China Gas Holdings Limited (0384.HK)

Industry: Regulated Gas 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
2688.HK	1	ENN Energy Holding	31,973	5.34	4.44	3.52	2.94	5.00	4.10
1193.HK	2	China Resources Ga	26,395	5.59	5.10	2.72	2.27	4.00	4.23
036460.KS	3	Korea Gas Corporat	24,869	3.96	3.96	8.31	7.17	24.97	11.41
PCG-PI	4	Pacific Gas and El	24,762	12.24	12.24	9.40	9.40	19.06	17.32
NTGY.MC	5	Naturgy Energy Gro	23,669	12.89	11.78	8.44	8.30	10.10	10.23
0384.HK	6	China Gas Holdings	20,449	6.92	6.93	5.69	5.13	7.65	7.53
GAIL.BO	7	GAIL (India) Limit	15,951	10.62	10.11	9.87	8.67	14.96	6.90
0003.HK	8	The Hong Kong and	14,239	11.13	11.77	7.72	7.37	4.73	5.77
ALA-PK.TO	9	AltaGas Ltd.	9,426	10.86	10.86	9.72	2.56	15.87	13.30
UGI	10	UGI Corporation	7,288	10.55	10.05	4.32	4.21	-	6.80
NIMC	11	NiSource Inc.	6,111	248.75	260.83	38.57	39.49	51.74	27.25
IG.MI	12	Italgas S.p.A.	5,669	6.68	6.43	6.81	6.10	13.06	10.56
1083.HK	13	Towngas Smart Ener	5,361	5.08	4.86	6.11	5.52	4.06	2.99
ATO	14	Atmos Energy Corpo	4,703	22.64	19.72	15.20	13.38	41.28	20.45
002911.SZ	15	Foran Energy Group	4,654	19.33	16.88	14.37	12.86	21.34	16.29
601139.SS	16	Shenzhen Gas Corpo	4,277	14.44	14.24	10.04	9.61	15.45	14.31

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.62	10.11	8.31	7.17	14.01	10.23
Full Range Median Multiple	10.86	10.86	8.44	7.37	15.20	10.56
Industry Multiple	26.67	26.88	10.34	9.32	17.54	11.46
Market Implied Multiple	6.97	6.97	5.71	5.14	7.67	7.55
Company (0384.HK) Multiple	6.92	6.93	5.69	5.13	7.65	7.53
(*) Net Income / EBITDA / Revenue	764	763	2,062	2,288	1,534	1,558
Winsorized Enterprise Value	N/A	N/A	17,139	16,401	21,481	15,934
Full Range Median Enterprise Value	N/A	N/A	17,396	16,851	23,315	16,452
(-) Net Debt	6,445	6,445	6,445	6,445	6,445	6,445
Winsorized Equity Value	8,108	7,709	10,694	9,956	15,036	9,489
Full Range Median Equity Value	8,291	8,283	10,951	10,406	16,870	10,007
(/) Shares Outstanding	693	693	693	693	693	693
Winsorized Fair Value	$11.69	$11.12	$15.42	$14.36	$21.68	$13.68
Full Range Median Fair Value	$11.96	$11.94	$15.79	$15.01	$24.33	$14.43
Current Price	$7.67	$7.67	$7.67	$7.67	$7.67	$7.67
Upside / Downside	52.44%	44.94%	101.06%	87.19%	182.69%	78.39%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$8.18	$7.78	$10.79	$10.05	$15.18	$9.58
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY