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Multiples Valuation: The Cross-Harbour (Holdings) Limited

The Cross-Harbour (Holdings) Limited (0032.HK)

Industry: Education & Training Services Model: Peers Multiples Valuation

Valuation Snapshot

Winsorized Fair Value
Range (Low - High) $18.47 — $35.18
Selected (Average) $25.22
Upside to Live 210.59%
Full Range Fair Value
Range (Low - High) $23.32 — $43.33
Selected (Average) $30.08
Upside to Live 270.50%
Live Price $8.12

Industry Peers Data

TickerRankNameRev TTM (M) Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
SEER3.SA 42 Ser Educacional S. 393 13.17 10.82 4.44 3.89 7.93 5.70
9733.T 43 Nagase Brothers In 371 21.17 21.17 8.54 8.54 396.62 12.49
1756.HK 44 China Science and 358 0.79 0.79 1.54 1.54 1.99 2.09
2001.HK 45 China New Higher E 357 1.92 1.66 3.87 3.45 4.19 4.73
ARCE 46 Arco Platform Limi 351 - - 9.29 6.66 - 18.71
1317.HK 47 China Maple Leaf E 346 6.79 6.91 4.20 3.52 5.28 6.09
3978.HK 48 China Beststudy Ed 329 8.96 8.96 6.09 6.09 4.91 6.63
0032.HK 49 The Cross-Harbour 323 2.98 2.97 0.82 0.58 0.50 0.61
4290.SR 50 Al Khaleej Trainin 316 79.56 99.82 14.13 13.24 31.92 23.98
VSTA 51 Vasta Platform Lim 315 3.81 3.81 3.58 2.76 - 6.45
002607.SZ 52 Offcn Education Te 310 158.36 288.75 46.56 68.47 74.35 143.32
VSA 53 TCTM Kids IT Educa 302 - - - - - -
VTRU 54 Vitru Limited 293 47.46 47.46 7.63 7.63 37.95 15.32
1935.HK 55 JH Educational Tec 276 1.65 1.65 1.08 1.08 1.05 1.21
1525.HK 56 Shanghai Gench Edu 275 2.02 2.02 1.88 1.88 1.82 2.48
HUMANSOFT.KW 57 Humansoft Holding 257 8.58 8.58 6.31 6.31 8.37 7.35

Implied Valuation Analysis

Line Item Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
Winsorized Median Multiple6.796.914.323.705.106.27
Full Range Median Multiple8.588.585.264.996.606.54
Industry Multiple27.2538.658.519.6548.0318.33
Market Implied Multiple2.992.980.830.580.510.61
Company (0032.HK) Multiple2.982.970.820.580.500.61
(*) Net Income / EBITDA / Revenue135135175250287238
Winsorized Enterprise ValueN/AN/A7569241,4621,490
Full Range Median Enterprise ValueN/AN/A9221,2451,8951,554
(-) Net Debt-258-258-258-258-258-258
Winsorized Equity Value9189361,0151,1821,7201,748
Full Range Median Equity Value1,1591,1621,1801,5032,1531,812
(/) Shares Outstanding505050505050
Winsorized Fair Value$18.47$18.84$20.42$23.80$34.62$35.18
Full Range Median Fair Value$23.32$23.39$23.75$30.24$43.33$36.47
Current Price$8.12$8.12$8.12$8.12$8.12$8.12
Upside / Downside127.42%131.97%151.45%193.05%326.35%333.28%
Safety Margin30.0%30.0%30.0%30.0%30.0%30.0%
Buy Price$12.93$13.19$14.29$16.66$24.23$24.63
Buy / Don't BuyBUYBUYBUYBUYBUYBUY