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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.1x - 0.1x | 0.1x |
| Selected Fwd Revenue Multiple | 0.1x - 0.1x | 0.1x |
| Fair Value | HK$ 0.23 - HK$ 0.34 | HK$ 0.28 |
| Upside | -39.6% - -9.2% | -24.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| China Energy Engineering Corporation Limited | 3996 | SEHK:3996 |
| Metallurgical Corporation of China Ltd. | 1618 | SEHK:1618 |
| China National Chemical Engineering Co., Ltd | 601117 | SHSE:601117 |
| Huadian Heavy Industries Co., Ltd. | 601226 | SHSE:601226 |
| Shaanxi Construction Engineering Group Corporation Limited | 600248 | SHSE:600248 |
| Jujiang Construction Group Co., Ltd. | 1459 | SEHK:1459 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 3996 | 1618 | 601117 | 601226 | 600248 | 1459 | |||
| SEHK:3996 | SEHK:1618 | SHSE:601117 | SHSE:601226 | SHSE:600248 | SEHK:1459 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 12.0% | 10.3% | 17.0% | 4.2% | 18.1% | -0.8% | ||
| 3Y CAGR | 10.7% | 3.3% | 17.7% | -7.0% | 12.2% | -12.3% | ||
| Latest Twelve Months | 7.6% | -12.9% | 7.6% | 22.5% | -15.0% | -18.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 4.7% | 3.4% | 3.6% | 2.4% | 3.6% | 2.0% | ||
| Prior Fiscal Year | 4.4% | 2.8% | 3.6% | 4.7% | 3.4% | 0.6% | ||
| Latest Fiscal Year | 5.1% | 2.2% | 3.5% | 1.2% | 4.5% | 0.3% | ||
| Latest Twelve Months | 5.1% | 2.2% | 4.0% | 1.7% | 4.9% | 0.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.65x | 0.15x | 0.10x | 0.82x | 0.27x | 0.07x | ||
| EV / LTM EBIT | 12.9x | 7.1x | 2.5x | 48.9x | 5.6x | 23.5x | ||
| Price / LTM Sales | 0.19x | 0.11x | 0.25x | 1.00x | 0.10x | 0.02x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.10x | 0.27x | 0.82x | |||||
| Historical EV / LTM Revenue | 0.06x | 0.07x | 0.11x | |||||
| Selected EV / LTM Revenue | 0.08x | 0.09x | 0.09x | |||||
| (x) LTM Revenue | 6,781 | 6,781 | 6,781 | |||||
| (=) Implied Enterprise Value | 553 | 582 | 612 | |||||
| (-) Non-shareholder Claims * | (426) | (426) | (426) | |||||
| (=) Equity Value | 127 | 156 | 185 | |||||
| (/) Shares Outstanding | 533.4 | 533.4 | 533.4 | |||||
| Implied Value Range | 0.24 | 0.29 | 0.35 | |||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.25 | 0.31 | 0.37 | 0.38 | ||||
| Upside / (Downside) | -32.0% | -16.4% | -0.9% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3996 | 1618 | 601117 | 601226 | 600248 | 1459 | |
| Enterprise Value | 295,978 | 93,005 | 18,093 | 6,675 | 43,382 | 613 | |
| (+) Cash & Short Term Investments | 91,583 | 52,562 | 39,714 | 1,785 | 20,605 | 184 | |
| (+) Investments & Other | 68,336 | 44,653 | 4,509 | 1 | 9,589 | 0 | |
| (-) Debt | (273,673) | (93,751) | (10,383) | (128) | (45,285) | (575) | |
| (-) Other Liabilities | (89,818) | (29,293) | (7,035) | (178) | (12,016) | (35) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 92,406 | 67,175 | 44,899 | 8,155 | 16,276 | 187 | |
| (/) Shares Outstanding | 95,158.4 | 44,408.9 | 6,108.7 | 1,166.6 | 3,767.6 | 533.4 | |
| Implied Stock Price | 0.97 | 1.51 | 7.35 | 6.99 | 4.32 | 0.35 | |
| FX Conversion Rate to Trading Currency | 0.93 | 0.93 | 1.00 | 1.00 | 1.00 | 0.93 | |
| Implied Stock Price (Trading Cur) | 1.04 | 1.62 | 7.35 | 6.99 | 4.32 | 0.38 | |
| Trading Currency | HKD | HKD | CNY | CNY | CNY | HKD | |
| FX Rate to Reporting Currency | 0.93 | 0.93 | 1.00 | 1.00 | 1.00 | 0.93 | |