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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 5.9x - 6.6x | 6.2x |
| Selected Fwd EBIT Multiple | 6.3x - 7.0x | 6.6x |
| Fair Value | $3.32 - $4.29 | $3.81 |
| Upside | -19.1% - 4.7% | -7.2% |
| Benchmarks | Ticker | Full Ticker |
| Asia Cement (China) Holdings Corporation | 743 | SEHK:743 |
| China Resources Building Materials Technology Holdings Limited | 1313 | SEHK:1313 |
| YCIH Green High-Performance Concrete Company Limited | 1847 | SEHK:1847 |
| Xiamen Wanli Stone Stock Co.,Ltd | 2785 | SZSE:002785 |
| Shandong Longquan Pipe Industry Co.,Ltd | 2671 | SZSE:002671 |
| China Shanshui Cement Group Limited | CSCG.Y | OTCPK:CSCG.Y |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 743 | 1313 | 1847 | 2785 | 2671 | CSCG.Y | ||
| SEHK:743 | SEHK:1313 | SEHK:1847 | SZSE:002785 | SZSE:002671 | OTCPK:CSCG.Y | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -60.7% | -37.0% | NM- | NM- | 35.0% | -31.5% | |
| 3Y CAGR | -75.5% | -48.4% | NM- | NM- | 83.2% | -45.9% | |
| Latest Twelve Months | -9.8% | -21.4% | -15768.0% | -108.2% | 111.7% | 258.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.4% | 12.9% | 1.3% | -2.5% | -2.1% | 14.0% | |
| Prior Fiscal Year | 4.7% | 4.0% | 0.1% | -3.9% | 4.9% | 1.2% | |
| Latest Fiscal Year | 0.7% | 4.4% | -18.1% | -6.3% | 10.6% | 5.5% | |
| Latest Twelve Months | 3.1% | 3.7% | -18.1% | -6.7% | 9.7% | 5.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | -0.70x | 0.80x | 1.03x | 5.47x | 2.49x | 0.34x | |
| EV / LTM EBITDA | -4.6x | 5.1x | -8.4x | -97.7x | 11.5x | 2.4x | |
| EV / LTM EBIT | -22.6x | 21.9x | -5.7x | -81.6x | 25.7x | 6.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -81.6x | -5.7x | 25.7x | ||||
| Historical EV / LTM EBIT | 1.8x | 2.3x | 6.3x | ||||
| Selected EV / LTM EBIT | 5.9x | 6.2x | 6.6x | ||||
| (x) LTM EBIT | 796 | 796 | 796 | ||||
| (=) Implied Enterprise Value | 4,722 | 4,970 | 5,219 | ||||
| (-) Non-shareholder Claims * | (3,204) | (3,204) | (3,204) | ||||
| (=) Equity Value | 1,518 | 1,766 | 2,015 | ||||
| (/) Shares Outstanding | 75.1 | 75.1 | 75.1 | ||||
| Implied Value Range | 20.20 | 23.51 | 26.81 | ||||
| FX Rate: CNY/USD | 7.2 | 7.2 | 7.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.82 | 3.28 | 3.74 | 4.10 | |||
| Upside / (Downside) | -31.3% | -20.1% | -8.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 743 | 1313 | 1847 | 2785 | 2671 | CSCG.Y | |
| Enterprise Value | (5,028) | 18,640 | 748 | 6,895 | 2,955 | 5,414 | |
| (+) Cash & Short Term Investments | 9,024 | 2,079 | 125 | 156 | 391 | 2,710 | |
| (+) Investments & Other | 793 | 6,947 | 0 | 196 | 11 | 462 | |
| (-) Debt | (1,203) | (15,916) | (625) | (196) | (841) | (6,360) | |
| (-) Other Liabilities | (366) | (1,541) | (76) | (50) | (35) | (17) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,221 | 10,208 | 171 | 7,000 | 2,480 | 2,210 | |
| (/) Shares Outstanding | 1,566.9 | 6,982.9 | 446.3 | 226.6 | 552.4 | 75.1 | |
| Implied Stock Price | 2.06 | 1.46 | 0.38 | 30.89 | 4.49 | 29.41 | |
| FX Conversion Rate to Trading Currency | 0.91 | 0.91 | 0.91 | 1.00 | 1.00 | 7.17 | |
| Implied Stock Price (Trading Cur) | 2.25 | 1.60 | 0.42 | 30.89 | 4.49 | 4.10 | |
| Trading Currency | HKD | HKD | HKD | CNY | CNY | USD | |
| FX Rate to Reporting Currency | 0.91 | 0.91 | 0.91 | 1.00 | 1.00 | 7.17 | |