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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.9x - 1.0x | 0.9x |
| Selected Fwd Ps Multiple | 1.0x - 1.1x | 1.0x |
| Fair Value | €0.50 - €0.55 | €0.52 |
| Upside | 25.0% - 38.2% | 31.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Towngas Smart Energy Company Limited | 108,300.0% | SEHK:1083 |
| The Hong Kong and China Gas Company Limited | 300.0% | SEHK:3 |
| China Resources Gas Group Limited | 119,300.0% | SEHK:1193 |
| Beijing Enterprises Holdings Limited | 39,200.0% | SEHK:392 |
| China Primary Energy Holdings Limited | 811,700.0% | SEHK:8117 |
| Zhongyu Energy Holdings Limited | - | DB:MJVC |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| 1083 | 3 | 1193 | 392 | 8117 | MJVC | |||
| SEHK:1083 | SEHK:3 | SEHK:1193 | SEHK:392 | SEHK:8117 | DB:MJVC | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 10.5% | 6.4% | 12.5% | 6.8% | 11.9% | 10.6% | ||
| 3Y CAGR | 7.6% | 1.2% | 8.8% | 8.6% | 4.3% | 5.9% | ||
| Latest Twelve Months | 7.4% | -2.6% | 1.4% | 2.1% | -12.4% | -1.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 9.2% | 13.4% | 8.9% | 9.5% | -8.9% | 6.0% | ||
| Prior Fiscal Year | 7.9% | 10.7% | 5.2% | 6.7% | -9.5% | 1.8% | ||
| Latest Fiscal Year | 7.5% | 10.3% | 4.0% | 6.1% | -16.5% | 1.1% | ||
| Latest Twelve Months | 7.5% | 10.3% | 4.0% | 6.1% | -16.5% | 1.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 7.3x | 12.4x | 6.3x | 5.3x | 85.9x | 14.3x | ||
| Price / LTM Sales | 0.7x | 2.4x | 0.4x | 0.5x | 0.6x | 0.8x | ||
| LTM P/E Ratio | 9.5x | 23.0x | 11.3x | 7.4x | -3.5x | 71.5x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.4x | 0.6x | 2.4x | |||||
| Historical LTM P/S Ratio | 0.8x | 1.3x | 2.2x | |||||
| Selected Price / Sales Multiple | 0.9x | 0.9x | 1.0x | |||||
| (x) LTM Sales | 13,472 | 13,472 | 13,472 | |||||
| (=) Equity Value | 12,050 | 12,684 | 13,318 | |||||
| (/) Shares Outstanding | 2,748.3 | 2,748.3 | 2,748.3 | |||||
| Implied Value Range | 4.38 | 4.62 | 4.85 | |||||
| FX Rate: HKD/EUR | 9.1 | 9.1 | 9.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.48 | 0.50 | 0.53 | 0.40 | ||||
| Upside / (Downside) | 21.1% | 27.5% | 33.9% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1083 | 3 | 1193 | 392 | 8117 | MJVC | |
| Value of Common Equity | 15,184 | 131,552 | 46,043 | 37,878 | 92 | 9,947 | |
| (/) Shares Outstanding | 3,632.6 | 18,659.9 | 2,313.7 | 1,258.0 | 1,024.0 | 2,748.3 | |
| Implied Stock Price | 4.18 | 7.05 | 19.90 | 30.11 | 0.09 | 3.62 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.92 | 1.00 | 9.14 | |
| Implied Stock Price (Trading Cur) | 4.18 | 7.05 | 19.90 | 32.90 | 0.09 | 0.40 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.92 | 1.00 | 9.14 | |