CITIC Limited (0267.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
0267.HK	1	CITIC Limited	198,790	2.94	2.94	6.57	6.18	6.04	6.10
8058.T	2	Mitsubishi Corpora	116,596	14.22	12.45	11.50	10.79	50.74	44.22
600704.SS	3	Wuchan Zhongda Gro	83,814	8.18	7.72	20.08	21.43	16.75	12.19
0001.HK	4	CK Hutchison Holdi	72,321	6.12	7.07	3.87	2.66	1.85	1.04
JAR.L	5	Jardine Matheson H	70,540	77.95	138.49	4.05	4.31	4.75	3.87
8015.T	6	Toyota Tsusho Corp	67,246	12.71	10.54	8.32	7.31	10.25	9.57
6501.T	7	Hitachi, Ltd.	63,149	30.41	23.92	13.47	11.94	22.99	17.82
KCHOL.IS	8	Koç Holding A.S.	58,327	25.51	21.81	7.28	4.59	11.38	11.20
0656.HK	9	Fosun Internationa	54,013	-	-	45.36	47.06	14.39	-
8002.T	10	Marubeni Corporati	52,049	10.68	10.68	11.73	5.73	49.69	28.08
000880.KS	11	Hanwha Corporation	48,549	6.25	4.50	5.87	4.36	10.72	9.39
HON	12	Honeywell Internat	40,671	21.82	20.93	15.27	14.28	22.50	19.32
HONIV	13	Honeywell Internat	40,671	20.10	19.29	14.37	13.44	17.03	17.06
000906.SZ	14	Zheshang Developme	31,970	22.06	27.06	24.87	26.81	24.49	25.49
001040.KS	15	CJ Corporation	30,367	15.94	14.18	3.15	2.75	8.78	8.56
BBU	16	Brookfield Busines	27,790	-	-	7.66	6.93	11.93	11.18

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.22	12.45	8.32	6.93	11.93	11.19
Full Range Median Multiple	15.94	14.18	11.50	7.31	14.39	11.69
Industry Multiple	20.92	24.51	13.12	12.29	18.55	15.64
Market Implied Multiple	3.29	3.28	6.65	6.26	6.11	6.18
Company (0267.HK) Multiple	2.94	2.94	6.57	6.18	6.04	6.10
(*) Net Income / EBITDA / Revenue	13,801	13,811	56,492	60,074	61,468	60,810
Winsorized Enterprise Value	N/A	N/A	470,025	416,596	733,263	680,387
Full Range Median Enterprise Value	N/A	N/A	649,497	439,400	884,605	711,122
(-) Net Debt	330,424	330,424	330,424	330,424	330,424	330,424
Winsorized Equity Value	196,276	171,927	139,601	86,172	402,839	349,963
Full Range Median Equity Value	220,024	195,809	319,073	108,976	554,181	380,698
(/) Shares Outstanding	3,763	3,763	3,763	3,763	3,763	3,763
Winsorized Fair Value	$52.15	$45.68	$37.09	$22.90	$107.04	$92.99
Full Range Median Fair Value	$58.46	$52.03	$84.78	$28.96	$147.26	$101.16
Current Price	$12.05	$12.05	$12.05	$12.05	$12.05	$12.05
Upside / Downside	332.81%	279.12%	207.84%	90.02%	788.31%	671.71%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$36.51	$31.98	$25.97	$16.03	$74.93	$65.09
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY