Shandong Hi-Speed Road and Bridge Group Co., Ltd. (000498.SZ)

Industry: Engineering & Construction 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
MTZ	29	MasTec, Inc.	13,762	49.95	49.31	18.32	17.07	13.37	25.26
600502.SS	30	Anhui Construction	12,428	6.58	5.83	17.17	16.11	35.23	27.95
MGNS.L	31	Morgan Sindall Gro	12,169	8.10	4.11	4.80	3.21	5.29	3.42
002761.SZ	32	Zhejiang Construct	11,678	48.24	65.97	38.58	49.61	-	53.06
KIE.L	33	Kier Group plc	10,676	9.88	8.17	3.11	2.80	3.40	3.66
ARCAD.AS	34	Arcadis N.V.	10,271	9.83	8.30	5.32	4.48	13.74	6.77
002060.SZ	35	Guangdong Construc	10,005	13.22	10.16	10.95	9.27	17.46	15.46
000498.SZ	36	Shandong Hi-Speed	9,938	4.18	3.47	11.01	9.03	15.77	10.62
DEME.BR	37	DEME Group N.V.	9,427	5.43	4.81	2.39	2.15	4.11	4.94
LTOD.L	38	Larsen & Toubro Li	9,181	60.91	64.43	27.50	28.68	18.24	55.35
0QNT.L	39	Implenia AG	9,153	4.34	3.87	3.84	3.56	1.78	2.39
006360.KS	40	GS Engineering & C	8,640	35.65	53.66	9.07	9.46	8.47	17.78
600820.SS	41	Shanghai Tunnel En	8,562	7.89	7.56	8.13	7.30	17.19	12.72
FIX	42	Comfort Systems US	8,323	34.78	24.37	23.61	17.21	18.94	18.06
KBR	43	KBR, Inc.	8,060	15.97	15.97	9.38	6.94	10.97	7.82
MAIRE.MI	44	Maire Tecnimont S.	7,783	15.57	15.57	8.17	8.17	8.85	9.49

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.88	8.30	8.17	7.30	9.91	9.49
Full Range Median Multiple	13.22	10.16	9.07	8.17	12.17	12.72
Industry Multiple	21.76	22.81	12.69	12.40	12.65	17.61
Market Implied Multiple	4.19	3.48	11.01	9.04	15.78	10.62
Company (000498.SZ) Multiple	4.18	3.47	11.01	9.03	15.77	10.62
(*) Net Income / EBITDA / Revenue	323	389	632	770	441	655
Winsorized Enterprise Value	N/A	N/A	5,163	5,623	4,371	6,216
Full Range Median Enterprise Value	N/A	N/A	5,728	6,290	5,366	8,331
(-) Net Debt	5,604	5,604	5,604	5,604	5,604	5,604
Winsorized Equity Value	3,190	3,231	-441	19	-1,233	612
Full Range Median Equity Value	4,269	3,955	124	686	-238	2,727
(/) Shares Outstanding	220	220	220	220	220	220
Winsorized Fair Value	$14.48	$14.67	$-2.00	$0.09	$-5.60	$2.78
Full Range Median Fair Value	$19.38	$17.95	$0.56	$3.11	$-1.08	$12.38
Current Price	$6.15	$6.15	$6.15	$6.15	$6.15	$6.15
Upside / Downside	135.52%	138.55%	-132.58%	-98.62%	-191.05%	-54.81%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$10.14	$10.27	$-1.40	$0.06	$-3.92	$1.95
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy