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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 6.4x - 7.1x | 6.8x |
| Selected Fwd Revenue Multiple | 0.8x - 0.8x | 0.8x |
| Fair Value | HK$ 2.71 - HK$ 2.77 | HK$ 2.74 |
| Upside | -11.7% - -9.9% | -10.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Guangdong Land Holdings Limited | 124 | SEHK:124 |
| Tomson Group Limited | 258 | SEHK:258 |
| Shanghai Industrial Urban Development Group Limited | 563 | SEHK:563 |
| K. Wah International Holdings Limited | 173 | SEHK:173 |
| Hong Kong Ferry (Holdings) Company Limited | 50 | SEHK:50 |
| Tai Cheung Holdings Limited | 88 | SEHK:88 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 124 | 258 | 563 | 173 | 50 | 88 | |||
| SEHK:124 | SEHK:258 | SEHK:563 | SEHK:173 | SEHK:50 | SEHK:88 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 65.5% | -5.4% | 7.7% | -10.7% | 7.2% | -19.9% | ||
| 3Y CAGR | -1.0% | -17.9% | 4.1% | -19.6% | 20.1% | 18.1% | ||
| Latest Twelve Months | 207.0% | -26.7% | 56.4% | -35.2% | 12.9% | -72.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 4.2% | 30.1% | 26.0% | 30.3% | 31.7% | -90.1% | ||
| Prior Fiscal Year | 0.0% | 25.1% | 34.0% | 19.8% | 33.3% | -74.2% | ||
| Latest Fiscal Year | -68.3% | 24.8% | 12.4% | 19.5% | 27.9% | -25.1% | ||
| Latest Twelve Months | -44.5% | 22.4% | 12.4% | 19.7% | 27.9% | -119.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 3.55x | 8.48x | 1.30x | 3.59x | -0.83x | 13.99x | ||
| EV / LTM EBIT | -8.0x | 37.9x | 10.5x | 18.2x | -3.0x | -11.7x | ||
| Price / LTM Sales | 0.08x | 17.63x | 0.12x | 1.47x | 3.61x | 48.24x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -0.83x | 3.55x | 8.48x | |||||
| Historical EV / LTM Revenue | -8.78x | 7.01x | 18.14x | |||||
| Selected EV / LTM Revenue | 6.42x | 6.75x | 7.09x | |||||
| (x) LTM Revenue | 39 | 39 | 39 | |||||
| (=) Implied Enterprise Value | 252 | 265 | 279 | |||||
| (-) Non-shareholder Claims * | 1,346 | 1,346 | 1,346 | |||||
| (=) Equity Value | 1,598 | 1,611 | 1,625 | |||||
| (/) Shares Outstanding | 617.5 | 617.5 | 617.5 | |||||
| Implied Value Range | 2.59 | 2.61 | 2.63 | |||||
| FX Rate: HKD/HKD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.59 | 2.61 | 2.63 | 3.07 | ||||
| Upside / (Downside) | -15.7% | -15.0% | -14.3% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 124 | 258 | 563 | 173 | 50 | 88 | |
| Enterprise Value | 20,198 | 2,877 | 16,211 | (3,942) | (1,046) | 550 | |
| (+) Cash & Short Term Investments | 4,257 | 3,870 | 5,343 | 7,481 | 1,877 | 1,157 | |
| (+) Investments & Other | 40 | 434 | 4,033 | 19,076 | 697 | 259 | |
| (-) Debt | (22,633) | (1,066) | (17,952) | (14,022) | (8) | (70) | |
| (-) Other Liabilities | (1,382) | (136) | (6,082) | (2,414) | 9 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 479 | 5,979 | 1,554 | 6,179 | 1,528 | 1,896 | |
| (/) Shares Outstanding | 1,711.5 | 2,166.4 | 4,780.4 | 3,152.7 | 356.3 | 617.5 | |
| Implied Stock Price | 0.28 | 2.76 | 0.33 | 1.96 | 4.29 | 3.07 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.28 | 2.76 | 0.33 | 1.96 | 4.29 | 3.07 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | HKD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |