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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 22,4x - 24,7x | 23,5x |
| Selected Fwd EBIT Multiple | 20,2x - 22,3x | 21,3x |
| Fair Value | €0,37 - €0,45 | €0,41 |
| Upside | -10,3% - 10,1% | -0,1% |
| Benchmarks | Ticker | Full Ticker |
| Towngas Smart Energy Company Limited | 1083 | SEHK:1083 |
| The Hong Kong and China Gas Company Limited | 3 | SEHK:3 |
| China Resources Gas Group Limited | 1193 | SEHK:1193 |
| Beijing Enterprises Holdings Limited | 392 | SEHK:392 |
| China Primary Energy Holdings Limited | 8117 | SEHK:8117 |
| Zhongyu Energy Holdings Limited | MJVC | DB:MJVC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 1083 | 3 | 1193 | 392 | 8117 | MJVC | ||
| SEHK:1083 | SEHK:3 | SEHK:1193 | SEHK:392 | SEHK:8117 | DB:MJVC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 1.5% | 0.4% | -0.7% | -0.4% | NM- | -6.6% | |
| 3Y CAGR | -3.5% | -2.5% | -12.0% | 0.0% | NM- | -13.3% | |
| Latest Twelve Months | 13.8% | 0.5% | -6.3% | 47.6% | -57.3% | -15.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.7% | 16.3% | 9.8% | 3.7% | -15.3% | 10.5% | |
| Prior Fiscal Year | 8.4% | 14.3% | 6.9% | 2.4% | -3.7% | 7.7% | |
| Latest Fiscal Year | 8.9% | 14.7% | 6.4% | 3.4% | -6.7% | 6.6% | |
| Latest Twelve Months | 8.9% | 14.7% | 6.4% | 3.4% | -6.7% | 6.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.00x | 2.52x | 0.61x | 0.42x | 2.90x | 1.60x | |
| EV / LTM EBITDA | 6.9x | 12.1x | 6.3x | 5.3x | 88.6x | 14.5x | |
| EV / LTM EBIT | 11.3x | 17.1x | 9.5x | 12.2x | -43.2x | 24.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -43.2x | 11.3x | 17.1x | ||||
| Historical EV / LTM EBIT | 20.3x | 22.2x | 26.0x | ||||
| Selected EV / LTM EBIT | 22.4x | 23.5x | 24.7x | ||||
| (x) LTM EBIT | 883 | 883 | 883 | ||||
| (=) Implied Enterprise Value | 19,738 | 20,776 | 21,815 | ||||
| (-) Non-shareholder Claims * | (10,717) | (10,717) | (10,717) | ||||
| (=) Equity Value | 9,020 | 10,059 | 11,098 | ||||
| (/) Shares Outstanding | 2,748.3 | 2,748.3 | 2,748.3 | ||||
| Implied Value Range | 3.28 | 3.66 | 4.04 | ||||
| FX Rate: HKD/EUR | 9.1 | 9.1 | 9.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.36 | 0.40 | 0.44 | 0.41 | |||
| Upside / (Downside) | -12.5% | -2.4% | 7.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1083 | 3 | 1193 | 392 | 8117 | MJVC | |
| Enterprise Value | 21,495 | 139,189 | 62,474 | 36,757 | 455 | 21,025 | |
| (+) Cash & Short Term Investments | 2,725 | 7,692 | 8,376 | 30,960 | 49 | 2,295 | |
| (+) Investments & Other | 9,703 | 49,863 | 22,145 | 62,167 | 15 | 908 | |
| (-) Debt | (17,474) | (58,914) | (23,806) | (79,509) | (382) | (12,924) | |
| (-) Other Liabilities | (2,310) | (10,943) | (22,799) | (12,734) | (43) | (995) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14,139 | 126,887 | 46,390 | 37,641 | 94 | 10,308 | |
| (/) Shares Outstanding | 3,482.6 | 18,659.9 | 2,313.7 | 1,258.0 | 1,024.0 | 2,748.3 | |
| Implied Stock Price | 4.06 | 6.80 | 20.05 | 29.92 | 0.09 | 3.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.92 | 1.00 | 9.10 | |
| Implied Stock Price (Trading Cur) | 4.06 | 6.80 | 20.05 | 32.70 | 0.09 | 0.41 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.92 | 1.00 | 9.10 | |