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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.6x - 15.1x | 14.3x |
| Selected Fwd EBIT Multiple | 14.8x - 16.3x | 15.5x |
| Fair Value | €0.048 - €0.085 | €0.066 |
| Upside | -57.5% - -25.1% | -41.3% |
| Benchmarks | Ticker | Full Ticker |
| Xinte Energy Co., Ltd. | 1799 | SEHK:1799 |
| Fugro N.V. | 0LNT | LSE:0LNT |
| Worley Limited | WOR | ASX:WOR |
| AECOM | ACM | NYSE:ACM |
| WSP Global Inc. | WSP | TSX:WSP |
| China Energy Engineering Corporation Limited | 25 | DB:2E5 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 1799 | 0LNT | WOR | ACM | WSP | 25 | ||
| SEHK:1799 | LSE:0LNT | ASX:WOR | NYSE:ACM | TSX:WSP | DB:2E5 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 56.9% | 12.1% | 15.3% | 21.3% | 11.0% | |
| 3Y CAGR | NM- | 78.7% | 22.5% | 12.7% | 24.1% | 5.1% | |
| Latest Twelve Months | -130.1% | 25.0% | 3.5% | 15.8% | 22.5% | 3.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 21.7% | 5.8% | 4.8% | 5.2% | 7.6% | 4.7% | |
| Prior Fiscal Year | 24.0% | 11.3% | 4.9% | 5.5% | 8.2% | 4.4% | |
| Latest Fiscal Year | -10.5% | 13.6% | 5.5% | 5.8% | 8.9% | 4.4% | |
| Latest Twelve Months | -10.5% | 13.6% | 5.5% | 6.1% | 8.9% | 4.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.92x | 0.60x | 0.70x | 1.05x | 2.44x | 0.69x | |
| EV / LTM EBITDA | 28.1x | 3.3x | 10.4x | 14.6x | 22.3x | 11.0x | |
| EV / LTM EBIT | -8.8x | 4.4x | 12.6x | 17.1x | 27.5x | 15.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -8.8x | 12.6x | 27.5x | ||||
| Historical EV / LTM EBIT | 7.9x | 14.0x | 17.0x | ||||
| Selected EV / LTM EBIT | 13.6x | 14.3x | 15.1x | ||||
| (x) LTM EBIT | 19,601 | 19,601 | 19,601 | ||||
| (=) Implied Enterprise Value | 266,932 | 280,981 | 295,030 | ||||
| (-) Non-shareholder Claims * | (230,486) | (230,486) | (230,486) | ||||
| (=) Equity Value | 36,447 | 50,496 | 64,545 | ||||
| (/) Shares Outstanding | 90,974.2 | 90,974.2 | 90,974.2 | ||||
| Implied Value Range | 0.40 | 0.56 | 0.71 | ||||
| FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.05 | 0.07 | 0.08 | 0.11 | |||
| Upside / (Downside) | -58.0% | -41.8% | -25.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1799 | 0LNT | WOR | ACM | WSP | 25 | |
| Enterprise Value | 19,988 | 1,425 | 8,076 | 16,828 | 41,345 | 317,206 | |
| (+) Cash & Short Term Investments | 11,742 | 319 | 550 | 1,610 | 413 | 87,920 | |
| (+) Investments & Other | 995 | 64 | 299 | 182 | 0 | 72,707 | |
| (-) Debt | (22,446) | (416) | (2,049) | (3,158) | (5,603) | (300,491) | |
| (-) Other Liabilities | (2,500) | (17) | (1) | (181) | 0 | (90,622) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,779 | 1,376 | 6,875 | 15,281 | 36,156 | 86,720 | |
| (/) Shares Outstanding | 1,430.0 | 110.5 | 516.1 | 132.0 | 130.5 | 90,974.2 | |
| Implied Stock Price | 5.44 | 12.45 | 13.32 | 115.75 | 277.04 | 0.95 | |
| FX Conversion Rate to Trading Currency | 0.91 | 1.00 | 1.00 | 1.00 | 1.00 | 8.44 | |
| Implied Stock Price (Trading Cur) | 5.96 | 12.45 | 13.32 | 115.75 | 277.04 | 0.11 | |
| Trading Currency | HKD | EUR | AUD | USD | CAD | EUR | |
| FX Rate to Reporting Currency | 0.91 | 1.00 | 1.00 | 1.00 | 1.00 | 8.44 | |