting net income
10. Net collection period: short or negative cash conversion cycle

Its price against peers

Against the 5 other Financial Conglomerates stocks we have scored, Zero2IPO Holdings trades at 7.1× its free cash flow, versus a median of 4.0× for that basket. On price alone, Zero2IPO Holdings is therefore more expensive than its peers. That says nothing about its quality: at Lubin Investment, quality and price are judged separately, and a low multiple is only a bargain if the quality holds up.

Frequently asked questions

Is Zero2IPO Holdings a quality stock?

Zero2IPO Holdings gets a quality score of 7/10 (medium quality), calculated over the 10 Lubin Investment criteria: profitability, revenue and free cash flow growth, share buybacks, margins, debt and return on capital.

How is Zero2IPO Holdings's score calculated?

The score is the total of validated criteria (YES / PARTIAL / NO) using thresholds drawn from the financial literature (Warren Buffett, Mauboussin, Aswath Damodaran), automatically and with no human opinion.

What is Zero2IPO Holdings's P/FCF?

The price-to-free-cash-flow (P/FCF) multiple of Zero2IPO Holdings stock is 7.1×. At Lubin Investment, valuation is judged separately from quality.

Where to see Zero2IPO Holdings's full analysis?

The full interactive analysis (10-criteria detail, history, P/FCF valuation, sector comparisons) is available at https://lubin-investment.com/analyse/1945.HK?lng=en.

Other stocks in the Financial Conglomerates sector

• Anand Rathi Share and Stock Brokers (ARSSBL.NS), score 10/10, P/FCF 4.0×
• Alexander Forbes Group Holdings (AFH.JO), score 9/10, P/FCF 1.7×
• China Industrial Securities International Financial Group (6058.HK), score 9/10, P/FCF 0.6×
• Voya Financial (VOYA), score 8/10, P/FCF 6.8×

Go further

👉 See the full interactive analysis of 1945.HK

Other resources : All stocks in the Financial Conglomerates sector.