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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6,8x - 7,6x | 7,2x |
| Selected Fwd EBITDA Multiple | 3,8x - 4,2x | 4,0x |
| Fair Value | ¥12,40 - ¥13,21 | ¥12,80 |
| Upside | -8,4% - -2,4% | -5,4% |
| Benchmarks | Ticker | Full Ticker |
| Anhui Conch Cement Company Limited | 600585 | SHSE:600585 |
| Sinostone(Guangdong) Co.,Ltd. | 1212 | SZSE:001212 |
| Huaxin Cement Co., Ltd. | 600801 | SHSE:600801 |
| Chongqing Changjiang River Moulding Material (Group) Co., Ltd. | 1296 | SZSE:001296 |
| Shanghai Yaohua Pilkington Glass Group Co., Ltd. | 600819 | SHSE:600819 |
| Ningxia Building Materials Group Co.,Ltd | 600449 | SHSE:600449 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 600585 | 1212 | 600801 | 1296 | 600819 | 600449 | ||
| SHSE:600585 | SZSE:001212 | SHSE:600801 | SZSE:001296 | SHSE:600819 | SHSE:600449 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -18.7% | -2.6% | -6.6% | NM- | -1.6% | -15.6% | |
| 3Y CAGR | -28.1% | -17.2% | -8.2% | 3.5% | 5.8% | -25.0% | |
| Latest Twelve Months | -12.1% | -28.1% | -6.4% | 29.7% | 93.6% | -8.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 22.1% | 19.0% | 26.8% | 15.5% | 9.2% | 17.8% | |
| Prior Fiscal Year | 13.7% | 16.0% | 23.6% | 10.8% | 5.1% | 5.9% | |
| Latest Fiscal Year | 18.6% | 14.2% | 21.8% | 18.5% | 9.9% | 6.5% | |
| Latest Twelve Months | 18.6% | 13.9% | 21.8% | 19.0% | 9.9% | 6.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.89x | 9.76x | 1.21x | 2.11x | 0.86x | 0.49x | |
| EV / LTM EBITDA | 4.8x | 70.1x | 5.6x | 11.1x | 8.7x | 7.5x | |
| EV / LTM EBIT | 9.4x | 162.8x | 10.4x | 15.5x | 28.3x | 21.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.8x | 8.7x | 70.1x | ||||
| Historical EV / LTM EBITDA | 3.0x | 4.1x | 10.4x | ||||
| Selected EV / LTM EBITDA | 6.8x | 7.2x | 7.6x | ||||
| (x) LTM EBITDA | 562 | 562 | 562 | ||||
| (=) Implied Enterprise Value | 3,842 | 4,044 | 4,246 | ||||
| (-) Non-shareholder Claims * | 2,245 | 2,245 | 2,245 | ||||
| (=) Equity Value | 6,087 | 6,289 | 6,492 | ||||
| (/) Shares Outstanding | 478.2 | 478.2 | 478.2 | ||||
| Implied Value Range | 12.73 | 13.15 | 13.58 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.73 | 13.15 | 13.58 | 13.53 | |||
| Upside / (Downside) | -5.9% | -2.8% | 0.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600585 | 1212 | 600801 | 1296 | 600819 | 600449 | |
| Enterprise Value | 86,503 | 5,476 | 40,030 | 2,247 | 4,816 | 4,225 | |
| (+) Cash & Short Term Investments | 70,739 | 974 | 6,841 | 471 | 1,066 | 2,992 | |
| (+) Investments & Other | 20,425 | 1 | 1,557 | 0 | 25 | 354 | |
| (-) Debt | (30,243) | (361) | (19,456) | (142) | (644) | (722) | |
| (-) Other Liabilities | (12,437) | (3) | (4,606) | (9) | (1,173) | (379) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 134,987 | 6,086 | 24,365 | 2,567 | 4,090 | 6,470 | |
| (/) Shares Outstanding | 5,277.1 | 121.1 | 1,739.1 | 148.6 | 831.4 | 478.2 | |
| Implied Stock Price | 25.58 | 50.26 | 14.01 | 17.27 | 4.92 | 13.53 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 25.58 | 50.26 | 14.01 | 17.27 | 4.92 | 13.53 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |