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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -6,2x - -6,9x | -6,5x |
| Selected Fwd EBITDA Multiple | 3,1x - 3,4x | 3,2x |
| Fair Value | 2,88HK$ - 2,96HK$ | 2,92HK$ |
| Upside | -6,1% - -3,7% | -4,9% |
| Benchmarks | Ticker | Full Ticker |
| K. Wah International Holdings Limited | 173 | SEHK:173 |
| Hong Kong Ferry (Holdings) Company Limited | 50 | SEHK:50 |
| Chinney Investments, Limited | 216 | SEHK:216 |
| Tian An China Investments Company Limited | 28 | SEHK:28 |
| Far East Consortium International Limited | 35 | SEHK:35 |
| Tai Cheung Holdings Limited | 88 | SEHK:88 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 173 | 50 | 216 | 28 | 35 | 88 | ||
| SEHK:173 | SEHK:50 | SEHK:216 | SEHK:28 | SEHK:35 | SEHK:88 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -25.1% | 0.3% | -4.8% | -7.5% | -6.1% | NM- | |
| 3Y CAGR | -35.7% | 17.3% | 2.4% | -24.7% | 4.6% | NM- | |
| Latest Twelve Months | -8.0% | -5.0% | -28.0% | -10.9% | -16.0% | -41.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 28.0% | 34.3% | 36.5% | 26.6% | 17.4% | -88.8% | |
| Prior Fiscal Year | 20.0% | 36.0% | 37.4% | 16.6% | 11.2% | -73.3% | |
| Latest Fiscal Year | 15.6% | 30.3% | 42.8% | 13.7% | 14.4% | -24.5% | |
| Latest Twelve Months | 15.6% | 30.3% | 41.4% | 13.7% | 11.7% | -117.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.72x | -0.86x | 11.46x | 1.84x | 2.45x | 13.99x | |
| EV / LTM EBITDA | 11.0x | -2.8x | 27.6x | 13.4x | 21.0x | -11.9x | |
| EV / LTM EBIT | 11.3x | -3.1x | 28.2x | 16.2x | 32.0x | -11.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -2.8x | 13.4x | 27.6x | ||||
| Historical EV / LTM EBITDA | -18.8x | -14.4x | 5.7x | ||||
| Selected EV / LTM EBITDA | -6.2x | -6.5x | -6.9x | ||||
| (x) LTM EBITDA | (46) | (46) | (46) | ||||
| (=) Implied Enterprise Value | 287 | 302 | 317 | ||||
| (-) Non-shareholder Claims * | 1,346 | 1,346 | 1,346 | ||||
| (=) Equity Value | 1,633 | 1,648 | 1,663 | ||||
| (/) Shares Outstanding | 617.5 | 617.5 | 617.5 | ||||
| Implied Value Range | 2.64 | 2.67 | 2.69 | ||||
| FX Rate: HKD/HKD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.64 | 2.67 | 2.69 | 3.07 | |||
| Upside / (Downside) | -13.9% | -13.1% | -12.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 173 | 50 | 216 | 28 | 35 | 88 | |
| Enterprise Value | (5,983) | (1,061) | 8,879 | (8,328) | 22,118 | 550 | |
| (+) Cash & Short Term Investments | 9,865 | 1,877 | 1,310 | 10,676 | 3,817 | 1,157 | |
| (+) Investments & Other | 18,335 | 697 | 1,836 | 13,861 | 4,839 | 259 | |
| (-) Debt | (14,569) | (8) | (7,660) | (8,070) | (28,020) | (70) | |
| (-) Other Liabilities | (1,879) | 9 | (4,007) | (1,776) | (307) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,769 | 1,514 | 358 | 6,363 | 2,447 | 1,896 | |
| (/) Shares Outstanding | 3,152.7 | 356.3 | 551.4 | 1,466.1 | 3,059.0 | 617.5 | |
| Implied Stock Price | 1.83 | 4.25 | 0.65 | 4.34 | 0.80 | 3.07 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.83 | 4.25 | 0.65 | 4.34 | 0.80 | 3.07 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | HKD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |