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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 2.4x - 2.6x | 2.5x |
| Selected Fwd EBIT Multiple | 1.8x - 2.0x | 1.9x |
| Fair Value | €0.53 - €0.53 | €0.53 |
| Upside | -15.2% - -14.6% | -14.9% |
| Benchmarks | Ticker | Full Ticker |
| COSCO SHIPPING Ports Limited | 1199 | SEHK:1199 |
| Tianjin Port Development Holdings Limited | 3382 | SEHK:3382 |
| Shenzhen International Holdings Limited | 152 | SEHK:152 |
| China Merchants Port Holdings Company Limited | 144 | SEHK:144 |
| Yuexiu Transport Infrastructure Limited | 1052 | SEHK:1052 |
| COSCO SHIPPING International (Hong Kong) Co., Ltd. | CSB | DB:CSB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 1199 | 3382 | 152 | 144 | 1052 | CSB | ||
| SEHK:1199 | SEHK:3382 | SEHK:152 | SEHK:144 | SEHK:1052 | DB:CSB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.3% | 3.7% | -2.1% | 12.0% | -2.6% | 14.8% | |
| 3Y CAGR | 1.5% | 4.3% | 6.8% | 2.0% | -5.7% | -2.6% | |
| Latest Twelve Months | -4.8% | 9.9% | -17.5% | 7.9% | -5.9% | 71.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 16.5% | 11.0% | 26.3% | 30.9% | 40.5% | 4.8% | |
| Prior Fiscal Year | 18.5% | 12.6% | 30.6% | 32.6% | 40.4% | 4.0% | |
| Latest Fiscal Year | 15.6% | 13.6% | 33.3% | 34.1% | 31.6% | 6.4% | |
| Latest Twelve Months | 16.1% | 13.6% | 33.3% | 34.1% | 29.3% | 6.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.39x | 1.06x | 3.93x | 1.30x | 4.24x | 0.53x | |
| EV / LTM EBITDA | 4.7x | 5.0x | 7.4x | 2.7x | 7.3x | 7.5x | |
| EV / LTM EBIT | 8.6x | 7.8x | 11.8x | 3.8x | 14.5x | 8.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.8x | 8.6x | 14.5x | ||||
| Historical EV / LTM EBIT | -25.9x | -12.1x | 8.4x | ||||
| Selected EV / LTM EBIT | 2.4x | 2.5x | 2.6x | ||||
| (x) LTM EBIT | 232 | 232 | 232 | ||||
| (=) Implied Enterprise Value | 550 | 579 | 608 | ||||
| (-) Non-shareholder Claims * | 6,596 | 6,596 | 6,596 | ||||
| (=) Equity Value | 7,146 | 7,175 | 7,204 | ||||
| (/) Shares Outstanding | 1,466.0 | 1,466.0 | 1,466.0 | ||||
| Implied Value Range | 4.87 | 4.89 | 4.91 | ||||
| FX Rate: HKD/EUR | 9.1 | 9.1 | 9.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.54 | 0.54 | 0.54 | 0.63 | |||
| Upside / (Downside) | -14.0% | -13.6% | -13.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1199 | 3382 | 152 | 144 | 1052 | CSB | |
| Enterprise Value | 2,178 | 14,578 | 61,118 | 15,342 | 23,185 | 1,712 | |
| (+) Cash & Short Term Investments | 1,158 | 6,869 | 11,428 | 11,410 | 2,169 | 5,938 | |
| (+) Investments & Other | 4,746 | 5,329 | 30,750 | 90,041 | 1,951 | 1,011 | |
| (-) Debt | (4,151) | (5,318) | (61,380) | (34,548) | (17,094) | (16) | |
| (-) Other Liabilities | (1,115) | (16,901) | (22,023) | (16,084) | (3,738) | (337) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,816 | 4,557 | 19,892 | 66,161 | 6,473 | 8,309 | |
| (/) Shares Outstanding | 3,874.2 | 6,158.0 | 2,443.7 | 4,198.0 | 1,673.2 | 1,466.0 | |
| Implied Stock Price | 0.73 | 0.74 | 8.14 | 15.76 | 3.87 | 5.67 | |
| FX Conversion Rate to Trading Currency | 0.13 | 1.00 | 1.00 | 1.00 | 0.92 | 9.07 | |
| Implied Stock Price (Trading Cur) | 5.68 | 0.74 | 8.14 | 15.76 | 4.21 | 0.63 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | EUR | |
| FX Rate to Reporting Currency | 0.13 | 1.00 | 1.00 | 1.00 | 0.92 | 9.07 | |