Shanghai Industrial Holdings Limited (0363.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
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
9042.T	39	Hankyu Hanshin Hol	7,523	14.72	14.72	11.79	9.12	16.13	10.62
0363.HK	40	Shanghai Industria	7,493	2.50	2.46	2.92	2.64	10.72	3.45
600500.SS	41	Sinochem Internati	6,976	-	-	780.48	1,790.37	-	-
006120.KS	42	SK Discovery Co.,	6,826	15.78	21.79	5.96	5.19	9.66	12.94
7130.T	43	Yamae Group Holdin	6,655	10.31	8.01	6.65	5.66	10.56	7.28
3401.T	44	Teijin Limited	6,097	9.02	8.57	-	-	-	-
9024.T	45	Seibu Holdings Inc	5,834	5.29	5.29	5.40	3.38	25.33	3.68
002091.SZ	46	Jiangsu Guotai Int	5,606	12.90	11.90	5.50	5.03	4.53	5.14
SCHO.CO	47	Aktieselskabet Sch	5,430	15.26	15.34	6.53	6.00	11.35	10.83
HLMA.L	48	Halma plc	5,326	23.55	19.54	14.59	11.93	13.30	19.60

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.90	11.90	6.82	6.43	10.56	9.86
Full Range Median Multiple	14.72	14.52	7.16	6.92	11.35	10.62
Industry Multiple	15.52	15.49	64.31	135.80	16.64	15.19
Market Implied Multiple	2.70	2.66	2.99	2.71	10.98	3.54
Company (0363.HK) Multiple	2.50	2.46	2.92	2.64	10.72	3.45
(*) Net Income / EBITDA / Revenue	758	771	2,171	2,397	591	1,835
Winsorized Enterprise Value	N/A	N/A	14,808	15,399	6,242	18,096
Full Range Median Enterprise Value	N/A	N/A	15,533	16,588	6,713	19,498
(-) Net Debt	4,442	4,442	4,442	4,442	4,442	4,442
Winsorized Equity Value	9,777	9,169	10,366	10,957	1,800	13,654
Full Range Median Equity Value	11,155	11,188	11,091	12,146	2,271	15,055
(/) Shares Outstanding	140	140	140	140	140	140
Winsorized Fair Value	$69.95	$65.60	$74.16	$78.39	$12.88	$97.69
Full Range Median Fair Value	$79.81	$80.05	$79.35	$86.90	$16.25	$107.71
Current Price	$14.66	$14.66	$14.66	$14.66	$14.66	$14.66
Upside / Downside	377.15%	347.45%	405.89%	434.72%	-12.16%	566.34%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$48.97	$45.92	$51.91	$54.87	$9.01	$68.38
Buy / Don't Buy	BUY	BUY	BUY	BUY	Don’t Buy	BUY