Xingfa Aluminium Holdings Limited (0098.HK)

Industry: Aluminum 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
ENPG.ME	4	En+ Group Internat	21,079	3.42	1.22	3.72	1.57	7.23	6.98
NHY.OL	5	Norsk Hydro ASA	21,000	11.85	11.85	4.18	3.14	3.29	1.08
600361.SS	6	Innovation New Mat	11,372	18.32	12.52	11.97	8.34	13.56	13.32
CSTM	7	Constellium SE	9,176	17.82	17.82	6.80	6.40	7.49	10.49
000807.SZ	8	Yunnan Aluminium C	8,422	14.32	9.86	7.88	6.65	6.95	6.73
5741.T	9	UACJ Corporation	6,757	15.61	7.14	7.86	6.24	12.26	9.96
000933.SZ	10	Henan Shenhuo Coal	5,828	10.50	10.50	6.98	5.62	5.27	7.72
0098.HK	11	Xingfa Aluminium H	5,351	1.90	1.45	1.26	1.02	3.31	1.56
600219.SS	12	Shandong Nanshan A	5,049	8.93	7.23	2.59	2.21	4.19	2.49
601677.SS	13	Henan Mingtai Al.I	4,902	10.08	8.90	9.61	8.93	10.52	9.52
300428.SZ	14	Lizhong Sitong Lig	4,371	18.14	15.90	18.57	17.22	29.01	24.96
002532.SZ	15	Tianshan Aluminum	4,203	11.32	9.56	9.39	8.42	10.44	10.04
8869.KL	16	Press Metal Alumin	3,775	23.81	18.04	14.54	12.13	18.96	20.20
603876.SS	17	Jiangsu Dingsheng	3,692	28.08	21.67	19.11	16.50	55.36	38.76
600595.SS	18	Henan Zhongfu Indu	3,216	16.16	8.81	11.61	10.32	9.19	11.70
KALU	19	Kaiser Aluminum Co	3,209	13.67	9.15	8.03	7.03	11.77	13.20

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.67	9.56	7.88	6.65	9.19	9.96
Full Range Median Multiple	14.32	9.86	8.03	7.03	10.44	10.04
Industry Multiple	14.80	11.35	9.52	8.05	13.70	12.48
Market Implied Multiple	1.84	1.40	1.23	1.00	3.23	1.52
Company (0098.HK) Multiple	1.90	1.45	1.26	1.02	3.31	1.56
(*) Net Income / EBITDA / Revenue	233	305	435	535	165	350
Winsorized Enterprise Value	N/A	N/A	3,426	3,556	1,521	3,488
Full Range Median Enterprise Value	N/A	N/A	3,489	3,762	1,726	3,518
(-) Net Debt	105	105	105	105	105	105
Winsorized Equity Value	3,183	2,921	3,321	3,451	1,416	3,383
Full Range Median Equity Value	3,333	3,012	3,384	3,657	1,621	3,413
(/) Shares Outstanding	60	60	60	60	60	60
Winsorized Fair Value	$53.31	$48.92	$55.62	$57.81	$23.71	$56.66
Full Range Median Fair Value	$55.83	$50.44	$56.67	$61.26	$27.15	$57.17
Current Price	$7.18	$7.18	$7.18	$7.18	$7.18	$7.18
Upside / Downside	642.46%	581.33%	674.63%	705.11%	230.24%	689.11%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$37.32	$34.24	$38.93	$40.46	$16.60	$39.66
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY