China Water Affairs Group Limited (0855.HK)

Industry: Regulated Water 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
0371.HK	2	Beijing Enterprise	6,194	7.51	7.62	6.08	4.99	7.65	6.62
UU.L	3	United Utilities G	5,914	15.19	15.84	7.69	7.45	8.07	12.13
0807.HK	4	SIIC Environment H	5,769	3.70	3.65	8.10	7.72	11.29	11.38
0270.HK	5	Guangdong Investme	5,239	6.64	7.04	2.92	2.63	3.19	3.79
AWK	6	American Water Wor	5,070	24.41	22.00	14.59	13.29	17.24	20.70
071320.KS	7	Korea District Hea	2,734	3.44	1.88	5.90	4.83	14.69	7.34
WTRG	8	Essential Utilitie	2,380	15.57	12.75	13.37	11.50	26.74	16.59
0855.HK	9	China Water Affair	2,271	6.13	5.44	4.72	4.00	5.27	4.93
600323.SS	10	Grandblue Environm	1,830	11.70	10.19	14.43	12.91	12.77	16.92
CSMG3.SA	11	Companhia de Sanea	1,478	9.68	8.73	6.23	5.65	9.69	8.92
WTTR	12	Select Water Solut	1,410	54.99	54.99	6.57	6.57	-	44.55
000598.SZ	13	Chengdu Xingrong E	1,332	9.27	8.25	7.50	6.64	7.81	10.32
RXN	14	Zurn Water Solutio	1,295	39.39	29.73	79.60	92.10	36.13	58.34
SAPR11.SA	15	Companhia de Sanea	1,284	5.48	4.80	3.77	3.39	7.92	5.39
600461.SS	16	Jiangxi Hongcheng	1,137	9.43	8.37	6.62	5.94	9.36	9.20
601158.SS	17	Chongqing Water Gr	1,056	26.67	30.76	13.05	13.28	25.71	38.04

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.43	8.37	6.62	6.57	9.53	10.32
Full Range Median Multiple	9.68	8.73	7.50	6.64	10.49	11.38
Industry Multiple	16.21	15.11	13.09	13.26	14.16	18.01
Market Implied Multiple	4.95	4.39	4.41	3.73	4.92	4.61
Company (0855.HK) Multiple	6.13	5.44	4.72	4.00	5.27	4.93
(*) Net Income / EBITDA / Revenue	229	258	865	1,023	775	829
Winsorized Enterprise Value	N/A	N/A	5,728	6,717	7,388	8,552
Full Range Median Enterprise Value	N/A	N/A	6,493	6,792	8,136	9,432
(-) Net Debt	2,682	2,682	2,682	2,682	2,682	2,682
Winsorized Equity Value	2,161	2,160	3,046	4,035	4,706	5,870
Full Range Median Equity Value	2,218	2,253	3,811	4,110	5,453	6,749
(/) Shares Outstanding	210	210	210	210	210	210
Winsorized Fair Value	$10.30	$10.30	$14.53	$19.25	$22.44	$28.00
Full Range Median Fair Value	$10.58	$10.75	$18.18	$19.60	$26.01	$32.19
Current Price	$5.41	$5.41	$5.41	$5.41	$5.41	$5.41
Upside / Downside	90.48%	90.45%	168.54%	255.74%	314.84%	417.51%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$7.21	$7.21	$10.17	$13.47	$15.71	$19.60
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY