Kingboard Holdings Limited (0148.HK)

Industry: Conglomerates 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
078930.KS	23	GS Holdings Corp.	17,016	7.64	7.64	3.02	2.49	4.11	4.31
BVT.JO	24	The Bidvest Group	14,858	6.38	5.55	3.98	3.44	5.46	4.46
SVW.AX	25	Seven Group Holdin	13,379	13.05	12.03	5.93	4.80	5.73	6.26
000150.KS	26	Doosan Corporation	12,683	-	-	10.77	8.68	10.86	6.93
001120.KS	27	LX International C	11,254	9.96	10.39	3.07	0.82	11.13	7.08
9041.T	28	Kintetsu Group Hol	11,237	11.59	11.59	9.30	4.20	17.47	18.17
GCARSOA1.MX	29	Grupo Carso, S.A.B	11,160	25.96	22.79	10.32	8.82	13.20	12.86
0148.HK	30	Kingboard Holdings	11,014	5.70	5.82	3.81	3.50	5.12	4.93
U96.SI	31	Sembcorp Industrie	9,868	6.30	5.56	5.65	5.06	10.97	9.16
SEB	32	Seaboard Corporati	9,818	9.03	7.86	7.80	6.85	15.76	17.23
IEP	33	Icahn Enterprises	9,738	-	-	6.99	6.99	1.79	25.29
ALFAA.MX	34	Alfa, S. A. B. de	9,671	-	-	8.59	8.93	6.75	8.90
QUINENCO.SN	35	Quiñenco S.A.	8,809	8.57	6.43	8.84	7.36	26.16	50.60
4204.T	36	Sekisui Chemical C	8,341	16.12	14.52	7.32	6.85	11.60	9.86
600981.SS	37	Jiangsu High Hope	8,126	39.18	44.32	26.95	31.01	70.92	27.03
SIMH3.SA	38	Simpar S.a.	7,838	-	-	4.77	3.44	8.28	5.74

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.03	7.86	6.99	5.06	10.86	8.90
Full Range Median Multiple	9.96	10.39	7.32	6.85	10.97	9.16
Industry Multiple	13.98	13.52	8.22	7.32	14.68	14.26
Market Implied Multiple	6.63	6.77	4.16	3.82	5.59	5.39
Company (0148.HK) Multiple	5.70	5.82	3.81	3.50	5.12	4.93
(*) Net Income / EBITDA / Revenue	628	614	1,675	1,823	1,246	1,293
Winsorized Enterprise Value	N/A	N/A	11,702	9,229	13,530	11,512
Full Range Median Enterprise Value	N/A	N/A	12,262	12,481	13,670	11,847
(-) Net Debt	2,805	2,805	2,805	2,805	2,805	2,805
Winsorized Equity Value	5,668	4,828	8,898	6,424	10,725	8,708
Full Range Median Equity Value	6,257	6,384	9,458	9,676	10,865	9,043
(/) Shares Outstanding	142	142	142	142	142	142
Winsorized Fair Value	$39.78	$33.88	$62.45	$45.09	$75.28	$61.12
Full Range Median Fair Value	$43.92	$44.81	$66.38	$67.92	$76.26	$63.47
Current Price	$29.20	$29.20	$29.20	$29.20	$29.20	$29.20
Upside / Downside	36.23%	16.04%	113.88%	54.41%	157.81%	109.31%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$27.85	$23.72	$43.72	$31.56	$52.70	$42.78
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	BUY