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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 28.6x - 31.6x | 30.1x |
| Selected Fwd EBIT Multiple | 27.7x - 30.6x | 29.2x |
| Fair Value | HK$ 2.71 - HK$ 3.69 | HK$ 3.20 |
| Upside | -52.4% - -35.3% | -43.8% |
| Benchmarks | Ticker | Full Ticker |
| Tonking New Energy Group Holdings Limited | 8326 | SEHK:8326 |
| China Environmental Technology Holdings Limited | 646 | SEHK:646 |
| Enlight Renewable Energy Ltd | ENLT | TASE:ENLT |
| Eden Inc. Berhad | EDEN | KLSE:EDEN |
| Shivamshree Businesses Limited | 538520 | BSE:538520 |
| Shandong Hi-Speed Holdings Group Limited | 412 | SEHK:412 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 8326 | 646 | ENLT | EDEN | 538520 | 412 | ||
| SEHK:8326 | SEHK:646 | TASE:ENLT | KLSE:EDEN | BSE:538520 | SEHK:412 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 1.2% | NM- | 49.5% | NM- | NM- | 119.2% | |
| 3Y CAGR | NM- | NM- | 61.2% | NM- | NM- | NM- | |
| Latest Twelve Months | 167.0% | 65.7% | 52.6% | 157.2% | -305.7% | 20.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.4% | -84.0% | 44.0% | -11.1% | -23.8% | 8.1% | |
| Prior Fiscal Year | 5.9% | -135.2% | 44.8% | -3.1% | -83.1% | 29.8% | |
| Latest Fiscal Year | 5.5% | -25.8% | 46.3% | -1.0% | -0.2% | 35.5% | |
| Latest Twelve Months | 8.7% | -25.8% | 46.3% | 2.3% | -11.8% | 35.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.18x | 11.04x | 12.87x | 0.30x | 1.48x | 13.23x | |
| EV / LTM EBITDA | 2.0x | -20.2x | 17.1x | 4.8x | -12.5x | 20.2x | |
| EV / LTM EBIT | 2.1x | -20.0x | 27.8x | 13.2x | -12.6x | 37.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -20.0x | 2.1x | 27.8x | ||||
| Historical EV / LTM EBIT | -33.8x | 32.5x | 73.8x | ||||
| Selected EV / LTM EBIT | 28.6x | 30.1x | 31.6x | ||||
| (x) LTM EBIT | 1,981 | 1,981 | 1,981 | ||||
| (=) Implied Enterprise Value | 56,618 | 59,598 | 62,578 | ||||
| (-) Non-shareholder Claims * | (39,530) | (39,530) | (39,530) | ||||
| (=) Equity Value | 17,088 | 20,068 | 23,048 | ||||
| (/) Shares Outstanding | 6,019.4 | 6,019.4 | 6,019.4 | ||||
| Implied Value Range | 2.84 | 3.33 | 3.83 | ||||
| FX Rate: HKD/HKD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.84 | 3.33 | 3.83 | 5.70 | |||
| Upside / (Downside) | -50.2% | -41.5% | -32.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 8326 | 646 | ENLT | EDEN | 538520 | 412 | |
| Enterprise Value | 198 | 244 | 4,897 | 47 | 90 | 73,841 | |
| (+) Cash & Short Term Investments | 160 | 1 | 387 | 45 | 1 | 9,077 | |
| (+) Investments & Other | 0 | 0 | 129 | 0 | 0 | 8,010 | |
| (-) Debt | (148) | (163) | (3,234) | (13) | 0 | (44,970) | |
| (-) Other Liabilities | (19) | (3) | (260) | 2 | 0 | (11,647) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 190 | 79 | 1,918 | 81 | 91 | 34,311 | |
| (/) Shares Outstanding | 1,227.0 | 342.7 | 119.1 | 505.4 | 45.7 | 6,019.4 | |
| Implied Stock Price | 0.16 | 0.23 | 16.11 | 0.16 | 2.00 | 5.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.27 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.16 | 0.23 | 59.56 | 0.16 | 2.00 | 5.70 | |
| Trading Currency | HKD | HKD | ILS | MYR | INR | HKD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.27 | 1.00 | 1.00 | 1.00 | |