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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.6x - 13.9x | 13.2x |
| Selected Fwd EBIT Multiple | 12.0x - 13.3x | 12.6x |
| Fair Value | HK$ 55.87 - HK$ 63.64 | HK$ 59.75 |
| Upside | -10.6% - 1.8% | -4.4% |
| Benchmarks | Ticker | Full Ticker |
| Power Assets Holdings Limited | 6 | SEHK:6 |
| The Hong Kong and China Gas Company Limited | 3 | SEHK:3 |
| China Zenith Chemical Group Limited | 362 | SEHK:362 |
| China Resources Power Holdings Company Limited | 836 | SEHK:836 |
| Equatorial S.A. | EQTL3 | BOVESPA:EQTL3 |
| CLP Holdings Limited | 2 | SEHK:2 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 6 | 3 | 362 | 836 | EQTL3 | 2 | ||
| SEHK:6 | SEHK:3 | SEHK:362 | SEHK:836 | BOVESPA:EQTL3 | SEHK:2 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -10.8% | 0.4% | NM- | 9.6% | 13.7% | 1.2% | |
| 3Y CAGR | -23.5% | -2.5% | NM- | 54.0% | 18.6% | 6.9% | |
| Latest Twelve Months | -41.1% | 0.5% | -29.5% | 10.8% | 4.9% | -1.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 87.7% | 16.3% | -147.3% | 16.8% | 22.4% | 14.3% | |
| Prior Fiscal Year | 87.5% | 14.3% | -113.6% | 19.7% | 20.0% | 17.4% | |
| Latest Fiscal Year | 59.1% | 14.7% | -323.9% | 21.4% | 18.9% | 16.4% | |
| Latest Twelve Months | 59.1% | 14.7% | -353.5% | 21.4% | 18.9% | 16.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 10.14x | 2.43x | 40.10x | 2.55x | 1.80x | 2.24x | |
| EV / LTM EBITDA | 17.1x | 11.7x | -15.3x | 6.9x | 7.6x | 8.6x | |
| EV / LTM EBIT | 17.2x | 16.5x | -11.3x | 11.9x | 9.5x | 13.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -11.3x | 11.9x | 17.2x | ||||
| Historical EV / LTM EBIT | 12.8x | 15.0x | 94.9x | ||||
| Selected EV / LTM EBIT | 12.6x | 13.2x | 13.9x | ||||
| (x) LTM EBIT | 14,903 | 14,903 | 14,903 | ||||
| (=) Implied Enterprise Value | 187,570 | 197,442 | 207,314 | ||||
| (-) Non-shareholder Claims * | (45,449) | (45,449) | (45,449) | ||||
| (=) Equity Value | 142,121 | 151,993 | 161,865 | ||||
| (/) Shares Outstanding | 2,526.5 | 2,526.5 | 2,526.5 | ||||
| Implied Value Range | 56.25 | 60.16 | 64.07 | ||||
| FX Rate: HKD/HKD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 56.25 | 60.16 | 64.07 | 62.50 | |||
| Upside / (Downside) | -10.0% | -3.7% | 2.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6 | 3 | 362 | 836 | EQTL3 | 2 | |
| Enterprise Value | 11,635 | 135,037 | 1,137 | 269,402 | 81,750 | 203,352 | |
| (+) Cash & Short Term Investments | 2,736 | 7,691 | 1 | 5,834 | 12,811 | 7,907 | |
| (+) Investments & Other | 88,513 | 49,815 | 0 | 22,324 | 6,787 | 19,155 | |
| (-) Debt | (2,509) | (58,445) | (1,121) | (194,156) | (56,088) | (66,448) | |
| (-) Other Liabilities | 0 | (10,943) | 3 | (10,114) | (3,774) | (6,063) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 100,375 | 123,155 | 20 | 93,291 | 41,486 | 157,903 | |
| (/) Shares Outstanding | 2,131.1 | 18,659.9 | 1,351.5 | 5,177.1 | 1,249.6 | 2,526.5 | |
| Implied Stock Price | 47.10 | 6.60 | 0.02 | 18.02 | 33.20 | 62.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 47.10 | 6.60 | 0.02 | 18.02 | 33.20 | 62.50 | |
| Trading Currency | HKD | HKD | HKD | HKD | BRL | HKD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |