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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 8,5x - 9,4x | 9,0x |
| Selected Fwd Revenue Multiple | 0,9x - 1,0x | 0,9x |
| Fair Value | 2,82HK$ - 2,89HK$ | 2,86HK$ |
| Upside | -7,7% - -5,5% | -6,6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Guangdong Land Holdings Limited | 124 | SEHK:124 |
| Tomson Group Limited | 258 | SEHK:258 |
| Shanghai Industrial Urban Development Group Limited | 563 | SEHK:563 |
| K. Wah International Holdings Limited | 173 | SEHK:173 |
| Hong Kong Ferry (Holdings) Company Limited | 50 | SEHK:50 |
| Tai Cheung Holdings Limited | 88 | SEHK:88 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 124 | 258 | 563 | 173 | 50 | 88 | |||
| SEHK:124 | SEHK:258 | SEHK:563 | SEHK:173 | SEHK:50 | SEHK:88 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 29.8% | -15.5% | 7.7% | -7.6% | 7.2% | -19.9% | ||
| 3Y CAGR | 4.0% | -20.3% | 4.1% | -23.8% | 20.1% | 18.1% | ||
| Latest Twelve Months | 74.3% | -23.4% | 56.4% | 17.8% | 12.9% | -72.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 2.1% | 30.1% | 26.0% | 27.7% | 31.7% | -90.1% | ||
| Prior Fiscal Year | -68.3% | 24.8% | 34.0% | 19.5% | 33.3% | -74.2% | ||
| Latest Fiscal Year | -11.1% | 31.8% | 12.4% | 15.2% | 27.9% | -25.1% | ||
| Latest Twelve Months | -11.1% | 31.8% | 12.4% | 15.2% | 27.9% | -119.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 3.02x | 13.67x | 1.29x | 1.74x | -0.85x | 13.83x | ||
| EV / LTM EBIT | -27.2x | 61.1x | 10.5x | 11.4x | -3.1x | -11.6x | ||
| Price / LTM Sales | 0.07x | 17.70x | 0.12x | 0.82x | 3.59x | 48.08x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -0.85x | 1.74x | 13.67x | |||||
| Historical EV / LTM Revenue | -8.78x | 7.01x | 18.14x | |||||
| Selected EV / LTM Revenue | 8.51x | 8.95x | 9.40x | |||||
| (x) LTM Revenue | 39 | 39 | 39 | |||||
| (=) Implied Enterprise Value | 334 | 352 | 369 | |||||
| (-) Non-shareholder Claims * | 1,346 | 1,346 | 1,346 | |||||
| (=) Equity Value | 1,680 | 1,698 | 1,715 | |||||
| (/) Shares Outstanding | 617.5 | 617.5 | 617.5 | |||||
| Implied Value Range | 2.72 | 2.75 | 2.78 | |||||
| FX Rate: HKD/HKD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.72 | 2.75 | 2.78 | 3.06 | ||||
| Upside / (Downside) | -11.1% | -10.2% | -9.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 124 | 258 | 563 | 173 | 50 | 88 | |
| Enterprise Value | 20,339 | 4,659 | 16,089 | (5,857) | (1,057) | 544 | |
| (+) Cash & Short Term Investments | 1,325 | 2,190 | 5,345 | 9,865 | 1,877 | 1,157 | |
| (+) Investments & Other | 41 | 411 | 4,033 | 18,335 | 697 | 259 | |
| (-) Debt | (20,454) | (1,125) | (17,952) | (14,569) | (8) | (70) | |
| (-) Other Liabilities | (789) | (134) | (6,082) | (1,879) | 9 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 462 | 6,001 | 1,434 | 5,896 | 1,518 | 1,890 | |
| (/) Shares Outstanding | 1,711.5 | 2,166.4 | 4,780.4 | 3,152.7 | 356.3 | 617.5 | |
| Implied Stock Price | 0.27 | 2.77 | 0.30 | 1.87 | 4.26 | 3.06 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.27 | 2.77 | 0.30 | 1.87 | 4.26 | 3.06 | |
| 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 | |