CK Hutchison Holdings Limited (0001.HK)

Industry: Conglomerates Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
0267.HK	1	CITIC Limited	198,790	2.94	2.94	6.57	6.18	6.04	6.10
8058.T	2	Mitsubishi Corpora	116,596	14.22	12.45	11.50	10.79	50.74	44.22
600704.SS	3	Wuchan Zhongda Gro	83,814	8.18	7.72	20.08	21.43	16.75	12.19
0001.HK	4	CK Hutchison Holdi	72,321	6.12	7.07	3.87	2.66	1.85	1.04
JAR.L	5	Jardine Matheson H	70,540	77.95	138.49	4.05	4.31	4.75	3.87
8015.T	6	Toyota Tsusho Corp	67,246	12.71	10.54	8.32	7.31	10.25	9.57
6501.T	7	Hitachi, Ltd.	63,149	30.41	23.92	13.47	11.94	22.99	17.82
KCHOL.IS	8	Koç Holding A.S.	58,327	25.51	21.81	7.28	4.59	11.38	11.20
0656.HK	9	Fosun Internationa	54,013	-	-	45.36	47.06	14.39	-
8002.T	10	Marubeni Corporati	52,049	10.68	10.68	11.73	5.73	49.69	28.08
000880.KS	11	Hanwha Corporation	48,549	6.25	4.50	5.87	4.36	10.72	9.39
HON	12	Honeywell Internat	40,671	21.82	20.93	15.27	14.28	22.50	19.32
HONIV	13	Honeywell Internat	40,671	20.10	19.29	14.37	13.44	17.03	17.06
000906.SZ	14	Zheshang Developme	31,970	22.06	27.06	24.87	26.81	24.49	25.49
001040.KS	15	CJ Corporation	30,367	15.94	14.18	3.15	2.75	8.78	8.56
BBU	16	Brookfield Busines	27,790	-	-	7.66	6.93	11.93	11.18

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.22	12.45	8.32	6.93	11.93	11.19
Full Range Median Multiple	15.94	14.18	11.50	7.31	14.39	11.69
Industry Multiple	20.68	24.19	13.30	12.53	18.83	16.00
Market Implied Multiple	7.66	8.86	4.35	2.98	2.08	1.16
Company (0001.HK) Multiple	6.12	7.07	3.87	2.66	1.85	1.04
(*) Net Income / EBITDA / Revenue	3,886	3,363	12,701	18,520	26,594	47,491
Winsorized Enterprise Value	N/A	N/A	105,674	128,433	317,249	531,359
Full Range Median Enterprise Value	N/A	N/A	146,024	135,463	382,728	555,362
(-) Net Debt	25,422	25,422	25,422	25,422	25,422	25,422
Winsorized Equity Value	55,263	41,863	80,252	103,011	291,828	505,937
Full Range Median Equity Value	61,949	47,678	120,602	110,041	357,306	529,940
(/) Shares Outstanding	492	492	492	492	492	492
Winsorized Fair Value	$112.26	$85.04	$163.02	$209.25	$592.81	$1,027.75
Full Range Median Fair Value	$125.84	$96.85	$244.99	$223.53	$725.82	$1,076.51
Current Price	$60.50	$60.50	$60.50	$60.50	$60.50	$60.50
Upside / Downside	85.55%	40.56%	169.46%	245.87%	879.85%	1,598.76%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$78.58	$59.53	$114.11	$146.48	$414.97	$719.42
Buy / Don't Buy	BUY	Don’t Buy	BUY	BUY	BUY	BUY