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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 49.4x - 54.6x | 52.0x |
| Selected Fwd EBITDA Multiple | 27.7x - 30.6x | 29.2x |
| Fair Value | 84.15HK$ - 87.57HK$ | 85.86HK$ |
| Upside | 77.3% - 84.5% | 80.9% |
| Benchmarks | Ticker | Full Ticker |
| Guangdong Investment Limited | 270 | SEHK:270 |
| Binhai Investment Company Limited | 2886 | SEHK:2886 |
| Otter Tail Corporation | OTTR | NasdaqGS:OTTR |
| The Okinawa Electric Power Company, Incorporated | 9511 | TSE:9511 |
| Hokkaido Electric Power Company, Incorporated | 9509 | TSE:9509 |
| CK Infrastructure Holdings Limited | 1038 | SEHK:1038 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 270 | 2886 | OTTR | 9511 | 9509 | 1038 | ||
| SEHK:270 | SEHK:2886 | NasdaqGS:OTTR | TSE:9511 | TSE:9509 | SEHK:1038 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 2.9% | 8.3% | 18.8% | -2.7% | 5.7% | -18.3% | |
| 3Y CAGR | -1.9% | -5.6% | 13.4% | -10.5% | 9.5% | -19.0% | |
| Latest Twelve Months | 15.0% | -14.7% | 1.8% | 222.5% | -8.2% | -40.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 36.7% | 12.8% | 31.0% | 9.1% | 15.3% | 44.4% | |
| Prior Fiscal Year | 33.3% | 11.2% | 36.0% | -12.7% | 6.5% | 41.3% | |
| Latest Fiscal Year | 50.1% | 9.9% | 37.1% | 10.6% | 18.3% | 30.1% | |
| Latest Twelve Months | 50.1% | 9.9% | 37.1% | 13.6% | 16.7% | 30.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.15x | 0.71x | 3.03x | 1.41x | 1.45x | 23.64x | |
| EV / LTM EBITDA | 6.3x | 7.2x | 8.2x | 10.4x | 8.7x | 78.5x | |
| EV / LTM EBIT | 8.5x | 10.7x | 10.3x | 35.9x | 15.7x | 94.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.3x | 8.2x | 10.4x | ||||
| Historical EV / LTM EBITDA | 36.3x | 39.0x | 78.5x | ||||
| Selected EV / LTM EBITDA | 49.4x | 52.0x | 54.6x | ||||
| (x) LTM EBITDA | 1,668 | 1,668 | 1,668 | ||||
| (=) Implied Enterprise Value | 82,353 | 86,688 | 91,022 | ||||
| (-) Non-shareholder Claims * | 130,247 | 130,247 | 130,247 | ||||
| (=) Equity Value | 212,600 | 216,935 | 221,269 | ||||
| (/) Shares Outstanding | 2,519.6 | 2,519.6 | 2,519.6 | ||||
| Implied Value Range | 84.38 | 86.10 | 87.82 | ||||
| FX Rate: HKD/HKD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 84.38 | 86.10 | 87.82 | 47.45 | |||
| Upside / (Downside) | 77.8% | 81.5% | 85.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 270 | 2886 | OTTR | 9511 | 9509 | 1038 | |
| Enterprise Value | 19,017 | 4,389 | 4,035 | 331,900 | 1,330,708 | (10,691) | |
| (+) Cash & Short Term Investments | 12,154 | 385 | 295 | 19,796 | 129,678 | 8,105 | |
| (+) Investments & Other | 47,672 | 322 | 73 | 15,157 | 122,859 | 141,755 | |
| (-) Debt | (24,664) | (3,342) | (1,042) | (312,850) | (1,403,400) | (19,535) | |
| (-) Other Liabilities | (15,017) | (82) | 0 | (2,081) | (14,615) | (78) | |
| (-) Preferred Stock | 0 | (144) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 39,162 | 1,527 | 3,361 | 51,922 | 165,230 | 119,556 | |
| (/) Shares Outstanding | 6,537.8 | 1,375.9 | 41.8 | 54.3 | 205.3 | 2,519.6 | |
| Implied Stock Price | 5.99 | 1.11 | 80.35 | 956.00 | 804.70 | 47.45 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.99 | 1.11 | 80.35 | 956.00 | 804.70 | 47.45 | |
| Trading Currency | HKD | HKD | USD | JPY | JPY | HKD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |