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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 5.0x - 5.5x | 5.2x |
| Selected Fwd EBIT Multiple | 5.0x - 5.5x | 5.3x |
| Fair Value | €1 - €1.08 | €1.04 |
| Upside | 20.9% - 31.5% | 26.2% |
| Benchmarks | Ticker | Full Ticker |
| Xinjiang Wanjing Energy Co., Ltd. | 2700 | SZSE:002700 |
| Binhai Investment Company Limited | 2886 | SEHK:2886 |
| Beijing Gas Blue Sky Holdings Limited | 6828 | SEHK:6828 |
| Foran Energy Group Co., Ltd. | 2911 | SZSE:002911 |
| China Gas Holdings Limited | 384 | SEHK:384 |
| Kunlun Energy Company Limited | CTJ1 | DB:CTJ1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2700 | 2886 | 6828 | 2911 | 384 | CTJ1 | ||
| SZSE:002700 | SEHK:2886 | SEHK:6828 | SZSE:002911 | SEHK:384 | DB:CTJ1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.8% | 7.8% | NM- | 9.5% | -14.7% | 11.8% | |
| 3Y CAGR | 2.6% | -9.7% | NM- | 5.4% | -16.8% | 8.5% | |
| Latest Twelve Months | -12.4% | -24.4% | -14.5% | -4.4% | 2.2% | -1.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.3% | 9.4% | -13.0% | 5.8% | 11.2% | 6.4% | |
| Prior Fiscal Year | 16.7% | 8.4% | -4.4% | 4.4% | 6.9% | 6.8% | |
| Latest Fiscal Year | 14.1% | 6.6% | -5.8% | 3.4% | 7.2% | 6.4% | |
| Latest Twelve Months | 13.6% | 6.6% | -5.8% | 3.3% | 7.2% | 6.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.98x | 0.72x | 0.63x | 0.59x | 1.03x | 0.26x | |
| EV / LTM EBITDA | 17.7x | 7.3x | -39.6x | 12.9x | 9.5x | 3.0x | |
| EV / LTM EBIT | 21.9x | 11.0x | -10.9x | 18.1x | 14.3x | 4.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -10.9x | 14.3x | 21.9x | ||||
| Historical EV / LTM EBIT | 3.4x | 3.8x | 4.1x | ||||
| Selected EV / LTM EBIT | 5.0x | 5.2x | 5.5x | ||||
| (x) LTM EBIT | 11,978 | 11,978 | 11,978 | ||||
| (=) Implied Enterprise Value | 59,700 | 62,843 | 65,985 | ||||
| (-) Non-shareholder Claims * | 12,115 | 12,115 | 12,115 | ||||
| (=) Equity Value | 71,815 | 74,958 | 78,100 | ||||
| (/) Shares Outstanding | 8,658.8 | 8,658.8 | 8,658.8 | ||||
| Implied Value Range | 8.29 | 8.66 | 9.02 | ||||
| FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.99 | 1.03 | 1.07 | 0.83 | |||
| Upside / (Downside) | 19.6% | 24.9% | 30.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2700 | 2886 | 6828 | 2911 | 384 | CTJ1 | |
| Enterprise Value | 2,129 | 4,466 | 1,120 | 18,397 | 81,806 | 47,916 | |
| (+) Cash & Short Term Investments | 984 | 387 | 360 | 3,346 | 8,909 | 45,092 | |
| (+) Investments & Other | 0 | 322 | 1,993 | 0 | 22,361 | 14,988 | |
| (-) Debt | (0) | (3,342) | (2,348) | (4,357) | (60,449) | (24,279) | |
| (-) Other Liabilities | (6) | (82) | (124) | 0 | (6,862) | (23,686) | |
| (-) Preferred Stock | 0 | (144) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,106 | 1,607 | 1,001 | 17,387 | 45,764 | 60,031 | |
| (/) Shares Outstanding | 413.6 | 1,373.7 | 22,736.1 | 1,297.5 | 5,448.2 | 8,658.8 | |
| Implied Stock Price | 7.51 | 1.17 | 0.04 | 13.40 | 8.40 | 6.93 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.92 | 1.00 | 1.00 | 8.40 | |
| Implied Stock Price (Trading Cur) | 7.51 | 1.17 | 0.05 | 13.40 | 8.40 | 0.83 | |
| Trading Currency | CNY | HKD | HKD | CNY | HKD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.92 | 1.00 | 1.00 | 8.40 | |