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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4,7x - 5,2x | 5,0x |
| Selected Fwd EBITDA Multiple | 4,7x - 5,2x | 5,0x |
| Fair Value | 0,41€ - 0,58€ | 0,49€ |
| Upside | -36,0% - -9,8% | -22,9% |
| Benchmarks | Ticker | Full Ticker |
| Chanhigh Holdings Limited | 2017 | SEHK:2017 |
| China State Construction Engineering Corporation Limited | 601668 | SHSE:601668 |
| China Communications Construction Company Limited | 601800 | SHSE:601800 |
| ACS, Actividades de Construcción y Servicios, S.A. | ACSA.F | OTCPK:ACSA.F |
| Worley Limited | WOR | ASX:WOR |
| China Railway Construction Corporation Limited | 4FF | DB:4FF |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 2017 | 601668 | 601800 | ACSA.F | WOR | 4FF | ||
| SEHK:2017 | SHSE:601668 | SHSE:601800 | OTCPK:ACSA.F | ASX:WOR | DB:4FF | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -8.0% | 6.0% | 4.2% | -8.0% | 13.5% | 7.1% | |
| 3Y CAGR | -4.7% | 3.5% | 2.3% | 19.0% | 16.3% | 7.1% | |
| Latest Twelve Months | 3.4% | -6.5% | -2.2% | 28.6% | 2.2% | 1.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.7% | 5.9% | 6.7% | 3.5% | 6.2% | 5.6% | |
| Prior Fiscal Year | 3.1% | 5.3% | 6.8% | 3.1% | 6.2% | 5.8% | |
| Latest Fiscal Year | 3.5% | 5.2% | 6.6% | 3.5% | 6.8% | 6.2% | |
| Latest Twelve Months | 3.5% | 5.2% | 6.6% | 3.5% | 6.7% | 6.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.13x | 0.38x | 0.78x | 0.27x | 0.64x | 0.32x | |
| EV / LTM EBITDA | 3.6x | 6.3x | 11.9x | 7.9x | 9.5x | 5.1x | |
| EV / LTM EBIT | 3.8x | 7.0x | 15.4x | 13.6x | 11.6x | 7.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.6x | 7.9x | 11.9x | ||||
| Historical EV / LTM EBITDA | 3.3x | 3.8x | 5.1x | ||||
| Selected EV / LTM EBITDA | 4.7x | 5.0x | 5.2x | ||||
| (x) LTM EBITDA | 66,694 | 66,694 | 66,694 | ||||
| (=) Implied Enterprise Value | 316,582 | 333,244 | 349,906 | ||||
| (-) Non-shareholder Claims * | (234,706) | (234,706) | (234,706) | ||||
| (=) Equity Value | 81,876 | 98,538 | 115,201 | ||||
| (/) Shares Outstanding | 23,627.0 | 23,627.0 | 23,627.0 | ||||
| Implied Value Range | 3.47 | 4.17 | 4.88 | ||||
| FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.41 | 0.50 | 0.58 | 0.64 | |||
| Upside / (Downside) | -35.5% | -22.4% | -9.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2017 | 601668 | 601800 | ACSA.F | WOR | 4FF | |
| Enterprise Value | 221 | 856,535 | 594,585 | 10,870 | 7,440 | 361,684 | |
| (+) Cash & Short Term Investments | 440 | 436,336 | 136,391 | 12,343 | 550 | 187,236 | |
| (+) Investments & Other | 31 | 150,378 | 169,388 | 4,100 | 299 | 171,034 | |
| (-) Debt | (549) | (908,364) | (617,745) | (14,337) | (2,049) | (498,630) | |
| (-) Other Liabilities | (6) | (309,276) | (154,390) | (401) | (1) | (94,346) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 137 | 225,609 | 128,229 | 12,575 | 6,239 | 126,978 | |
| (/) Shares Outstanding | 618.5 | 41,320.4 | 13,892.6 | 254.8 | 523.4 | 23,627.0 | |
| Implied Stock Price | 0.22 | 5.46 | 9.23 | 49.35 | 11.92 | 5.37 | |
| FX Conversion Rate to Trading Currency | 0.94 | 1.00 | 1.00 | 0.87 | 1.00 | 8.40 | |
| Implied Stock Price (Trading Cur) | 0.24 | 5.46 | 9.23 | 56.84 | 11.92 | 0.64 | |
| Trading Currency | HKD | CNY | CNY | USD | AUD | EUR | |
| FX Rate to Reporting Currency | 0.94 | 1.00 | 1.00 | 0.87 | 1.00 | 8.40 | |