CTF Services Limited (0659.HK)

Industry: Engineering & Construction 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
MAIRE.MI	44	Maire Tecnimont S.	7,783	15.57	15.57	8.17	8.17	8.85	9.49
ATRL.TO	45	AtkinsRéalis Grou	7,668	6.44	6.44	5.10	2.44	20.66	29.77
APG	46	APi Group Corporat	7,655	54.36	54.36	20.58	7.10	25.76	33.19
PRIM	47	Primoris Services	7,459	26.73	21.81	14.36	12.39	13.35	14.37
ABS2.DE	48	PORR AG	7,329	9.86	9.86	2.87	2.52	13.65	13.46
1727.HK	49	Hebei Construction	7,311	2.09	2.42	1.87	1.83	4.71	6.99
600970.SS	50	Sinoma Internation	6,727	7.75	7.03	7.05	6.49	8.92	6.29
0659.HK	51	CTF Services Limit	6,517	6.49	7.32	5.09	4.71	4.30	5.21
0OFP.IL	52	NCC AB (publ)	6,463	13.33	12.73	8.99	8.94	7.95	11.30
PEAB-B.ST	53	Peab AB (publ)	6,283	13.24	13.82	6.60	6.27	7.82	11.03
GBF.DE	54	Bilfinger SE	6,183	16.49	16.49	8.79	5.88	10.53	11.97
2355.HK	55	Baoye Group Compan	6,102	2.71	3.01	-0.93	-0.91	-1.70	-1.07
047040.KS	56	Daewoo Engineering	6,088	-	-	14.24	15.60	19.25	10.25
028050.KS	57	Samsung Engineerin	5,995	9.45	8.31	4.58	3.98	5.87	4.39
0M6I.L	58	Heijmans N.V.	5,959	7.91	7.91	4.79	4.79	4.84	6.17
HEIJM.AS	59	Koninklijke Heijma	5,959	7.91	7.91	4.79	4.79	4.84	6.17

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.68	8.11	5.85	5.34	8.40	9.87
Full Range Median Multiple	9.66	9.08	6.82	6.08	8.89	10.64
Industry Multiple	13.85	13.40	8.06	6.51	11.21	12.49
Market Implied Multiple	7.34	8.28	5.51	5.10	4.66	5.64
Company (0659.HK) Multiple	6.49	7.32	5.09	4.71	4.30	5.21
(*) Net Income / EBITDA / Revenue	619	548	1,237	1,337	1,463	1,208
Winsorized Enterprise Value	N/A	N/A	7,238	7,131	12,292	11,925
Full Range Median Enterprise Value	N/A	N/A	8,443	8,122	13,000	12,852
(-) Net Debt	2,277	2,277	2,277	2,277	2,277	2,277
Winsorized Equity Value	5,369	4,445	4,961	4,854	10,015	9,648
Full Range Median Equity Value	5,974	4,980	6,166	5,845	10,723	10,575
(/) Shares Outstanding	538	538	538	538	538	538
Winsorized Fair Value	$9.97	$8.26	$9.22	$9.02	$18.61	$17.92
Full Range Median Fair Value	$11.10	$9.25	$11.45	$10.86	$19.92	$19.65
Current Price	$8.43	$8.43	$8.43	$8.43	$8.43	$8.43
Upside / Downside	18.32%	-2.05%	9.34%	6.98%	120.71%	112.62%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$6.98	$5.78	$6.45	$6.31	$13.02	$12.55
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	BUY