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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.7x - 8.5x | 8.1x |
| Selected Fwd EBIT Multiple | 9.0x - 10.0x | 9.5x |
| Fair Value | ¥3.59 - ¥3.91 | ¥3.75 |
| Upside | 36.9% - 49.3% | 43.1% |
| Benchmarks | Ticker | Full Ticker |
| Rizhao Port Co.,Ltd | 600017 | SHSE:600017 |
| Rizhao Port Jurong Co., Ltd. | 6117 | SEHK:6117 |
| Zhuhai Port Co.,Ltd. | 507 | SZSE:000507 |
| Qinhuangdao Port Co., Ltd. | 601326 | SHSE:601326 |
| Jiangsu Lianyungang Port Co., Ltd. | 601008 | SHSE:601008 |
| Jilin Expressway Co., Ltd. | 601518 | SHSE:601518 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 600017 | 6117 | 507 | 601326 | 601008 | 601518 | ||
| SHSE:600017 | SEHK:6117 | SZSE:000507 | SHSE:601326 | SHSE:601008 | SHSE:601518 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.5% | 5.6% | 22.5% | -1.8% | 21.2% | 10.7% | |
| 3Y CAGR | 3.0% | 6.7% | 29.5% | 1.2% | 18.0% | 66.9% | |
| Latest Twelve Months | 0.1% | -0.3% | -9.4% | -4.1% | -2.4% | 14.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 19.3% | 34.1% | 10.4% | 25.0% | 13.9% | 39.4% | |
| Prior Fiscal Year | 18.3% | 35.2% | 12.5% | 24.2% | 16.5% | 39.4% | |
| Latest Fiscal Year | 17.7% | 34.2% | 12.3% | 23.9% | 15.4% | 51.2% | |
| Latest Twelve Months | 17.7% | 34.2% | 12.0% | 23.9% | 15.4% | 54.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.26x | 1.32x | 1.75x | 2.19x | 2.52x | 2.91x | |
| EV / LTM EBITDA | 10.0x | 2.9x | 8.5x | 5.2x | 8.9x | 3.8x | |
| EV / LTM EBIT | 18.4x | 3.9x | 14.5x | 9.2x | 16.4x | 5.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.9x | 14.5x | 18.4x | ||||
| Historical EV / LTM EBIT | 6.4x | 9.5x | 30.4x | ||||
| Selected EV / LTM EBIT | 7.7x | 8.1x | 8.5x | ||||
| (x) LTM EBIT | 750 | 750 | 750 | ||||
| (=) Implied Enterprise Value | 5,790 | 6,095 | 6,399 | ||||
| (-) Non-shareholder Claims * | 939 | 939 | 939 | ||||
| (=) Equity Value | 6,729 | 7,034 | 7,338 | ||||
| (/) Shares Outstanding | 1,890.6 | 1,890.6 | 1,890.6 | ||||
| Implied Value Range | 3.56 | 3.72 | 3.88 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.56 | 3.72 | 3.88 | 2.62 | |||
| Upside / (Downside) | 35.8% | 42.0% | 48.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600017 | 6117 | 507 | 601326 | 601008 | 601518 | |
| Enterprise Value | 27,537 | 993 | 9,492 | 14,611 | 7,174 | 4,014 | |
| (+) Cash & Short Term Investments | 1,389 | 447 | 2,618 | 4,281 | 2,685 | 1,806 | |
| (+) Investments & Other | 819 | 0 | 3,941 | 4,511 | 1,516 | 0 | |
| (-) Debt | (18,599) | (333) | (8,859) | (5,196) | (4,016) | (450) | |
| (-) Other Liabilities | (2,226) | 0 | (2,927) | (942) | (1,553) | (418) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,919 | 1,107 | 4,265 | 17,265 | 5,806 | 4,953 | |
| (/) Shares Outstanding | 3,075.7 | 1,660.0 | 905.6 | 5,587.4 | 1,240.6 | 1,890.6 | |
| Implied Stock Price | 2.90 | 0.67 | 4.71 | 3.09 | 4.68 | 2.62 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.94 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.90 | 0.71 | 4.71 | 3.09 | 4.68 | 2.62 | |
| Trading Currency | CNY | HKD | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 0.94 | 1.00 | 1.00 | 1.00 | 1.00 | |