SmarTone Telecommunications Holdings Limited (0315.HK)

Industry: Telecommunications Services 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
EXCL.JK	102	PT XLSMART Telecom	2,364	-	-	6.13	5.96	-	43.69
IHS	103	IHS Holding Limite	2,362	3.84	3.84	-	-	7.96	6.15
OBEL.BR	104	Orange Belgium S.A	2,324	30.37	31.65	5.67	5.16	26.92	19.69
3774.T	105	Internet Initiativ	2,131	20.63	15.28	6.90	6.15	12.35	10.78
NOS.LS	106	Nos, S.g.p.s., S.a	2,096	8.03	6.45	5.27	4.58	10.64	7.26
9449.T	107	GMO Internet, Inc.	1,832	21.88	19.08	5.85	5.07	7.06	6.55
HCHC	108	HC2 Holdings, Inc.	1,764	-	-	-	-	-	-
0315.HK	109	SmarTone Telecommu	1,603	5.12	5.59	0.89	0.87	2.79	2.72
CABO	110	Cable One, Inc.	1,525	-	-	33.49	46.55	10.86	-
ABB.AX	111	Aussie Broadband L	1,444	19.28	19.28	5.35	5.35	9.01	7.90
002929.SZ	112	Runjian Co., Ltd.	1,407	-	-	147.66	161.27	-	-
IDT	113	IDT Corporation	1,245	15.71	12.98	10.49	9.50	7.89	7.07
0215.HK	114	Hutchison Telecomm	1,230	-	-	1.95	2.28	0.75	0.92
CNU.AX	115	Chorus Limited	1,168	-	-	5.14	4.98	14.44	7.02
HTWS.L	116	Helios Towers plc	1,097	20.72	20.72	8.86	8.86	13.24	14.49
CNSL	117	Consolidated Commu	1,090	-	-	10.70	11.91	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	17.50	14.13	5.85	5.35	9.01	7.07
Full Range Median Multiple	19.96	17.18	6.13	5.96	10.64	7.26
Industry Multiple	17.56	16.16	19.50	21.36	11.01	11.96
Market Implied Multiple	5.57	6.08	0.99	0.97	3.11	3.03
Company (0315.HK) Multiple	5.12	5.59	0.89	0.87	2.79	2.72
(*) Net Income / EBITDA / Revenue	122	112	538	548	171	175
Winsorized Enterprise Value	N/A	N/A	3,143	2,934	1,540	1,240
Full Range Median Enterprise Value	N/A	N/A	3,298	3,265	1,821	1,274
(-) Net Debt	-148	-148	-148	-148	-148	-148
Winsorized Equity Value	2,134	1,579	3,291	3,082	1,688	1,388
Full Range Median Equity Value	2,434	1,920	3,446	3,413	1,968	1,421
(/) Shares Outstanding	142	142	142	142	142	142
Winsorized Fair Value	$15.08	$11.15	$23.25	$21.77	$11.93	$9.81
Full Range Median Fair Value	$17.20	$13.56	$24.34	$24.11	$13.91	$10.04
Current Price	$4.80	$4.80	$4.80	$4.80	$4.80	$4.80
Upside / Downside	214.11%	132.34%	384.37%	353.58%	148.46%	104.30%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$10.55	$7.81	$16.27	$15.24	$8.35	$6.86
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY