Tristate Holdings Limited (0458.HK)

Industry: Apparel - Manufacturers 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
3591.T	62	Wacoal Holdings Co	1,100	26.40	26.40	10.39	10.39	96.75	17.58
VTL.BO	63	Vardhman Textiles	1,089	13.96	11.65	9.78	8.20	14.90	5.03
ABFRL.BO	64	Aditya Birla Fashi	1,089	-	-	15.22	15.22	-	4.36
WELSPUNLIV.BO	65	Welspun Living Lim	1,089	32.43	33.03	13.16	13.42	5.17	6.09
601339.SS	66	Bros Eastern.,Ltd	1,077	14.74	11.81	11.73	10.37	23.63	14.77
1234.HK	67	China Lilang Limit	1,055	4.25	4.37	2.94	2.86	4.55	4.38
3569.T	68	Seiren Co.,Ltd.	1,045	11.84	9.84	5.63	4.87	7.69	6.30
0458.HK	69	Tristate Holdings	1,031	2.55	2.29	0.76	0.67	3.32	0.86
WELSPUNIND.NS	70	Welspun India Limi	1,025	21.19	18.93	9.88	9.48	12.42	13.78
005390.KS	71	Shinsung Tongsang	1,000	9.83	3.50	4.87	4.14	6.93	11.43
GOOS	72	Canada Goose Holdi	996	68.97	86.26	12.81	12.44	-	29.55
020000.KS	73	HANDSOME Corp.	995	9.33	10.85	1.22	1.08	127.00	8.74
2307.HK	74	Kam Hing Internati	970	-	-	1.27	1.49	-	-
ARVIND.BO	75	Arvind Limited	961	19.35	19.35	9.75	8.18	13.50	11.61
603055.SS	76	Zhe Jiang Taihua N	936	15.10	10.73	16.89	14.61	50.24	14.84
3322.HK	77	Win Hanverky Holdi	915	-	-	3.62	4.80	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.35	11.25	9.75	8.18	12.42	8.74
Full Range Median Multiple	14.92	11.73	9.78	8.20	13.50	11.43
Industry Multiple	20.61	20.56	8.61	8.10	32.98	11.42
Market Implied Multiple	1.96	1.76	0.58	0.51	2.52	0.65
Company (0458.HK) Multiple	2.55	2.29	0.76	0.67	3.32	0.86
(*) Net Income / EBITDA / Revenue	33	37	107	121	24	94
Winsorized Enterprise Value	N/A	N/A	1,038	991	303	823
Full Range Median Enterprise Value	N/A	N/A	1,042	993	329	1,076
(-) Net Debt	-3	-3	-3	-3	-3	-3
Winsorized Equity Value	470	411	1,041	994	305	825
Full Range Median Equity Value	489	429	1,045	995	332	1,079
(/) Shares Outstanding	36	36	36	36	36	36
Winsorized Fair Value	$13.09	$11.46	$29.01	$27.69	$8.51	$23.00
Full Range Median Fair Value	$13.61	$11.95	$29.11	$27.74	$9.24	$30.05
Current Price	$1.79	$1.79	$1.79	$1.79	$1.79	$1.79
Upside / Downside	631.35%	540.46%	1,520.70%	1,446.65%	375.46%	1,184.77%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$9.16	$8.02	$20.31	$19.38	$5.96	$16.10
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY