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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.5x - 9.4x | 8.9x |
| Selected Fwd EBITDA Multiple | 8.4x - 9.2x | 8.8x |
| Fair Value | ¥3.29 - ¥3.66 | ¥3.48 |
| Upside | -0.3% - 11.0% | 5.4% |
| Benchmarks | Ticker | Full Ticker |
| Shaanxi Meineng Clean Energy Corp.,Ltd. | 1299 | SZSE:001299 |
| Xinjiang Torch Gas Co., Ltd | 603080 | SHSE:603080 |
| Xinjiang Xintai Natural Gas Co., Ltd. | 603393 | SHSE:603393 |
| Shanghai Dazhong Public Utilities(Group) Co.,Ltd. | 600635 | SHSE:600635 |
| Top Resource Energy Co., Ltd. | 300332 | SZSE:300332 |
| Shandong Shengli Co., Ltd. | 407 | SZSE:000407 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 1299 | 603080 | 603393 | 600635 | 300332 | 407 | ||
| SZSE:001299 | SHSE:603080 | SHSE:603393 | SHSE:600635 | SZSE:300332 | SZSE:000407 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.1% | 14.0% | 14.8% | 0.4% | 12.2% | -2.0% | |
| 3Y CAGR | -11.6% | 10.8% | 17.9% | 2.7% | 17.2% | 10.3% | |
| Latest Twelve Months | 17.9% | 23.3% | 17.1% | 3.9% | -48.5% | -12.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 16.8% | 24.7% | 67.0% | 10.6% | 21.7% | 8.4% | |
| Prior Fiscal Year | 14.2% | 23.4% | 70.5% | 9.6% | 21.7% | 9.0% | |
| Latest Fiscal Year | 14.5% | 22.3% | 76.8% | 10.0% | 16.5% | 8.8% | |
| Latest Twelve Months | 14.5% | 20.0% | 76.8% | 10.0% | 10.9% | 8.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.58x | 1.60x | 4.09x | 0.96x | 0.90x | 0.74x | |
| EV / LTM EBITDA | 17.9x | 8.0x | 5.6x | 8.5x | 8.2x | 8.4x | |
| EV / LTM EBIT | 23.9x | 12.8x | 8.6x | 16.6x | 13.5x | 12.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.6x | 8.2x | 17.9x | ||||
| Historical EV / LTM EBITDA | 8.4x | 10.7x | 12.0x | ||||
| Selected EV / LTM EBITDA | 8.5x | 8.9x | 9.4x | ||||
| (x) LTM EBITDA | 371 | 371 | 371 | ||||
| (=) Implied Enterprise Value | 3,154 | 3,320 | 3,486 | ||||
| (-) Non-shareholder Claims * | (217) | (217) | (217) | ||||
| (=) Equity Value | 2,937 | 3,103 | 3,269 | ||||
| (/) Shares Outstanding | 880.1 | 880.1 | 880.1 | ||||
| Implied Value Range | 3.34 | 3.53 | 3.71 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.34 | 3.53 | 3.71 | 3.30 | |||
| Upside / (Downside) | 1.1% | 6.9% | 12.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1299 | 603080 | 603393 | 600635 | 300332 | 407 | |
| Enterprise Value | 1,719 | 2,217 | 15,974 | 5,700 | 3,916 | 3,121 | |
| (+) Cash & Short Term Investments | 708 | 218 | 2,627 | 3,523 | 1,189 | 814 | |
| (+) Investments & Other | 119 | 28 | 963 | 10,152 | 785 | 823 | |
| (-) Debt | (6) | (34) | (4,587) | (7,847) | (1,403) | (1,505) | |
| (-) Other Liabilities | (1) | (133) | (2,301) | (1,493) | (221) | (349) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,538 | 2,295 | 12,676 | 10,035 | 4,265 | 2,904 | |
| (/) Shares Outstanding | 183.5 | 141.5 | 422.5 | 2,633.8 | 865.1 | 880.1 | |
| Implied Stock Price | 13.83 | 16.22 | 30.00 | 3.81 | 4.93 | 3.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13.83 | 16.22 | 30.00 | 3.81 | 4.93 | 3.30 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |