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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 27,9x - 30,8x | 29,3x |
| Selected Fwd EBIT Multiple | 21,4x - 23,7x | 22,5x |
| Fair Value | 7,41¥ - 8,06¥ | 7,73¥ |
| Upside | -34,9% - -29,1% | -32,0% |
| Benchmarks | Ticker | Full Ticker |
| Xinjiang East Universe Gas Co.Ltd. | 603706 | SHSE:603706 |
| Shaanxi Provincial Natural Gas Co.,Ltd | 2267 | SZSE:002267 |
| Senton Energy Co.,Ltd. | 1331 | SZSE:001331 |
| Nanjing Public Utilities Development Co., Ltd. | 421 | SZSE:000421 |
| Kunlun Energy Company Limited | 135 | SEHK:135 |
| Xinjiang Haoyuan Natural Gas Co., Ltd. | 2700 | SZSE:002700 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 603706 | 2267 | 1331 | 421 | 135 | 2700 | ||
| SHSE:603706 | SZSE:002267 | SZSE:001331 | SZSE:000421 | SEHK:135 | SZSE:002700 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 22.3% | 1.9% | NM- | -39.2% | -1.1% | 11.8% | |
| 3Y CAGR | 27.4% | 9.6% | NM- | -71.3% | 18.2% | 28.0% | |
| Latest Twelve Months | 52.4% | 104.3% | 100.6% | -116.7% | 4.1% | -11.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 18.1% | 8.3% | 1.4% | 6.3% | 6.7% | 14.1% | |
| Prior Fiscal Year | 16.1% | 9.5% | 3.2% | 3.1% | 6.7% | 11.9% | |
| Latest Fiscal Year | 20.3% | 9.3% | -1.7% | 0.6% | 6.8% | 16.7% | |
| Latest Twelve Months | 22.1% | 11.1% | 0.0% | -1.0% | 6.7% | 13.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.26x | 1.26x | 0.31x | 1.37x | 0.28x | 6.19x | |
| EV / LTM EBITDA | 6.4x | 7.4x | 109.1x | 54.5x | 3.1x | 37.6x | |
| EV / LTM EBIT | 10.3x | 11.4x | 2903.4x | -133.5x | 4.2x | 45.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -133.5x | 10.3x | 2903.4x | ||||
| Historical EV / LTM EBIT | 14.5x | 18.4x | 34.3x | ||||
| Selected EV / LTM EBIT | 27.9x | 29.3x | 30.8x | ||||
| (x) LTM EBIT | 93 | 93 | 93 | ||||
| (=) Implied Enterprise Value | 2,603 | 2,740 | 2,877 | ||||
| (-) Non-shareholder Claims * | 472 | 472 | 472 | ||||
| (=) Equity Value | 3,075 | 3,212 | 3,349 | ||||
| (/) Shares Outstanding | 413.6 | 413.6 | 413.6 | ||||
| Implied Value Range | 7.43 | 7.77 | 8.10 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.43 | 7.77 | 8.10 | 11.38 | |||
| Upside / (Downside) | -34.7% | -31.8% | -28.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 603706 | 2267 | 1331 | 421 | 135 | 2700 | |
| Enterprise Value | 2,867 | 10,848 | 1,638 | 6,762 | 51,999 | 4,235 | |
| (+) Cash & Short Term Investments | 818 | 890 | 1,255 | 1,514 | 46,873 | 478 | |
| (+) Investments & Other | 71 | 565 | 37 | 866 | 14,493 | 0 | |
| (-) Debt | (161) | (3,306) | (211) | (4,441) | (24,797) | (1) | |
| (-) Other Liabilities | (123) | (301) | 0 | (1,135) | (22,838) | (6) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,471 | 8,696 | 2,720 | 3,566 | 65,730 | 4,707 | |
| (/) Shares Outstanding | 189.4 | 1,112.1 | 201.6 | 576.1 | 8,658.8 | 413.6 | |
| Implied Stock Price | 18.33 | 7.82 | 13.49 | 6.19 | 7.59 | 11.38 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.93 | 1.00 | |
| Implied Stock Price (Trading Cur) | 18.33 | 7.82 | 13.49 | 6.19 | 8.14 | 11.38 | |
| Trading Currency | CNY | CNY | CNY | CNY | HKD | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.93 | 1.00 | |