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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17,6x - 19,5x | 18,6x |
| Selected Fwd EBIT Multiple | 5,2x - 5,7x | 5,4x |
| Fair Value | €0,11 - €0,17 | €0,14 |
| Upside | -42,2% - -8,0% | -25,1% |
| Benchmarks | Ticker | Full Ticker |
| Tianjin Port Holdings Co., Ltd. | 600717 | SHSE:600717 |
| Jilin Expressway Co., Ltd. | 601518 | SHSE:601518 |
| Jiangxi Ganyue Expressway CO.,LTD. | 600269 | SHSE:600269 |
| Ningbo Zhoushan Port Company Limited | 601018 | SHSE:601018 |
| Shenzhen Airport Co., Ltd. | 89 | SZSE:000089 |
| Qilu Expressway Company Limited | Z5E | DB:Z5E |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 600717 | 601518 | 600269 | 601018 | 89 | Z5E | ||
| SHSE:600717 | SHSE:601518 | SHSE:600269 | SHSE:601018 | SZSE:000089 | DB:Z5E | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.8% | 15.2% | 4.9% | 6.2% | 2.2% | -6.8% | |
| 3Y CAGR | 3.9% | 11.4% | -2.3% | 1.0% | 167.4% | -20.8% | |
| Latest Twelve Months | 11.1% | -8.5% | 1.1% | 3.4% | 70.8% | -9.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.7% | 40.1% | 26.8% | 19.0% | -2.3% | 38.6% | |
| Prior Fiscal Year | 12.7% | 51.2% | 24.6% | 18.4% | 6.3% | 12.3% | |
| Latest Fiscal Year | 13.9% | 46.5% | 31.6% | 17.6% | 16.5% | 8.9% | |
| Latest Twelve Months | 13.7% | 46.3% | 31.9% | 17.8% | 17.5% | 8.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.23x | 2.68x | 3.30x | 2.28x | 3.94x | 1.80x | |
| EV / LTM EBITDA | 5.5x | 4.4x | 6.5x | 7.0x | 12.0x | 14.7x | |
| EV / LTM EBIT | 9.0x | 5.8x | 10.3x | 12.9x | 22.5x | 20.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.8x | 10.3x | 22.5x | ||||
| Historical EV / LTM EBIT | 1.8x | 5.7x | 20.3x | ||||
| Selected EV / LTM EBIT | 17.6x | 18.6x | 19.5x | ||||
| (x) LTM EBIT | 622 | 622 | 622 | ||||
| (=) Implied Enterprise Value | 10,979 | 11,557 | 12,135 | ||||
| (-) Non-shareholder Claims * | (9,374) | (9,374) | (9,374) | ||||
| (=) Equity Value | 1,605 | 2,183 | 2,761 | ||||
| (/) Shares Outstanding | 2,219.4 | 2,219.4 | 2,219.4 | ||||
| Implied Value Range | 0.72 | 0.98 | 1.24 | ||||
| FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.09 | 0.12 | 0.15 | 0.19 | |||
| Upside / (Downside) | -54.3% | -37.8% | -21.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600717 | 601518 | 600269 | 601018 | 89 | Z5E | |
| Enterprise Value | 15,143 | 3,947 | 19,758 | 65,836 | 19,181 | 12,883 | |
| (+) Cash & Short Term Investments | 5,521 | 1,727 | 4,034 | 11,530 | 4,136 | 1,327 | |
| (+) Investments & Other | 4,935 | 0 | 2,662 | 13,332 | 1,540 | 116 | |
| (-) Debt | (4,603) | (30) | (12,404) | (11,944) | (9,969) | (10,676) | |
| (-) Other Liabilities | (7,279) | (445) | (1,953) | (7,357) | (19) | (141) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,718 | 5,199 | 12,097 | 71,398 | 14,868 | 3,509 | |
| (/) Shares Outstanding | 2,894.0 | 1,890.6 | 2,335.4 | 19,454.4 | 2,050.8 | 2,219.4 | |
| Implied Stock Price | 4.74 | 2.75 | 5.18 | 3.67 | 7.25 | 1.58 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 8.36 | |
| Implied Stock Price (Trading Cur) | 4.74 | 2.75 | 5.18 | 3.67 | 7.25 | 0.19 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 8.36 | |