Guangdong Investment Limited (0270.HK)

Industry: Regulated Water 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
SBSP3.SA	1	Companhia de Sanea	6,277	12.53	8.75	8.71	7.41	12.37	11.22
0371.HK	2	Beijing Enterprise	6,194	7.51	7.62	6.08	4.99	7.65	6.62
UU.L	3	United Utilities G	5,914	15.19	15.84	7.69	7.45	8.07	12.13
0807.HK	4	SIIC Environment H	5,769	3.70	3.65	8.10	7.72	11.29	11.38
0270.HK	5	Guangdong Investme	5,239	6.64	7.04	2.92	2.63	3.19	3.79
AWK	6	American Water Wor	5,070	24.41	22.00	14.59	13.29	17.24	20.70
071320.KS	7	Korea District Hea	2,734	3.44	1.88	5.90	4.83	14.69	7.34
WTRG	8	Essential Utilitie	2,380	15.57	12.75	13.37	11.50	26.74	16.59
0855.HK	9	China Water Affair	2,271	6.13	5.44	4.72	4.00	5.27	4.93
600323.SS	10	Grandblue Environm	1,830	11.70	10.19	14.43	12.91	12.77	16.92
CSMG3.SA	11	Companhia de Sanea	1,478	9.68	8.73	6.23	5.65	9.69	8.92
WTTR	12	Select Water Solut	1,410	54.99	54.99	6.57	6.57	-	44.55
000598.SZ	13	Chengdu Xingrong E	1,332	9.27	8.25	7.50	6.64	7.81	10.32
RXN	14	Zurn Water Solutio	1,295	39.39	29.73	79.60	92.10	36.13	58.34
SAPR11.SA	15	Companhia de Sanea	1,284	5.48	4.80	3.77	3.39	7.92	5.39
600461.SS	16	Jiangxi Hongcheng	1,137	9.43	8.37	6.62	5.94	9.36	9.20

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.43	8.37	6.62	6.57	9.53	10.32
Full Range Median Multiple	9.68	8.73	7.50	6.64	10.49	11.22
Industry Multiple	15.23	13.53	12.93	12.96	13.36	16.30
Market Implied Multiple	6.99	7.42	3.04	2.75	3.33	3.96
Company (0270.HK) Multiple	6.64	7.04	2.92	2.63	3.19	3.79
(*) Net Income / EBITDA / Revenue	825	778	2,313	2,563	2,114	1,779
Winsorized Enterprise Value	N/A	N/A	15,311	16,836	20,139	18,364
Full Range Median Enterprise Value	N/A	N/A	17,356	17,023	22,178	19,965
(-) Net Debt	1,271	1,271	1,271	1,271	1,271	1,271
Winsorized Equity Value	7,782	6,507	14,040	15,565	18,868	17,093
Full Range Median Equity Value	7,988	6,788	16,085	15,752	20,907	18,694
(/) Shares Outstanding	835	835	835	835	835	835
Winsorized Fair Value	$9.32	$7.79	$16.81	$18.64	$22.60	$20.47
Full Range Median Fair Value	$9.57	$8.13	$19.26	$18.86	$25.04	$22.39
Current Price	$6.91	$6.91	$6.91	$6.91	$6.91	$6.91
Upside / Downside	34.87%	12.78%	143.34%	169.77%	227.02%	196.25%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$6.52	$5.45	$11.77	$13.05	$15.82	$14.33
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	BUY