Binhai Investment Co Ltd

Prix Action

1,10 HKD

Juste Valeur

1,48 HKD

Metrics	Range	Conclusion
Selected LTM Revenue Multiple	0,8x - 0,9x	0,8x
Selected Fwd Revenue Multiple	0,7x - 0,8x	0,8x
Fair Value	1,30HK$ - 1,66HK$	1,48HK$
Upside	17,1% - 49,1%	33,1%

Benchmarks	Ticker	Full Ticker
China Gas Holdings Limited	384	SEHK:384
Kunlun Energy Company Limited	135	SEHK:135
Beijing Gas Blue Sky Holdings Limited	6828	SEHK:6828
China Oil And Gas Group Limited	603	SEHK:603
Global Strategic Group Limited	8007	SEHK:8007
Binhai Investment Company Limited	2886	SEHK:2886

Multiples Valuation: EV / Revenue

Prix Action

1,10 HKD

Juste Valeur

1,48 HKD

Potentiel haussier

33,1%

LTM Revenue Multiple

Proj Revenue Multiple

Fair Value

Benchmark Editor


Select LTM Revenue Multiple

	Benchmark Companies
	384	135	6828	603	8007	2886
	SEHK:384	SEHK:135	SEHK:6828	SEHK:603	SEHK:8007	SEHK:2886
Historical Revenue Growth
5Y CAGR	6.5%	12.9%	-8.8%	11.5%	14.8%	11.7%
3Y CAGR	5.2%	10.5%	-0.8%	7.2%	45.7%	8.6%
Latest Twelve Months	-5.4%	5.5%	-21.5%	-4.7%	33.2%	-3.3%

Historical EBIT Profit Margin
5 Year Average Margin	12.6%	6.4%	-13.3%	9.1%	-29.5%	9.3%
Prior Fiscal Year	6.4%	6.8%	-6.9%	5.6%	-9.8%	8.1%
Latest Fiscal Year	6.9%	6.4%	-5.8%	7.7%	-1.0%	6.6%
Latest Twelve Months	7.1%	6.4%	-5.8%	7.7%	-1.0%	6.6%

Current Trading Multiples
EV / LTM Revenue	0.94x	0.27x	0.51x	0.39x	1.05x	0.71x
EV / LTM EBIT	13.2x	4.2x	-8.8x	5.1x	-106.4x	10.7x
Price / LTM Sales	0.50x	0.34x	0.44x	0.04x	0.06x	0.25x


	Low	Mid	High

Benchmark EV / LTM Revenue	0.27x	0.51x	1.05x
Historical EV / LTM Revenue	0.71x	0.87x	1.12x

Selected EV / LTM Revenue	0.78x	0.82x	0.86x
(x) LTM Revenue	6,198	6,198	6,198
(=) Implied Enterprise Value	4,836	5,090	5,345
(-) Non-shareholder Claims *	(2,861)	(2,861)	(2,861)
(=) Equity Value	1,974	2,229	2,483
(/) Shares Outstanding	1,375.9	1,375.9	1,375.9
Implied Value Range	1.43	1.62	1.80
FX Rate: HKD/HKD	1.0	1.0	1.0		Market Price
Implied Value Range (Trading Cur)	1.43	1.62	1.80		1.11
Upside / (Downside)	29.3%	45.9%	62.6%

Calculs d'appui

Equity Waterfall

Financials

Historical Multiples


Equity Waterfall

	Benchmark Companies
(in millions)	384	135	6828	603	8007	2886

Enterprise Value	75,704	50,786	869	6,876	233	4,389
(+) Cash & Short Term Investments	9,232	45,092	360	4,348	24	385
(+) Investments & Other	22,758	14,988	1,993	1,675	0	322
(-) Debt	(60,771)	(24,279)	(2,348)	(8,575)	(147)	(3,342)
(-) Other Liabilities	(7,042)	(23,686)	(124)	(3,554)	(96)	(82)
(-) Preferred Stock	0	0	0	0	0	(144)
(-) Other	0	0	0	0	0	0
Value of Common Equity	39,880	62,901	750	769	14	1,527
(/) Shares Outstanding	5,448.2	8,658.8	22,736.1	4,806.8	455.9	1,375.9
Implied Stock Price	7.32	7.26	0.03	0.16	0.03	1.11
FX Conversion Rate to Trading Currency	1.00	0.93	1.00	1.00	1.00	1.00
Implied Stock Price (Trading Cur)	7.32	7.78	0.03	0.16	0.03	1.11

Trading Currency	HKD	HKD	HKD	HKD	HKD	HKD
FX Rate to Reporting Currency	1.00	0.93	1.00	1.00	1.00	1.00

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