Hang Seng Bank Limited (0011.HK)

Industry: Banks - Regional 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
002142.SZ	52	Bank of Ningbo Co.	17,646	6.05	5.25	39.99	34.07	40.68	37.20
AXB.IL	53	Axis Bank Limited	17,608	67.83	45.55	57.95	38.88	66.82	38.88
601169.SS	54	Bank of Beijing Co	16,615	4.43	4.19	66.80	63.29	74.64	62.71
BANKBARODA.BO	55	Bank of Baroda Lim	16,549	6.95	3.09	10.80	10.80	10.53	10.80
PNB.BO	56	Punjab National Ba	16,300	7.61	7.61	4.80	2.19	4.97	2.19
YKBNK.IS	57	Yapi ve Kredi Bank	15,892	6.45	4.10	22.19	14.26	16.87	14.66
DANSKE.CO	58	Danske Bank A/S	15,728	9.19	7.60	36.05	26.39	37.68	26.42
0011.HK	59	Hang Seng Bank Lim	15,551	7.54	8.28	4.05	2.69	4.67	4.27
AKBNK.IS	60	Akbank T.A.S.	14,587	6.77	4.42	22.96	15.90	15.81	10.78
FCNCA	61	First Citizens Ban	14,531	9.88	7.13	18.67	13.72	20.53	15.41
UNIONBANK.BO	62	Union Bank of Indi	14,442	5.72	5.72	4.62	4.62	4.85	4.62
316140.KS	63	Woori Financial Gr	14,410	5.11	4.30	18.33	16.85	13.70	15.72
RAW.DE	64	Raiffeisen Bank In	14,331	-	-	25.62	24.34	12.61	28.09
0QKG.L	65	Schweizerische Nat	14,315	0.04	0.04	4.79	5.04	-	5.06
024110.KS	66	Industrial Bank of	14,076	6.09	5.36	61.54	54.81	61.02	60.38
FRYA.F	67	Swedbank AB (publ)	14,045	8.28	8.28	19.91	19.91	22.44	20.92

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	6.27	4.84	19.91	15.90	16.34	15.41
Full Range Median Multiple	6.61	5.31	22.19	16.85	18.70	15.72
Industry Multiple	10.74	8.05	27.67	23.01	28.80	23.59
Market Implied Multiple	9.89	10.87	5.83	3.88	6.72	6.15
Company (0011.HK) Multiple	7.54	8.28	4.05	2.69	4.67	4.27
(*) Net Income / EBITDA / Revenue	4,133	3,760	5,449	8,194	4,724	5,166
Winsorized Enterprise Value	N/A	N/A	108,517	130,305	77,204	79,605
Full Range Median Enterprise Value	N/A	N/A	120,901	138,037	88,338	81,229
(-) Net Debt	-9,099	-9,099	-9,099	-9,099	-9,099	-9,099
Winsorized Equity Value	25,930	18,191	117,615	139,404	86,303	88,704
Full Range Median Equity Value	27,328	19,951	130,000	147,136	97,437	90,327
(/) Shares Outstanding	265	265	265	265	265	265
Winsorized Fair Value	$97.91	$68.69	$444.11	$526.39	$325.88	$334.94
Full Range Median Fair Value	$103.19	$75.34	$490.88	$555.58	$367.92	$341.08
Current Price	$154.30	$154.30	$154.30	$154.30	$154.30	$154.30
Upside / Downside	-36.54%	-55.48%	187.83%	241.15%	111.20%	117.07%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$68.54	$48.08	$310.88	$368.47	$228.12	$234.46
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	BUY