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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17,2x - 19,0x | 18,1x |
| Selected Fwd EBIT Multiple | 15,3x - 16,9x | 16,1x |
| Fair Value | HK$ 0,87 - HK$ 2,32 | HK$ 1,59 |
| Upside | -44,6% - 47,6% | 1,5% |
| Benchmarks | Ticker | Full Ticker |
| GCL New Energy Holdings Limited | 451 | SEHK:451 |
| China Ruifeng Renewable Energy Holdings Limited | 527 | SEHK:527 |
| Shunfeng International Clean Energy Limited | 1165 | SEHK:1165 |
| Canvest Environmental Protection Group Company Limited | 1381 | SEHK:1381 |
| China Power International Development Limited | 2380 | SEHK:2380 |
| Shandong Hi-Speed New Energy Group Limited | 1250 | SEHK:1250 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 451 | 527 | 1165 | 1381 | 2380 | 1250 | ||
| SEHK:451 | SEHK:527 | SEHK:1165 | SEHK:1381 | SEHK:2380 | SEHK:1250 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -21.1% | NM- | 8.0% | 15.4% | -3.3% | |
| 3Y CAGR | NM- | NM- | NM- | -1.8% | 36.2% | 2.7% | |
| Latest Twelve Months | -311.0% | -61.9% | -163.0% | 4.2% | 37.8% | 2.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.6% | -1.7% | 19.1% | 29.8% | 18.5% | 35.7% | |
| Prior Fiscal Year | -5.3% | 17.0% | 16.3% | 33.6% | 19.3% | 35.8% | |
| Latest Fiscal Year | -16.3% | 6.6% | -15.3% | 41.3% | 21.8% | 37.4% | |
| Latest Twelve Months | -16.3% | 6.6% | -15.3% | 41.3% | 21.8% | 37.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.78x | 8.06x | 19.70x | 5.30x | 4.55x | 6.68x | |
| EV / LTM EBITDA | -15.8x | 17.9x | 45.2x | 8.6x | 10.0x | 8.9x | |
| EV / LTM EBIT | -10.9x | 122.0x | -128.8x | 12.8x | 20.8x | 17.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -128.8x | 12.8x | 122.0x | ||||
| Historical EV / LTM EBIT | 15.0x | 17.0x | 17.9x | ||||
| Selected EV / LTM EBIT | 17.2x | 18.1x | 19.0x | ||||
| (x) LTM EBIT | 1,654 | 1,654 | 1,654 | ||||
| (=) Implied Enterprise Value | 28,367 | 29,860 | 31,353 | ||||
| (-) Non-shareholder Claims * | (26,726) | (26,726) | (26,726) | ||||
| (=) Equity Value | 1,641 | 3,134 | 4,627 | ||||
| (/) Shares Outstanding | 2,246.6 | 2,246.6 | 2,246.6 | ||||
| Implied Value Range | 0.73 | 1.40 | 2.06 | ||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.79 | 1.51 | 2.23 | 1.57 | |||
| Upside / (Downside) | -49.6% | -3.7% | 42.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 451 | 527 | 1165 | 1381 | 2380 | 1250 | |
| Enterprise Value | 2,026 | 2,735 | 3,162 | 22,258 | 259,662 | 29,981 | |
| (+) Cash & Short Term Investments | 285 | 246 | 13 | 1,829 | 10,213 | 4,199 | |
| (+) Investments & Other | 1,748 | 66 | 40 | 1,468 | 16,081 | 1,769 | |
| (-) Debt | (452) | (2,080) | (3,067) | (13,285) | (197,467) | (26,563) | |
| (-) Other Liabilities | (3,141) | (223) | (63) | (355) | (52,635) | (6,131) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 466 | 744 | 84 | 11,915 | 35,854 | 3,256 | |
| (/) Shares Outstanding | 1,554.3 | 1,714.7 | 5,082.4 | 2,441.5 | 12,370.2 | 2,246.6 | |
| Implied Stock Price | 0.30 | 0.43 | 0.02 | 4.88 | 2.90 | 1.45 | |
| FX Conversion Rate to Trading Currency | 0.92 | 0.92 | 0.92 | 1.00 | 0.92 | 0.92 | |
| Implied Stock Price (Trading Cur) | 0.33 | 0.47 | 0.02 | 4.88 | 3.14 | 1.57 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | HKD | |
| FX Rate to Reporting Currency | 0.92 | 0.92 | 0.92 | 1.00 | 0.92 | 0.92 | |