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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 4.9x - 5.4x | 5.1x |
| Selected Fwd EBIT Multiple | 4.8x - 5.3x | 5.0x |
| Fair Value | €1.01 - €1.09 | €1.05 |
| Upside | 22.7% - 33.4% | 28.1% |
| Benchmarks | Ticker | Full Ticker |
| Foran Energy Group Co., Ltd. | 2911 | SZSE:002911 |
| Binhai Investment Company Limited | 2886 | SEHK:2886 |
| China Gas Holdings Limited | 384 | SEHK:384 |
| Nanjing Public Utilities Development Co., Ltd. | 421 | SZSE:000421 |
| Shaanxi Provincial Natural Gas Co.,Ltd | 2267 | SZSE:002267 |
| Kunlun Energy Company Limited | CTJ1 | DB:CTJ1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2911 | 2886 | 384 | 421 | 2267 | CTJ1 | ||
| SZSE:002911 | SEHK:2886 | SEHK:384 | SZSE:000421 | SZSE:002267 | DB:CTJ1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.5% | 7.8% | -10.5% | 2.5% | 1.9% | 11.8% | |
| 3Y CAGR | 5.4% | -9.7% | -24.4% | 2.0% | 9.6% | 8.5% | |
| Latest Twelve Months | -10.2% | -24.4% | 17.7% | 1019.8% | 104.3% | -1.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.1% | 9.4% | 12.6% | 6.1% | 8.3% | 6.4% | |
| Prior Fiscal Year | 4.4% | 8.4% | 6.4% | 0.5% | 9.5% | 6.8% | |
| Latest Fiscal Year | 3.4% | 6.6% | 6.9% | 4.3% | 9.3% | 6.4% | |
| Latest Twelve Months | 3.2% | 6.6% | 7.1% | 4.3% | 11.1% | 6.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.43x | 0.70x | 0.92x | 0.99x | 1.36x | 0.26x | |
| EV / LTM EBITDA | 9.3x | 7.1x | 8.7x | 12.2x | 8.0x | 2.9x | |
| EV / LTM EBIT | 13.5x | 10.6x | 12.9x | 23.2x | 12.3x | 4.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.6x | 12.9x | 23.2x | ||||
| Historical EV / LTM EBIT | 3.4x | 3.8x | 4.0x | ||||
| Selected EV / LTM EBIT | 4.9x | 5.1x | 5.4x | ||||
| (x) LTM EBIT | 11,978 | 11,978 | 11,978 | ||||
| (=) Implied Enterprise Value | 58,279 | 61,346 | 64,414 | ||||
| (-) Non-shareholder Claims * | 12,115 | 12,115 | 12,115 | ||||
| (=) Equity Value | 70,394 | 73,461 | 76,529 | ||||
| (/) Shares Outstanding | 8,658.8 | 8,658.8 | 8,658.8 | ||||
| Implied Value Range | 8.13 | 8.48 | 8.84 | ||||
| FX Rate: CNY/EUR | 8.2 | 8.2 | 8.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.99 | 1.03 | 1.07 | 0.82 | |||
| Upside / (Downside) | 20.3% | 25.5% | 30.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2911 | 2886 | 384 | 421 | 2267 | CTJ1 | |
| Enterprise Value | 13,745 | 4,329 | 73,416 | 6,488 | 11,627 | 46,414 | |
| (+) Cash & Short Term Investments | 3,346 | 387 | 9,232 | 1,604 | 890 | 45,092 | |
| (+) Investments & Other | 1,598 | 322 | 22,758 | 842 | 565 | 14,988 | |
| (-) Debt | (4,357) | (3,342) | (60,771) | (4,350) | (3,306) | (24,279) | |
| (-) Other Liabilities | (1,019) | (82) | (7,042) | (1,156) | (301) | (23,686) | |
| (-) Preferred Stock | 0 | (144) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,312 | 1,470 | 37,592 | 3,428 | 9,475 | 58,529 | |
| (/) Shares Outstanding | 1,297.5 | 1,374.1 | 5,448.2 | 576.1 | 1,112.1 | 8,658.8 | |
| Implied Stock Price | 10.26 | 1.07 | 6.90 | 5.95 | 8.52 | 6.76 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 8.24 | |
| Implied Stock Price (Trading Cur) | 10.26 | 1.07 | 6.90 | 5.95 | 8.52 | 0.82 | |
| Trading Currency | CNY | HKD | HKD | CNY | CNY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 8.24 | |