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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 21,0x - 23,2x | 22,1x |
| Selected Fwd EBIT Multiple | 7,9x - 8,8x | 8,3x |
| Fair Value | €0,18 - €0,21 | €0,19 |
| Upside | 4,0% - 23,9% | 13,9% |
| Benchmarks | Ticker | Full Ticker |
| Asia Cement (China) Holdings Corporation | 743 | SEHK:743 |
| China Shanshui Cement Group Limited | 691 | SEHK:691 |
| Huaibei GreenGold Industry Investment Co., Ltd. | 2450 | SEHK:2450 |
| Huaxin Cement Co., Ltd. | 6655 | SEHK:6655 |
| China West Construction Group Co., Ltd | 2302 | SZSE:002302 |
| China Resources Building Materials Technology Holdings Limited | C44 | DB:C44 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 743 | 691 | 2450 | 6655 | 2302 | C44 | ||
| SEHK:743 | SEHK:691 | SEHK:2450 | SEHK:6655 | SZSE:002302 | DB:C44 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -60.7% | -31.5% | -22.8% | -14.6% | NM- | -37.0% | |
| 3Y CAGR | -75.5% | -45.9% | -28.3% | -19.0% | NM- | -48.4% | |
| Latest Twelve Months | -9.8% | 258.6% | -48.7% | -7.2% | -122.5% | -21.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.4% | 14.0% | 42.4% | 18.3% | 3.8% | 12.9% | |
| Prior Fiscal Year | 4.7% | 1.2% | 41.9% | 13.5% | 4.5% | 4.0% | |
| Latest Fiscal Year | 0.7% | 5.5% | 26.4% | 11.7% | -0.2% | 4.4% | |
| Latest Twelve Months | 3.1% | 5.5% | 26.4% | 12.5% | -1.1% | 3.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | -0.69x | 0.34x | 7.99x | 1.16x | 0.48x | 0.82x | |
| EV / LTM EBITDA | -4.6x | 2.4x | 14.8x | 5.1x | 114.7x | 5.2x | |
| EV / LTM EBIT | -22.3x | 6.3x | 30.2x | 9.3x | -43.7x | 22.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -43.7x | 6.3x | 30.2x | ||||
| Historical EV / LTM EBIT | 3.7x | 7.5x | 48.3x | ||||
| Selected EV / LTM EBIT | 21.0x | 22.1x | 23.2x | ||||
| (x) LTM EBIT | 836 | 836 | 836 | ||||
| (=) Implied Enterprise Value | 17,568 | 18,493 | 19,418 | ||||
| (-) Non-shareholder Claims * | (8,431) | (8,431) | (8,431) | ||||
| (=) Equity Value | 9,137 | 10,062 | 10,986 | ||||
| (/) Shares Outstanding | 6,982.9 | 6,982.9 | 6,982.9 | ||||
| Implied Value Range | 1.31 | 1.44 | 1.57 | ||||
| FX Rate: CNY/EUR | 8.2 | 8.2 | 8.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.16 | 0.17 | 0.19 | 0.17 | |||
| Upside / (Downside) | -7.2% | 2.2% | 11.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 743 | 691 | 2450 | 6655 | 2302 | C44 | |
| Enterprise Value | (4,963) | 5,078 | 1,919 | 41,196 | 9,618 | 18,275 | |
| (+) Cash & Short Term Investments | 9,024 | 2,710 | 323 | 6,365 | 2,160 | 2,079 | |
| (+) Investments & Other | 793 | 462 | 0 | 1,552 | 298 | 6,947 | |
| (-) Debt | (1,203) | (6,360) | (1,360) | (21,444) | (3,591) | (15,916) | |
| (-) Other Liabilities | (366) | (17) | (234) | (4,432) | (1,227) | (1,541) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,286 | 1,874 | 648 | 23,237 | 7,259 | 9,844 | |
| (/) Shares Outstanding | 1,566.9 | 4,354.0 | 264.0 | 2,936.7 | 1,262.4 | 6,982.9 | |
| Implied Stock Price | 2.10 | 0.43 | 2.45 | 7.91 | 5.75 | 1.41 | |
| FX Conversion Rate to Trading Currency | 0.92 | 0.92 | 0.92 | 0.92 | 1.00 | 8.24 | |
| Implied Stock Price (Trading Cur) | 2.29 | 0.47 | 2.68 | 8.64 | 5.75 | 0.17 | |
| Trading Currency | HKD | HKD | HKD | HKD | CNY | EUR | |
| FX Rate to Reporting Currency | 0.92 | 0.92 | 0.92 | 0.92 | 1.00 | 8.24 | |