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Metrics | Range | Conclusion |
---|---|---|
Selected LTM P/E Multiple | 14.0x - 15.5x | 14.7x |
Selected Fwd P/E Multiple | 12.7x - 14.1x | 13.4x |
Fair Value | €0.83 - €0.92 | €0.88 |
Upside | -29.5% - -22.0% | -25.7% |
Benchmarks | - | Full Ticker |
China Galaxy Securities Co., Ltd. | 60,188,100.0% | SHSE:601881 |
Guosen Securities Co., Ltd. | 273,600.0% | SZSE:002736 |
GF Securities Co., Ltd. | 77,600.0% | SZSE:000776 |
China Merchants Securities Co., Ltd. | 60,099,900.0% | SHSE:600999 |
CITIC Securities Company Limited | 60,003,000.0% | SHSE:600030 |
Guotai Haitong Securities Co., Ltd. | - | DB:153A |
- | - | - |
Select Price / LTM EPS Ratio | ||||||||
Benchmark Companies | ||||||||
601881 | 2736 | 776 | 600999 | 600030 | 153A | |||
SHSE:601881 | SZSE:002736 | SZSE:000776 | SHSE:600999 | SHSE:600030 | DB:153A | |||
Historical Net Income Growth | ||||||||
5Y CAGR | 11.0% | 8.5% | 3.0% | 8.7% | 10.6% | 9.0% | ||
3Y CAGR | -3.7% | -8.0% | -7.0% | -3.3% | -3.1% | -5.6% | ||
Latest Twelve Months | 26.7% | -16.8% | 38.7% | 19.8% | 8.9% | 42.1% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 26.4% | 37.8% | 37.8% | 42.3% | 33.3% | 32.6% | ||
Prior Fiscal Year | 20.1% | 38.4% | 28.4% | 41.6% | 32.5% | 24.7% | ||
Latest Fiscal Year | 24.1% | 29.8% | 33.5% | 47.1% | 34.8% | 29.1% | ||
Latest Twelve Months | 24.1% | 30.1% | 33.5% | 47.1% | 34.8% | 29.1% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
Price / LTM Sales | 3.7x | 5.7x | 4.1x | 6.9x | 5.8x | 6.3x | ||
LTM P/E Ratio | 15.5x | 19.0x | 12.2x | 14.6x | 16.8x | 21.7x | ||
Low | Mid | High | ||||||
Benchmark LTM P/E Ratio | 12.2x | 15.5x | 19.0x | |||||
Historical LTM P/E Ratio | 9.8x | 11.0x | 21.7x | |||||
Selected P/E Multiple | 14.0x | 14.7x | 15.5x | |||||
(x) LTM Net Income | 12,305 | 12,305 | 12,305 | |||||
(=) Equity Value | 172,304 | 181,373 | 190,441 | |||||
(/) Shares Outstanding | 32,092.1 | 32,092.1 | 32,092.1 | |||||
Implied Value Range | 5.37 | 5.65 | 5.93 | |||||
FX Rate: CNY/EUR | 8.3 | 8.3 | 8.3 | Market Price | ||||
Implied Value Range (Trading Cur) | 0.65 | 0.68 | 0.72 | 1.18 | ||||
Upside / (Downside) | -45.0% | -42.2% | -39.3% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | 601881 | 2736 | 776 | 600999 | 600030 | 153A | |
Value of Common Equity | 140,945 | 95,740 | 116,674 | 150,189 | 375,849 | 313,525 | |
(/) Shares Outstanding | 8,814.6 | 9,612.4 | 7,605.8 | 8,696.5 | 14,820.5 | 32,092.1 | |
Implied Stock Price | 15.99 | 9.96 | 15.34 | 17.27 | 25.36 | 9.77 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 8.28 | |
Implied Stock Price (Trading Cur) | 15.99 | 9.96 | 15.34 | 17.27 | 25.36 | 1.18 | |
Trading Currency | CNY | CNY | CNY | CNY | CNY | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 8.28 |