Beijing Enterprises Holdings Limited (0392.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
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
MMM	17	3M Company	24,825	24.57	26.55	14.47	15.39	15.97	20.13
0392.HK	18	Beijing Enterprise	22,189	4.04	4.04	6.04	5.63	8.13	16.13
0019.HK	19	Swire Pacific Limi	21,981	3.30	3.86	3.58	3.86	23.55	17.13
FJI.F	20	FUJIFILM Holdings	20,533	17.37	15.37	11.21	10.23	17.18	13.09
PST.MI	21	Poste Italiane S.p	19,794	12.05	10.63	28.70	25.65	34.18	27.80
600803.SS	22	ENN Natural Gas Co	18,880	12.53	10.55	5.21	5.05	8.43	6.27
078930.KS	23	GS Holdings Corp.	17,016	7.64	7.64	3.02	2.49	4.11	4.31
BVT.JO	24	The Bidvest Group	14,858	6.38	5.55	3.98	3.44	5.46	4.46
SVW.AX	25	Seven Group Holdin	13,379	13.05	12.03	5.93	4.80	5.73	6.26
000150.KS	26	Doosan Corporation	12,683	-	-	10.77	8.68	10.86	6.93

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.53	10.63	5.93	5.05	10.86	9.39
Full Range Median Multiple	13.05	12.03	7.66	6.93	11.93	11.18
Industry Multiple	14.08	13.70	10.54	9.88	14.73	13.16
Market Implied Multiple	4.00	4.00	6.01	5.60	8.10	16.07
Company (0392.HK) Multiple	4.04	4.04	6.04	5.63	8.13	16.13
(*) Net Income / EBITDA / Revenue	1,293	1,294	2,031	2,179	1,508	760
Winsorized Enterprise Value	N/A	N/A	12,040	11,011	16,372	7,139
Full Range Median Enterprise Value	N/A	N/A	15,565	15,113	17,991	8,497
(-) Net Debt	7,037	7,037	7,037	7,037	7,037	7,037
Winsorized Equity Value	16,205	13,752	5,003	3,973	9,335	102
Full Range Median Equity Value	16,873	15,559	8,528	8,075	10,953	1,460
(/) Shares Outstanding	162	162	162	162	162	162
Winsorized Fair Value	$100.22	$85.05	$30.94	$24.57	$57.73	$0.63
Full Range Median Fair Value	$104.35	$96.23	$52.74	$49.94	$67.74	$9.03
Current Price	$32.00	$32.00	$32.00	$32.00	$32.00	$32.00
Upside / Downside	213.19%	165.78%	-3.31%	-23.20%	80.41%	-98.03%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$70.15	$59.53	$21.66	$17.20	$40.41	$0.44
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	BUY	Don’t Buy