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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17.3x - 19.1x | 18.2x |
| Selected Fwd EBIT Multiple | 13.0x - 14.4x | 13.7x |
| Fair Value | HK$ 0.90 - HK$ 2.25 | HK$ 1.58 |
| Upside | -46.0% - 34.7% | -5.6% |
| Benchmarks | Ticker | Full Ticker |
| Canvest Environmental Protection Group Company Limited | 1381 | SEHK:1381 |
| China Renewable Energy Investment Limited | 987 | SEHK:987 |
| China Resources Power Holdings Company Limited | 836 | SEHK:836 |
| China Everbright Greentech Limited | 1257 | SEHK:1257 |
| GCL New Energy Holdings Limited | 451 | SEHK:451 |
| Shandong Hi-Speed New Energy Group Limited | 1250 | SEHK:1250 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 1381 | 987 | 836 | 1257 | 451 | 1250 | ||
| SEHK:1381 | SEHK:987 | SEHK:836 | SEHK:1257 | SEHK:451 | SEHK:1250 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.9% | -30.4% | 9.6% | -11.9% | NM- | -5.5% | |
| 3Y CAGR | -3.4% | -56.4% | 54.0% | -13.3% | NM- | -4.1% | |
| Latest Twelve Months | 0.3% | -63.5% | 10.8% | 8.8% | -311.0% | -12.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 29.7% | 19.3% | 16.8% | 21.1% | 15.6% | 35.9% | |
| Prior Fiscal Year | 33.0% | 11.4% | 19.7% | 16.2% | -5.3% | 37.9% | |
| Latest Fiscal Year | 39.2% | 4.7% | 21.4% | 18.8% | -16.3% | 37.4% | |
| Latest Twelve Months | 39.2% | 4.7% | 21.4% | 18.8% | -16.3% | 37.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.24x | 1.48x | 2.59x | 2.99x | 1.88x | 6.89x | |
| EV / LTM EBITDA | 8.9x | 2.2x | 7.0x | 9.3x | 35.5x | 9.2x | |
| EV / LTM EBIT | 13.3x | 31.8x | 12.1x | 16.0x | -11.5x | 18.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -11.5x | 13.3x | 31.8x | ||||
| Historical EV / LTM EBIT | 15.7x | 17.4x | 18.4x | ||||
| Selected EV / LTM EBIT | 17.3x | 18.2x | 19.1x | ||||
| (x) LTM EBIT | 1,652 | 1,652 | 1,652 | ||||
| (=) Implied Enterprise Value | 28,623 | 30,130 | 31,636 | ||||
| (-) Non-shareholder Claims * | (26,726) | (26,726) | (26,726) | ||||
| (=) Equity Value | 1,898 | 3,404 | 4,911 | ||||
| (/) Shares Outstanding | 2,246.6 | 2,246.6 | 2,246.6 | ||||
| Implied Value Range | 0.84 | 1.52 | 2.19 | ||||
| FX Rate: HKD/HKD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.84 | 1.52 | 2.19 | 1.67 | |||
| Upside / (Downside) | -49.4% | -9.3% | 30.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1381 | 987 | 836 | 1257 | 451 | 1250 | |
| Enterprise Value | 21,979 | (518) | 273,130 | 20,895 | 2,103 | 30,477 | |
| (+) Cash & Short Term Investments | 1,829 | 232 | 5,834 | 1,660 | 285 | 4,199 | |
| (+) Investments & Other | 1,468 | 759 | 22,324 | 258 | 1,748 | 1,769 | |
| (-) Debt | (13,285) | (228) | (194,156) | (21,028) | (452) | (26,563) | |
| (-) Other Liabilities | (355) | 10 | (10,114) | (152) | (3,141) | (6,131) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,637 | 256 | 97,018 | 1,632 | 543 | 3,752 | |
| (/) Shares Outstanding | 2,439.5 | 2,506.2 | 5,177.1 | 2,066.1 | 1,400.9 | 2,246.6 | |
| Implied Stock Price | 4.77 | 0.10 | 18.74 | 0.79 | 0.39 | 1.67 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.93 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.77 | 0.10 | 18.74 | 0.79 | 0.42 | 1.67 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | HKD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.93 | 1.00 | |