נראה כי אירעה שגיאה במהלך טעינת העמוד הזה.
הצוות שלנו קיבל דיווח על כך, אבל אם הבעיה נמשכת, אנא צרו קשר באמצעות יישומון תמיכה במייל
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 4.5x - 5.0x | 4.7x |
| Selected Fwd EBIT Multiple | 5.0x - 5.5x | 5.2x |
| Fair Value | €0.52 - €0.52 | €0.52 |
| Upside | -21.2% - -19.9% | -20.5% |
| Benchmarks | Ticker | Full Ticker |
| COSCO SHIPPING Ports Limited | 1199 | SEHK:1199 |
| Shenzhen International Holdings Limited | 152 | SEHK:152 |
| China Merchants Port Holdings Company Limited | 144 | SEHK:144 |
| Tianjin Port Development Holdings Limited | 3382 | SEHK:3382 |
| Shenzhen Investment Holdings Bay Area Development Company Limited | 737 | SEHK:737 |
| COSCO SHIPPING International (Hong Kong) Co., Ltd. | CSB | DB:CSB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 1199 | 152 | 144 | 3382 | 737 | CSB | ||
| SEHK:1199 | SEHK:152 | SEHK:144 | SEHK:3382 | SEHK:737 | DB:CSB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.3% | -2.1% | 12.0% | 3.7% | NM- | 14.8% | |
| 3Y CAGR | 1.5% | 6.8% | 2.0% | 4.3% | 10.1% | -2.6% | |
| Latest Twelve Months | -7.7% | -6.4% | 16.3% | 13.9% | -2.1% | 92.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 16.4% | 26.8% | 32.0% | 11.3% | 27.4% | 5.2% | |
| Prior Fiscal Year | 18.5% | 30.6% | 32.6% | 12.6% | 24.2% | 4.0% | |
| Latest Fiscal Year | 15.6% | 33.3% | 34.1% | 13.6% | 32.7% | 6.4% | |
| Latest Twelve Months | 14.9% | 33.2% | 36.2% | 13.3% | 33.1% | 7.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.17x | 4.59x | 0.99x | 0.98x | 7.40x | 0.81x | |
| EV / LTM EBITDA | 4.2x | 8.5x | 2.0x | 4.6x | 10.4x | 9.8x | |
| EV / LTM EBIT | 7.9x | 13.8x | 2.7x | 7.3x | 22.4x | 10.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 2.7x | 7.9x | 22.4x | ||||
| Historical EV / LTM EBIT | -25.9x | -12.1x | -1.0x | ||||
| Selected EV / LTM EBIT | 4.5x | 4.7x | 5.0x | ||||
| (x) LTM EBIT | 286 | 286 | 286 | ||||
| (=) Implied Enterprise Value | 1,284 | 1,352 | 1,419 | ||||
| (-) Non-shareholder Claims * | 5,702 | 5,702 | 5,702 | ||||
| (=) Equity Value | 6,986 | 7,054 | 7,122 | ||||
| (/) Shares Outstanding | 1,466.0 | 1,466.0 | 1,466.0 | ||||
| Implied Value Range | 4.77 | 4.81 | 4.86 | ||||
| FX Rate: HKD/EUR | 9.0 | 9.0 | 9.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.53 | 0.53 | 0.54 | 0.66 | |||
| Upside / (Downside) | -19.3% | -18.5% | -17.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1199 | 152 | 144 | 3382 | 737 | CSB | |
| Enterprise Value | 1,902 | 71,681 | 12,317 | 13,578 | 5,892 | 2,958 | |
| (+) Cash & Short Term Investments | 1,322 | 13,400 | 12,236 | 7,581 | 1,414 | 5,053 | |
| (+) Investments & Other | 4,938 | 32,125 | 92,853 | 5,386 | 5,736 | 1,014 | |
| (-) Debt | (4,206) | (69,496) | (33,738) | (5,118) | (4,591) | (15) | |
| (-) Other Liabilities | (1,139) | (26,523) | (16,836) | (17,301) | (3,183) | (350) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,818 | 21,187 | 66,832 | 4,126 | 5,269 | 8,660 | |
| (/) Shares Outstanding | 3,874.2 | 2,443.7 | 4,198.0 | 6,158.0 | 3,081.7 | 1,466.0 | |
| Implied Stock Price | 0.73 | 8.67 | 15.92 | 0.67 | 1.71 | 5.91 | |
| FX Conversion Rate to Trading Currency | 0.13 | 1.00 | 1.00 | 1.00 | 0.91 | 9.02 | |
| Implied Stock Price (Trading Cur) | 5.66 | 8.67 | 15.92 | 0.67 | 1.88 | 0.66 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | EUR | |
| FX Rate to Reporting Currency | 0.13 | 1.00 | 1.00 | 1.00 | 0.91 | 9.02 | |