Power Assets Holdings Limited (0006.HK)

Industry: Independent Power Producers 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
ARASE.IS	39	Dogu Aras Enerji Y	727	9.49	9.49	2.58	2.58	1.83	2.21
KEN	40	Kenon Holdings Ltd	622	5.26	4.92	16.84	19.55	20.11	120.55
JPPOWER.BO	41	Jaiprakash Power V	609	16.09	16.09	7.93	7.01	10.29	7.08
ROJNA-R.BK	42	Rojana Industrial	551	15.31	16.08	7.29	8.07	11.09	12.32
1811.HK	43	CGN New Energy Hol	485	2.82	2.58	4.65	3.61	7.70	6.28
ZEP.WA	44	Ze Pak S.A.	445	256.42	256.42	19.38	19.38	-	44.24
ADMIE.AT	45	Admie Holding S.A.	326	5.75	5.53	2.80	2.74	-	3.35
0006.HK	46	Power Assets Holdi	271	8.81	12.73	87.50	129.75	77.93	247.63
WAAREERTL.BO	47	Waaree Renewable T	245	31.29	31.29	22.44	7.49	15.95	22.57
600674.SS	48	Sichuan Chuantou E	236	16.16	15.06	105.91	93.66	129.92	31.73
1671.HK	49	Tianjin Tianbao En	201	10.35	10.35	2.75	2.75	8.14	6.96
AYEN.IS	50	Ayen Enerji A.S.	176	73.62	73.62	6.76	3.74	-	9.31
KPEL.BO	51	K.P. Energy Limite	125	20.03	20.03	12.14	5.13	12.11	13.94
600719.SS	52	Dalian Thermal Pow	86	-	-	-	-	-	-
GVKPIL.BO	53	GVK Power & Infras	73	-	-	-	-	-	179.00
MXG.TO	54	Maxim Power Corp.	66	20.17	20.17	6.91	6.91	-	14.73

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	15.31	15.06	6.91	5.13	10.29	10.82
Full Range Median Multiple	16.09	16.08	7.29	6.91	11.09	13.13
Industry Multiple	37.13	37.05	16.80	14.05	24.13	33.88
Market Implied Multiple	9.89	14.30	98.04	145.37	87.31	277.45
Company (0006.HK) Multiple	8.81	12.73	87.50	129.75	77.93	247.63
(*) Net Income / EBITDA / Revenue	1,569	1,085	161	109	181	57
Winsorized Enterprise Value	N/A	N/A	1,114	558	1,862	616
Full Range Median Enterprise Value	N/A	N/A	1,175	751	2,008	748
(-) Net Debt	284	284	284	284	284	284
Winsorized Equity Value	24,011	16,343	830	274	1,578	332
Full Range Median Equity Value	25,235	17,449	891	467	1,724	464
(/) Shares Outstanding	274	274	274	274	274	274
Winsorized Fair Value	$87.66	$59.66	$3.03	$1.00	$5.76	$1.21
Full Range Median Fair Value	$92.13	$63.70	$3.25	$1.71	$6.29	$1.69
Current Price	$56.65	$56.65	$56.65	$56.65	$56.65	$56.65
Upside / Downside	54.74%	5.32%	-94.65%	-98.24%	-89.83%	-97.86%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$61.36	$41.76	$2.12	$0.70	$4.03	$0.85
Buy / Don't Buy	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy