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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5,4x - 6,0x | 5,7x |
| Selected Fwd EBITDA Multiple | 4,2x - 4,6x | 4,4x |
| Fair Value | €0,94 - €1,10 | €1,02 |
| Upside | -13,9% - 1,1% | -6,4% |
| Benchmarks | Ticker | Full Ticker |
| Anhui Conch Cement Company Limited | 600585 | SHSE:600585 |
| China National Building Material Company Limited | 3323 | SEHK:3323 |
| Anhui Conch Material Technology Co., Ltd. | 2560 | SEHK:2560 |
| China Resources Building Materials Technology Holdings Limited | 1313 | SEHK:1313 |
| Huaibei GreenGold Industry Investment Co., Ltd. | 2450 | SEHK:2450 |
| Huaxin Cement Co., Ltd. | RC0 | DB:RC0 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 600585 | 3323 | 2560 | 1313 | 2450 | RC0 | ||
| SHSE:600585 | SEHK:3323 | SEHK:2560 | SEHK:1313 | SEHK:2450 | DB:RC0 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -18.7% | -14.8% | NM- | -23.8% | -14.4% | -6.6% | |
| 3Y CAGR | -28.1% | -23.5% | 16.2% | -30.8% | -16.8% | -8.2% | |
| Latest Twelve Months | -12.1% | -17.3% | 3.8% | -8.0% | -29.5% | -6.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 22.1% | 15.4% | 10.9% | 21.1% | 60.4% | 26.8% | |
| Prior Fiscal Year | 13.7% | 12.6% | 10.9% | 13.1% | 61.5% | 23.6% | |
| Latest Fiscal Year | 18.6% | 12.1% | 11.4% | 13.4% | 53.4% | 21.8% | |
| Latest Twelve Months | 18.6% | 12.1% | 11.4% | 13.4% | 53.4% | 21.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.87x | 1.27x | 0.77x | 0.82x | 8.75x | 1.19x | |
| EV / LTM EBITDA | 4.7x | 10.5x | 6.7x | 6.1x | 16.4x | 5.5x | |
| EV / LTM EBIT | 9.3x | 29.3x | 8.9x | 25.4x | 30.0x | 10.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.7x | 6.7x | 16.4x | ||||
| Historical EV / LTM EBITDA | 4.1x | 4.3x | 5.5x | ||||
| Selected EV / LTM EBITDA | 5.4x | 5.7x | 6.0x | ||||
| (x) LTM EBITDA | 7,448 | 7,448 | 7,448 | ||||
| (=) Implied Enterprise Value | 40,221 | 42,338 | 44,455 | ||||
| (-) Non-shareholder Claims * | (15,665) | (15,665) | (15,665) | ||||
| (=) Equity Value | 24,556 | 26,673 | 28,790 | ||||
| (/) Shares Outstanding | 3,075.0 | 3,075.0 | 3,075.0 | ||||
| Implied Value Range | 7.99 | 8.67 | 9.36 | ||||
| FX Rate: CNY/EUR | 8.3 | 8.3 | 8.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.96 | 1.04 | 1.13 | 1.09 | |||
| Upside / (Downside) | -11.8% | -4.2% | 3.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600585 | 3323 | 2560 | 1313 | 2450 | RC0 | |
| Enterprise Value | 84,340 | 229,754 | 1,829 | 19,007 | 2,063 | 43,499 | |
| (+) Cash & Short Term Investments | 70,739 | 32,959 | 171 | 2,235 | 323 | 6,841 | |
| (+) Investments & Other | 20,425 | 37,136 | 0 | 7,049 | 0 | 1,557 | |
| (-) Debt | (30,243) | (195,560) | (933) | (15,262) | (1,360) | (19,456) | |
| (-) Other Liabilities | (12,437) | (75,084) | (106) | (1,576) | (234) | (4,606) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 132,824 | 29,204 | 962 | 11,454 | 791 | 27,835 | |
| (/) Shares Outstanding | 5,277.1 | 7,593.0 | 579.9 | 6,982.9 | 264.0 | 3,075.0 | |
| Implied Stock Price | 25.17 | 3.85 | 1.66 | 1.64 | 3.00 | 9.05 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.94 | 0.94 | 0.94 | 0.94 | 8.30 | |
| Implied Stock Price (Trading Cur) | 25.17 | 4.08 | 1.76 | 1.74 | 3.18 | 1.09 | |
| Trading Currency | CNY | HKD | HKD | HKD | HKD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.94 | 0.94 | 0.94 | 0.94 | 8.30 | |