このページの読み込み中にエラーが発生したようです.
当社チームに通知しましたが、問題が続くようでしたらEメールサポートウィジェットを使ってご連絡ください。
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.0x - 10.0x | 9.5x |
| Selected Fwd EBITDA Multiple | 7.2x - 7.9x | 7.6x |
| Fair Value | ¥5.73 - ¥7.61 | ¥6.67 |
| Upside | -43.5% - -25.0% | -34.2% |
| Benchmarks | Ticker | Full Ticker |
| Chengdu Expressway Co., Ltd. | 1785 | SEHK:1785 |
| Chongqing Port Co.,Ltd. | 600279 | SHSE:600279 |
| TangShan Port Group Co.,Ltd | 601000 | SHSE:601000 |
| Jinzhou Port Co., Ltd. | 900952 | SHSE:900952 |
| Qilu Expressway Company Limited | 1576 | SEHK:1576 |
| Shandong Hi-speed Company Limited | 600350 | SHSE:600350 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 1785 | 600279 | 601000 | 900952 | 1576 | 600350 | ||
| SEHK:1785 | SHSE:600279 | SHSE:601000 | SHSE:900952 | SEHK:1576 | SHSE:600350 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 11.7% | 0.8% | 3.2% | -0.6% | 5.8% | 19.6% | |
| 3Y CAGR | 12.8% | 3.7% | -0.7% | -9.5% | -9.5% | 12.9% | |
| Latest Twelve Months | 14.7% | -30.5% | 6.5% | -248.1% | -27.6% | -0.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 40.8% | 9.0% | 40.2% | 26.3% | 58.8% | 47.5% | |
| Prior Fiscal Year | 37.8% | 9.3% | 42.1% | 31.9% | 46.6% | 40.8% | |
| Latest Fiscal Year | 42.2% | 9.7% | 46.5% | 30.7% | 17.3% | 36.8% | |
| Latest Twelve Months | 43.5% | 9.9% | 48.3% | -70.8% | 12.6% | 33.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.61x | 2.12x | 3.30x | 2.29x | 1.88x | 3.79x | |
| EV / LTM EBITDA | 3.7x | 21.3x | 6.8x | -3.2x | 14.9x | 11.2x | |
| EV / LTM EBIT | 5.6x | 56.1x | 9.3x | -2.5x | 21.4x | 19.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -3.2x | 6.8x | 21.3x | ||||
| Historical EV / LTM EBITDA | 6.0x | 8.9x | 10.5x | ||||
| Selected EV / LTM EBITDA | 9.0x | 9.5x | 10.0x | ||||
| (x) LTM EBITDA | 9,654 | 9,654 | 9,654 | ||||
| (=) Implied Enterprise Value | 87,198 | 91,788 | 96,377 | ||||
| (-) Non-shareholder Claims * | (59,030) | (59,030) | (59,030) | ||||
| (=) Equity Value | 28,168 | 32,758 | 37,347 | ||||
| (/) Shares Outstanding | 4,852.1 | 4,852.1 | 4,852.1 | ||||
| Implied Value Range | 5.81 | 6.75 | 7.70 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.81 | 6.75 | 7.70 | 10.14 | |||
| Upside / (Downside) | -42.7% | -33.4% | -24.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1785 | 600279 | 601000 | 900952 | 1576 | 600350 | |
| Enterprise Value | 4,502 | 9,149 | 19,616 | 4,165 | 12,761 | 108,230 | |
| (+) Cash & Short Term Investments | 2,249 | 1,471 | 4,534 | 209 | 978 | 6,509 | |
| (+) Investments & Other | 528 | 212 | 3,926 | 4,522 | 24 | 21,782 | |
| (-) Debt | (2,617) | (3,031) | (1) | (6,412) | (9,150) | (74,145) | |
| (-) Other Liabilities | (951) | (1,712) | (1,586) | (101) | (131) | (13,176) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,711 | 6,089 | 26,489 | 2,383 | 4,481 | 49,200 | |
| (/) Shares Outstanding | 1,656.1 | 1,186.9 | 5,925.9 | 3,817.5 | 2,000.0 | 4,852.1 | |
| Implied Stock Price | 2.24 | 5.13 | 4.47 | 0.62 | 2.24 | 10.14 | |
| FX Conversion Rate to Trading Currency | 0.93 | 1.00 | 1.00 | 7.26 | 0.93 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.40 | 5.13 | 4.47 | 0.09 | 2.40 | 10.14 | |
| Trading Currency | HKD | CNY | CNY | USD | HKD | CNY | |
| FX Rate to Reporting Currency | 0.93 | 1.00 | 1.00 | 7.26 | 0.93 | 1.00 | |