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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 2.2x - 2.4x | 2.3x |
| Selected Fwd EBIT Multiple | 1.4x - 1.6x | 1.5x |
| Fair Value | €0.12 - €0.13 | €0.12 |
| Upside | 23.1% - 29.6% | 26.3% |
| Benchmarks | Ticker | Full Ticker |
| China Oilfield Services Limited | 2883 | SEHK:2883 |
| Halliburton Company | HAL | NYSE:HAL |
| Schlumberger Limited | SLB | NYSE:SLB |
| NOV Inc. | NOV | NYSE:NOV |
| CES Energy Solutions Corp. | CEU | TSX:CEU |
| Anton Oilfield Services Group | 5AO | DB:5AO |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2883 | HAL | SLB | NOV | CEU | 5AO | ||
| SEHK:2883 | NYSE:HAL | NYSE:SLB | NYSE:NOV | TSX:CEU | DB:5AO | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.5% | 21.5% | 16.5% | NM- | 29.5% | -2.0% | |
| 3Y CAGR | 16.6% | 31.1% | 32.1% | NM- | 53.5% | 14.8% | |
| Latest Twelve Months | 4.3% | -11.2% | 8.3% | 33.4% | 19.3% | 7.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.7% | 12.5% | 13.4% | 2.3% | 6.9% | 14.2% | |
| Prior Fiscal Year | 10.9% | 17.7% | 16.9% | 8.2% | 10.3% | 14.2% | |
| Latest Fiscal Year | 10.7% | 17.1% | 17.6% | 11.1% | 11.3% | 14.2% | |
| Latest Twelve Months | 11.0% | 16.1% | 17.5% | 11.2% | 11.3% | 14.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.22x | 1.09x | 1.58x | 0.65x | 0.78x | 0.22x | |
| EV / LTM EBITDA | 6.0x | 5.2x | 6.9x | 4.2x | 5.8x | 1.0x | |
| EV / LTM EBIT | 11.1x | 6.7x | 9.1x | 5.8x | 6.9x | 1.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.8x | 6.9x | 11.1x | ||||
| Historical EV / LTM EBIT | 1.5x | 4.4x | 9.1x | ||||
| Selected EV / LTM EBIT | 2.2x | 2.3x | 2.4x | ||||
| (x) LTM EBIT | 675 | 675 | 675 | ||||
| (=) Implied Enterprise Value | 1,464 | 1,541 | 1,619 | ||||
| (-) Non-shareholder Claims * | 1,370 | 1,370 | 1,370 | ||||
| (=) Equity Value | 2,834 | 2,912 | 2,989 | ||||
| (/) Shares Outstanding | 2,778.0 | 2,778.0 | 2,778.0 | ||||
| Implied Value Range | 1.02 | 1.05 | 1.08 | ||||
| FX Rate: CNY/EUR | 8.2 | 8.2 | 8.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.12 | 0.13 | 0.13 | 0.10 | |||
| Upside / (Downside) | 26.0% | 29.4% | 32.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2883 | HAL | SLB | NOV | CEU | 5AO | |
| Enterprise Value | 59,373 | 24,522 | 57,030 | 5,720 | 1,821 | 879 | |
| (+) Cash & Short Term Investments | 7,870 | 1,804 | 3,935 | 1,157 | 0 | 3,834 | |
| (+) Investments & Other | 1,178 | 0 | 1,644 | 157 | 17 | 111 | |
| (-) Debt | (18,170) | (8,574) | (14,138) | (2,373) | (437) | (2,464) | |
| (-) Other Liabilities | (664) | (42) | (1,233) | (54) | 0 | (110) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 49,587 | 17,710 | 47,238 | 4,607 | 1,402 | 2,250 | |
| (/) Shares Outstanding | 8,635.6 | 859.7 | 1,360.2 | 375.7 | 224.3 | 2,778.0 | |
| Implied Stock Price | 5.74 | 20.60 | 34.73 | 12.26 | 6.25 | 0.81 | |
| FX Conversion Rate to Trading Currency | 0.94 | 1.00 | 1.00 | 1.00 | 1.00 | 8.22 | |
| Implied Stock Price (Trading Cur) | 6.12 | 20.60 | 34.73 | 12.26 | 6.25 | 0.10 | |
| Trading Currency | HKD | USD | USD | USD | CAD | EUR | |
| FX Rate to Reporting Currency | 0.94 | 1.00 | 1.00 | 1.00 | 1.00 | 8.22 | |