MTR Corporation Limited (0066.HK)

Industry: Railroads 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
AOMD.DE	1	Alstom S.A.	43,122	167.52	167.52	6.13	5.28	8.80	9.18
601766.SS	2	CRRC Corporation L	39,420	14.19	13.11	10.14	9.63	18.81	11.55
UNP	3	Union Pacific Corp	24,546	19.86	18.80	13.45	12.85	16.88	16.50
BNI	4	Burlington Norther	23,012	7.10	6.92	5.61	5.56	7.04	8.23
9020.T	5	East Japan Railway	18,734	15.31	15.31	10.28	8.86	18.01	15.37
0066.HK	6	MTR Corporation Li	15,010	6.49	6.65	4.22	3.94	5.94	4.97
9022.T	7	Central Japan Rail	12,464	7.89	4.36	7.58	6.07	8.20	6.78
CNI	8	Canadian National	11,621	19.00	18.14	9.77	9.29	17.70	12.82
9021.T	9	West Japan Railway	11,360	11.34	11.34	7.56	5.15	11.87	14.26
CP	10	Canadian Pacific K	10,900	15.90	14.06	10.22	8.97	15.84	13.71
601006.SS	11	Daqin Railway Co.,	10,854	17.82	19.46	6.41	7.23	8.07	8.12
WAB	12	Westinghouse Air B	10,785	28.97	24.01	17.09	14.95	19.83	18.80
C52.SI	13	ComfortDelGro Corp	6,906	7.41	7.11	2.73	2.54	5.68	5.37
601816.SS	14	Beijing-Shanghai H	6,047	19.23	15.15	12.32	10.77	12.72	12.55
GOG.L	15	The Go-Ahead Group	5,214	-	-	1.53	1.23	9.50	9.91
AZJ.AX	16	Aurizon Holdings L	5,095	7.48	7.77	3.39	3.30	7.94	6.58

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.75	13.59	7.56	6.07	9.50	9.91
Full Range Median Multiple	15.60	14.61	7.58	7.23	11.87	11.55
Industry Multiple	25.64	24.51	8.28	7.45	12.46	11.32
Market Implied Multiple	7.14	7.32	4.57	4.27	6.44	5.39
Company (0066.HK) Multiple	6.49	6.65	4.22	3.94	5.94	4.97
(*) Net Income / EBITDA / Revenue	3,485	3,400	6,442	6,890	4,572	5,467
Winsorized Enterprise Value	N/A	N/A	48,690	41,846	43,416	54,200
Full Range Median Enterprise Value	N/A	N/A	48,826	49,802	54,261	63,139
(-) Net Debt	4,563	4,563	4,563	4,563	4,563	4,563
Winsorized Equity Value	51,396	46,192	44,128	37,284	38,853	49,637
Full Range Median Equity Value	54,375	49,661	44,263	45,239	49,698	58,576
(/) Shares Outstanding	802	802	802	802	802	802
Winsorized Fair Value	$64.12	$57.63	$55.05	$46.51	$48.47	$61.93
Full Range Median Fair Value	$67.84	$61.96	$55.22	$56.44	$62.00	$73.08
Current Price	$31.04	$31.04	$31.04	$31.04	$31.04	$31.04
Upside / Downside	106.58%	85.66%	77.36%	49.85%	56.16%	99.51%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$44.88	$40.34	$38.54	$32.56	$33.93	$43.35
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY