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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0,1x - 0,1x | 0,1x |
| Selected Fwd Revenue Multiple | 0,1x - 0,1x | 0,1x |
| Fair Value | HK$ 0,50 - HK$ 0,64 | HK$ 0,57 |
| Upside | 12,5% - 43,8% | 28,1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| China Energy Engineering Corporation Limited | 3996 | SEHK:3996 |
| Metallurgical Corporation of China Ltd. | 1618 | SEHK:1618 |
| China National Chemical Engineering Co., Ltd | 601117 | SHSE:601117 |
| Huadian Heavy Industries Co., Ltd. | 601226 | SHSE:601226 |
| Shaanxi Construction Engineering Group Corporation Limited | 600248 | SHSE:600248 |
| Jujiang Construction Group Co., Ltd. | 1459 | SEHK:1459 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 3996 | 1618 | 601117 | 601226 | 600248 | 1459 | |||
| SEHK:3996 | SEHK:1618 | SHSE:601117 | SHSE:601226 | SHSE:600248 | SEHK:1459 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 12.6% | 17.0% | 17.0% | 4.2% | 18.1% | 3.8% | ||
| 3Y CAGR | 14.5% | 16.6% | 17.7% | -7.0% | 12.2% | 1.3% | ||
| Latest Twelve Months | 1.4% | -12.6% | 7.6% | 22.5% | -15.0% | -6.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 4.7% | 3.5% | 3.6% | 2.4% | 3.6% | 2.0% | ||
| Prior Fiscal Year | 4.3% | 3.3% | 3.6% | 4.7% | 3.4% | 1.3% | ||
| Latest Fiscal Year | 4.4% | 2.8% | 3.5% | 1.2% | 4.5% | 0.6% | ||
| Latest Twelve Months | 4.5% | 2.3% | 4.0% | 1.7% | 4.9% | 0.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.76x | 0.20x | 0.10x | 1.00x | 0.28x | 0.08x | ||
| EV / LTM EBIT | 16.9x | 8.4x | 2.6x | 59.6x | 5.6x | 24.9x | ||
| Price / LTM Sales | 0.20x | 0.11x | 0.25x | 1.18x | 0.10x | 0.03x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.10x | 0.28x | 1.00x | |||||
| Historical EV / LTM Revenue | 0.06x | 0.07x | 0.12x | |||||
| Selected EV / LTM Revenue | 0.08x | 0.09x | 0.09x | |||||
| (x) LTM Revenue | 7,980 | 7,980 | 7,980 | |||||
| (=) Implied Enterprise Value | 663 | 698 | 733 | |||||
| (-) Non-shareholder Claims * | (410) | (410) | (410) | |||||
| (=) Equity Value | 253 | 288 | 323 | |||||
| (/) Shares Outstanding | 533.4 | 533.4 | 533.4 | |||||
| Implied Value Range | 0.47 | 0.54 | 0.61 | |||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.51 | 0.58 | 0.65 | 0.45 | ||||
| Upside / (Downside) | 14.3% | 30.1% | 45.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3996 | 1618 | 601117 | 601226 | 600248 | 1459 | |
| Enterprise Value | 316,316 | 111,325 | 19,132 | 7,328 | 43,797 | 631 | |
| (+) Cash & Short Term Investments | 73,796 | 33,662 | 39,714 | 1,785 | 20,605 | 231 | |
| (+) Investments & Other | 65,044 | 41,965 | 4,509 | 1 | 9,589 | 0 | |
| (-) Debt | (281,765) | (95,033) | (10,383) | (128) | (45,285) | (611) | |
| (-) Other Liabilities | (79,241) | (29,510) | (7,035) | (178) | (12,016) | (30) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 94,150 | 62,409 | 45,938 | 8,808 | 16,690 | 222 | |
| (/) Shares Outstanding | 95,158.4 | 40,037.3 | 6,108.7 | 1,166.6 | 3,767.6 | 533.4 | |
| Implied Stock Price | 0.99 | 1.56 | 7.52 | 7.55 | 4.43 | 0.42 | |
| FX Conversion Rate to Trading Currency | 0.93 | 0.93 | 1.00 | 1.00 | 1.00 | 0.93 | |
| Implied Stock Price (Trading Cur) | 1.06 | 1.67 | 7.52 | 7.55 | 4.43 | 0.45 | |
| Trading Currency | HKD | HKD | CNY | CNY | CNY | HKD | |
| FX Rate to Reporting Currency | 0.93 | 0.93 | 1.00 | 1.00 | 1.00 | 0.93 | |