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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1,1x - 1,2x | 1,1x |
| Selected Fwd Revenue Multiple | 0,9x - 1,0x | 0,9x |
| Fair Value | €0,65 - €0,79 | €0,72 |
| Upside | -34,9% - -20,7% | -27,8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Anhui Conch Cement Company Limited | 600585 | SHSE:600585 |
| China National Building Material Company Limited | 3323 | SEHK:3323 |
| Anhui Conch Material Technology Co., Ltd. | 2560 | SEHK:2560 |
| China Resources Building Materials Technology Holdings Limited | 1313 | SEHK:1313 |
| Huaibei GreenGold Industry Investment Co., Ltd. | 2450 | SEHK:2450 |
| Huaxin Cement Co., Ltd. | RC0 | DB:RC0 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 600585 | 3323 | 2560 | 1313 | 2450 | RC0 | |||
| SHSE:600585 | SEHK:3323 | SEHK:2560 | SEHK:1313 | SEHK:2450 | DB:RC0 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -10.3% | -6.5% | NM- | -7.9% | -13.7% | 1.7% | ||
| 3Y CAGR | -18.5% | -13.0% | 15.7% | -13.7% | -13.9% | 1.8% | ||
| Latest Twelve Months | -32.3% | -10.9% | -0.5% | -9.5% | -18.7% | 0.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 16.5% | 9.4% | 8.5% | 12.8% | 42.4% | 18.3% | ||
| Prior Fiscal Year | 8.4% | 6.0% | 8.3% | 4.0% | 41.9% | 13.5% | ||
| Latest Fiscal Year | 9.4% | 4.3% | 8.6% | 3.2% | 26.4% | 11.7% | ||
| Latest Twelve Months | 10.2% | 4.8% | 8.6% | 3.7% | 26.4% | 12.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.02x | 1.04x | 0.75x | 0.84x | 8.45x | 1.17x | ||
| EV / LTM EBIT | 10.0x | 21.9x | 8.8x | 23.0x | 32.0x | 9.4x | ||
| Price / LTM Sales | 1.40x | 0.15x | 0.40x | 0.47x | 3.08x | 0.65x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.75x | 1.02x | 8.45x | |||||
| Historical EV / LTM Revenue | 0.95x | 1.11x | 1.34x | |||||
| Selected EV / LTM Revenue | 1.05x | 1.11x | 1.16x | |||||
| (x) LTM Revenue | 34,295 | 34,295 | 34,295 | |||||
| (=) Implied Enterprise Value | 36,073 | 37,971 | 39,870 | |||||
| (-) Non-shareholder Claims * | (17,959) | (17,959) | (17,959) | |||||
| (=) Equity Value | 18,114 | 20,012 | 21,911 | |||||
| (/) Shares Outstanding | 3,106.5 | 3,106.5 | 3,106.5 | |||||
| Implied Value Range | 5.83 | 6.44 | 7.05 | |||||
| FX Rate: CNY/EUR | 8.2 | 8.2 | 8.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.71 | 0.78 | 0.86 | 1.00 | ||||
| Upside / (Downside) | -29.1% | -21.6% | -14.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600585 | 3323 | 2560 | 1313 | 2450 | RC0 | |
| Enterprise Value | 93,882 | 187,639 | 1,795 | 19,111 | 2,019 | 43,497 | |
| (+) Cash & Short Term Investments | 64,449 | 38,513 | 190 | 2,079 | 323 | 6,365 | |
| (+) Investments & Other | 9,581 | 35,075 | 0 | 6,947 | 0 | 1,552 | |
| (-) Debt | (28,439) | (157,592) | (933) | (15,916) | (1,360) | (21,444) | |
| (-) Other Liabilities | (12,402) | (76,278) | (106) | (1,541) | (234) | (4,432) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 127,072 | 27,357 | 947 | 10,679 | 748 | 25,538 | |
| (/) Shares Outstanding | 5,277.1 | 7,593.0 | 579.9 | 6,982.9 | 264.0 | 3,106.5 | |
| Implied Stock Price | 24.08 | 3.60 | 1.63 | 1.53 | 2.83 | 8.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.94 | 0.94 | 0.94 | 0.94 | 8.22 | |
| Implied Stock Price (Trading Cur) | 24.08 | 3.84 | 1.74 | 1.63 | 3.02 | 1.00 | |
| Trading Currency | CNY | HKD | HKD | HKD | HKD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.94 | 0.94 | 0.94 | 0.94 | 8.22 | |