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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.9x - 2.1x | 2.0x |
| Selected Fwd Ps Multiple | 1.3x - 1.5x | 1.4x |
| Fair Value | €3.46 - €3.82 | €3.64 |
| Upside | 6.0% - 17.1% | 11.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Dah Sing Banking Group Limited | 235,600.0% | SEHK:2356 |
| Hang Seng Bank Limited | 1,100.0% | SEHK:11 |
| BOC Hong Kong (Holdings) Limited | 238,800.0% | SEHK:2388 |
| The Bank of East Asia, Limited | 2,300.0% | SEHK:23 |
| Public Financial Holdings Limited | 62,600.0% | SEHK:626 |
| Dah Sing Financial Holdings Limited | - | DB:DSR |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| 2356 | 11 | 2388 | 23 | 626 | DSR | |||
| SEHK:2356 | SEHK:11 | SEHK:2388 | SEHK:23 | SEHK:626 | DB:DSR | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 1.6% | -0.2% | 3.2% | 4.3% | -11.8% | 1.8% | ||
| 3Y CAGR | 6.4% | 6.4% | 12.2% | -0.8% | -19.7% | 6.0% | ||
| Latest Twelve Months | 10.6% | 6.3% | 11.8% | 6.1% | -19.3% | 8.9% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 39.4% | 49.8% | 55.8% | 30.8% | 10.3% | 39.0% | ||
| Prior Fiscal Year | 40.1% | 49.6% | 55.3% | 24.2% | 1.6% | 32.1% | ||
| Latest Fiscal Year | 40.2% | 48.1% | 57.8% | 26.0% | -135.5% | 31.0% | ||
| Latest Twelve Months | 40.2% | 48.1% | 57.8% | 26.0% | -135.5% | 31.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 2.6x | 6.2x | 5.7x | 2.1x | 2.0x | 1.8x | ||
| LTM P/E Ratio | 6.6x | 12.8x | 9.9x | 8.1x | -1.4x | 5.7x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 2.0x | 2.6x | 6.2x | |||||
| Historical LTM P/S Ratio | 1.1x | 1.6x | 1.8x | |||||
| Selected Price / Sales Multiple | 1.9x | 2.0x | 2.1x | |||||
| (x) LTM Sales | 5,404 | 5,404 | 5,404 | |||||
| (=) Equity Value | 10,301 | 10,843 | 11,385 | |||||
| (/) Shares Outstanding | 319.6 | 319.6 | 319.6 | |||||
| Implied Value Range | 32.23 | 33.93 | 35.63 | |||||
| FX Rate: HKD/EUR | 9.2 | 9.2 | 9.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.51 | 3.70 | 3.88 | 3.26 | ||||
| Upside / (Downside) | 7.7% | 13.3% | 19.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2356 | 11 | 2388 | 23 | 626 | DSR | |
| Value of Common Equity | 13,903 | 227,001 | 392,779 | 32,956 | 1,460 | 9,566 | |
| (/) Shares Outstanding | 1,405.8 | 1,882.3 | 10,572.8 | 2,636.5 | 1,097.9 | 319.6 | |
| Implied Stock Price | 9.89 | 120.60 | 37.15 | 12.50 | 1.33 | 29.93 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 9.18 | |
| Implied Stock Price (Trading Cur) | 9.89 | 120.60 | 37.15 | 12.50 | 1.33 | 3.26 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 9.18 | |