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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 2.6x - 2.8x | 2.7x |
| Selected Fwd EBIT Multiple | 2.0x - 2.2x | 2.1x |
| Fair Value | €5.97 - €5.98 | €5.97 |
| Upside | 3.1% - 3.3% | 3.2% |
| Benchmarks | Ticker | Full Ticker |
| Binhai Investment Company Limited | 2886 | SEHK:2886 |
| Otter Tail Corporation | OTTR | NasdaqGS:OTTR |
| China Gas Holdings Limited | 384 | SEHK:384 |
| Acciona, S.A. | ACXI.F | OTCPK:ACXI.F |
| Chubu Electric Power Company, Incorporated | 9502 | TSE:9502 |
| CK Infrastructure Holdings Limited | CHH | DB:CHH |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2886 | OTTR | 384 | ACXI.F | 9502 | CHH | ||
| SEHK:2886 | NasdaqGS:OTTR | SEHK:384 | OTCPK:ACXI.F | TSE:9502 | DB:CHH | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.8% | 24.5% | -10.5% | 8.0% | 13.1% | -20.3% | |
| 3Y CAGR | -9.7% | 16.3% | -24.4% | 15.1% | NM- | -21.0% | |
| Latest Twelve Months | -24.4% | -6.2% | 17.7% | 41.9% | -29.5% | -44.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.4% | 24.1% | 12.6% | 6.5% | 4.3% | 40.1% | |
| Prior Fiscal Year | 8.4% | 28.8% | 6.4% | 4.0% | 9.5% | 37.2% | |
| Latest Fiscal Year | 6.6% | 29.3% | 6.9% | 4.9% | 6.6% | 25.1% | |
| Latest Twelve Months | 6.6% | 28.6% | 7.1% | 4.9% | 6.6% | 25.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.69x | 2.93x | 0.93x | 0.76x | 0.42x | 0.23x | |
| EV / LTM EBITDA | 7.0x | 8.0x | 8.9x | 8.5x | 3.7x | 0.8x | |
| EV / LTM EBIT | 10.5x | 10.2x | 13.1x | 15.5x | 6.4x | 0.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.4x | 10.5x | 15.5x | ||||
| Historical EV / LTM EBIT | -7.6x | -1.7x | 2.5x | ||||
| Selected EV / LTM EBIT | 2.6x | 2.7x | 2.8x | ||||
| (x) LTM EBIT | 1,389 | 1,389 | 1,389 | ||||
| (=) Implied Enterprise Value | 3,559 | 3,746 | 3,934 | ||||
| (-) Non-shareholder Claims * | 130,235 | 130,235 | 130,235 | ||||
| (=) Equity Value | 133,794 | 133,981 | 134,169 | ||||
| (/) Shares Outstanding | 2,519.6 | 2,519.6 | 2,519.6 | ||||
| Implied Value Range | 53.10 | 53.18 | 53.25 | ||||
| FX Rate: HKD/EUR | 8.9 | 8.9 | 8.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.97 | 5.98 | 5.99 | 5.79 | |||
| Upside / (Downside) | 3.2% | 3.3% | 3.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2886 | OTTR | 384 | ACXI.F | 9502 | CHH | |
| Enterprise Value | 4,260 | 3,902 | 74,832 | 15,687 | 1,536,638 | (572) | |
| (+) Cash & Short Term Investments | 387 | 285 | 9,232 | 4,580 | 293,547 | 8,105 | |
| (+) Investments & Other | 322 | 78 | 22,758 | 1,082 | 2,308,922 | 141,755 | |
| (-) Debt | (3,342) | (1,052) | (60,771) | (12,592) | (2,757,168) | (19,547) | |
| (-) Other Liabilities | (82) | 0 | (7,042) | (1,564) | (72,006) | (78) | |
| (-) Preferred Stock | (144) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,401 | 3,212 | 39,009 | 7,193 | 1,309,933 | 129,663 | |
| (/) Shares Outstanding | 1,373.9 | 41.9 | 5,448.2 | 54.4 | 755.2 | 2,519.6 | |
| Implied Stock Price | 1.02 | 76.66 | 7.16 | 132.17 | 1,734.50 | 51.46 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.88 | 1.00 | 8.89 | |
| Implied Stock Price (Trading Cur) | 1.02 | 76.66 | 7.16 | 150.00 | 1,734.50 | 5.79 | |
| Trading Currency | HKD | USD | HKD | USD | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.88 | 1.00 | 8.89 | |