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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 13,2x - 14,6x | 13,9x |
Selected Fwd EBIT Multiple | 11,1x - 12,2x | 11,7x |
Fair Value | €0,83 - €0,99 | €0,91 |
Upside | -10,0% - 7,9% | -1,1% |
Benchmarks | Ticker | Full Ticker |
Binhai Investment Company Limited | 2886 | SEHK:2886 |
Kunlun Energy Company Limited | 135 | SEHK:135 |
Beijing Gas Blue Sky Holdings Limited | 6828 | SEHK:6828 |
China Oil And Gas Group Limited | 603 | SEHK:603 |
Global Strategic Group Limited | 8007 | SEHK:8007 |
China Gas Holdings Limited | EBZ | DB:EBZ |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
2886 | 135 | 6828 | 603 | 8007 | EBZ | ||
SEHK:2886 | SEHK:135 | SEHK:6828 | SEHK:603 | SEHK:8007 | DB:EBZ | ||
Historical EBIT Growth | |||||||
5Y CAGR | 7.8% | 11.8% | NM- | 4.8% | NM- | -14.7% | |
3Y CAGR | -9.7% | 8.5% | NM- | -14.6% | NM- | -16.8% | |
Latest Twelve Months | -24.4% | -1.4% | -14.5% | 32.0% | 241.3% | 2.2% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 9.4% | 6.4% | -13.0% | 9.1% | -23.7% | 11.2% | |
Prior Fiscal Year | 8.4% | 6.8% | -4.4% | 5.6% | -9.8% | 6.9% | |
Latest Fiscal Year | 6.6% | 6.4% | -5.8% | 7.7% | -1.0% | 7.2% | |
Latest Twelve Months | 6.6% | 6.4% | -5.8% | 7.7% | 3.1% | 7.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.71x | 0.27x | 0.68x | 0.39x | 1.04x | 1.03x | |
EV / LTM EBITDA | 7.2x | 3.0x | -42.3x | 3.3x | 8.8x | 9.9x | |
EV / LTM EBIT | 10.7x | 4.1x | -11.6x | 5.0x | 33.6x | 14.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -11.6x | 5.0x | 33.6x | ||||
Historical EV / LTM EBIT | 7.3x | 13.0x | 14.6x | ||||
Selected EV / LTM EBIT | 13.2x | 13.9x | 14.6x | ||||
(x) LTM EBIT | 5,711 | 5,711 | 5,711 | ||||
(=) Implied Enterprise Value | 75,341 | 79,306 | 83,272 | ||||
(-) Non-shareholder Claims * | (36,068) | (36,068) | (36,068) | ||||
(=) Equity Value | 39,273 | 43,238 | 47,204 | ||||
(/) Shares Outstanding | 5,448.2 | 5,448.2 | 5,448.2 | ||||
Implied Value Range | 7.21 | 7.94 | 8.66 | ||||
FX Rate: HKD/EUR | 9.0 | 9.0 | 9.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.80 | 0.88 | 0.97 | 0.92 | |||
Upside / (Downside) | -12.7% | -3.9% | 5.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 2886 | 135 | 6828 | 603 | 8007 | EBZ | |
Enterprise Value | 4,370 | 49,759 | 1,202 | 6,871 | 292 | 81,045 | |
(+) Cash & Short Term Investments | 387 | 45,092 | 360 | 4,348 | 13 | 8,909 | |
(+) Investments & Other | 322 | 14,988 | 1,993 | 1,675 | 0 | 22,361 | |
(-) Debt | (3,342) | (24,279) | (2,348) | (8,575) | (157) | (60,476) | |
(-) Other Liabilities | (82) | (23,686) | (124) | (3,554) | (100) | (6,862) | |
(-) Preferred Stock | (144) | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,511 | 61,874 | 1,083 | 764 | 47 | 44,977 | |
(/) Shares Outstanding | 1,373.7 | 8,658.8 | 22,736.1 | 4,806.8 | 188.6 | 5,448.2 | |
Implied Stock Price | 1.10 | 7.15 | 0.05 | 0.16 | 0.25 | 8.26 | |
FX Conversion Rate to Trading Currency | 1.00 | 0.92 | 0.92 | 1.00 | 1.00 | 8.97 | |
Implied Stock Price (Trading Cur) | 1.10 | 7.80 | 0.05 | 0.16 | 0.25 | 0.92 | |
Trading Currency | HKD | HKD | HKD | HKD | HKD | EUR | |
FX Rate to Reporting Currency | 1.00 | 0.92 | 0.92 | 1.00 | 1.00 | 8.97 |