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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 0.8x - 0.9x | 0.8x |
Selected Fwd Ps Multiple | 0.7x - 0.8x | 0.8x |
Fair Value | 35.96HK$ - 39.75HK$ | 37.86HK$ |
Upside | 55.0% - 71.3% | 63.2% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Towngas Smart Energy Company Limited | 108,300.0% | SEHK:1083 |
The Hong Kong and China Gas Company Limited | 300.0% | SEHK:3 |
Zhongyu Energy Holdings Limited | 363,300.0% | SEHK:3633 |
Beijing Enterprises Holdings Limited | 39,200.0% | SEHK:392 |
China Primary Energy Holdings Limited | 811,700.0% | SEHK:8117 |
China Resources Gas Group Limited | 119,300.0% | SEHK:1193 |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
1083 | 3 | 3633 | 392 | 8117 | 1193 | |||
SEHK:1083 | SEHK:3 | SEHK:3633 | SEHK:392 | SEHK:8117 | SEHK:1193 | |||
Historical Sales Growth | ||||||||
5Y CAGR | 10.5% | 6.4% | 10.6% | 6.8% | 12.5% | 12.5% | ||
3Y CAGR | 7.6% | 1.2% | 5.9% | 8.6% | 5.3% | 8.8% | ||
Latest Twelve Months | 7.4% | -2.6% | -1.3% | 2.1% | -12.4% | 1.4% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 9.2% | 13.4% | 6.0% | 9.5% | -8.9% | 8.9% | ||
Prior Fiscal Year | 7.9% | 10.7% | 1.8% | 6.7% | -9.5% | 5.2% | ||
Latest Fiscal Year | 7.5% | 10.3% | 1.1% | 6.1% | -16.0% | 4.0% | ||
Latest Twelve Months | 7.5% | 10.3% | 1.1% | 6.1% | -16.0% | 4.0% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 6.7x | 11.9x | 14.8x | 5.2x | 75.4x | 6.9x | ||
Price / LTM Sales | 0.6x | 2.3x | 0.9x | 0.4x | 0.3x | 0.5x | ||
LTM P/E Ratio | 7.6x | 21.9x | 81.4x | 6.9x | -2.0x | 13.0x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.3x | 0.6x | 2.3x | |||||
Historical LTM P/S Ratio | 0.5x | 0.7x | 1.8x | |||||
Selected Price / Sales Multiple | 0.8x | 0.8x | 0.9x | |||||
(x) LTM Sales | 102,676 | 102,676 | 102,676 | |||||
(=) Equity Value | 82,761 | 87,117 | 91,472 | |||||
(/) Shares Outstanding | 2,314.0 | 2,314.0 | 2,314.0 | |||||
Implied Value Range | 35.77 | 37.65 | 39.53 | |||||
FX Rate: HKD/HKD | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 35.77 | 37.65 | 39.53 | 23.20 | ||||
Upside / (Downside) | 54.2% | 62.3% | 70.4% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | 1083 | 3 | 3633 | 392 | 8117 | 1193 | |
Value of Common Equity | 12,287 | 124,835 | 11,919 | 34,532 | 52 | 53,685 | |
(/) Shares Outstanding | 3,480.6 | 18,659.9 | 2,771.8 | 1,258.0 | 1,024.0 | 2,314.0 | |
Implied Stock Price | 3.53 | 6.69 | 4.30 | 27.45 | 0.05 | 23.20 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.93 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 3.53 | 6.69 | 4.30 | 29.40 | 0.05 | 23.20 | |
Trading Currency | HKD | HKD | HKD | HKD | HKD | HKD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.93 | 1.00 | 1.00 |