Burkhalter Holding AG (0QO2.L)

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
000090.SZ	90	Shenzhen Tagen Gro	3,133	21.67	32.47	17.67	22.59	55.87	35.13
BOKA.AS	91	Royal Boskalis Wes	3,083	-	-	11.96	14.07	39.10	-
0DH7.L	92	AF Gruppen ASA	3,068	16.00	15.05	7.87	7.65	10.73	10.56
601886.SS	93	Jangho Group Co.,	3,057	12.49	10.54	11.92	12.65	37.25	14.88
BRAV.ST	94	Bravida Holding AB	3,054	16.20	15.58	10.46	9.89	16.29	13.19
SSM.AX	95	Service Stream Lim	3,049	13.33	9.16	5.68	3.96	8.49	2.56
600496.SS	96	Changjiang & Jingg	2,981	11.45	11.28	10.56	10.17	10.31	14.32
0QO2.L	97	Burkhalter Holding	2,981	12.35	11.00	8.98	7.67	11.86	8.85
SKBN.TA	98	Shikun & Binui Ltd	2,927	-	-	23.87	22.49	21.92	213.44
294870.KS	99	HDC Hyundai Develo	2,877	6.81	7.07	10.99	11.65	11.96	16.59
601789.SS	100	Ningbo Constructio	2,871	22.80	22.52	18.20	18.31	24.35	30.51
KPIL.BO	101	Kalpataru Projects	2,822	26.10	21.96	12.50	11.41	14.56	7.83
AFRY.ST	102	Afry AB	2,816	19.75	19.24	9.14	8.87	19.28	14.82
ROAD	103	Construction Partn	2,812	68.90	57.24	22.53	17.08	20.93	26.43
RNWH.L	104	Renew Holdings plc	2,795	5.64	4.31	3.28	2.51	5.12	3.38
CFEB.BR	105	Compagnie d'Entrep	2,762	5.12	6.93	2.65	3.94	5.66	5.91

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.33	11.28	10.56	10.17	14.56	13.76
Full Range Median Multiple	16.00	15.05	10.99	11.41	16.29	14.57
Industry Multiple	18.94	17.95	11.95	11.82	20.12	29.25
Market Implied Multiple	13.21	11.76	9.59	8.19	12.67	9.46
Company (0QO2.L) Multiple	12.35	11.00	8.98	7.67	11.86	8.85
(*) Net Income / EBITDA / Revenue	141	158	196	230	148	199
Winsorized Enterprise Value	N/A	N/A	2,071	2,334	2,161	2,736
Full Range Median Enterprise Value	N/A	N/A	2,156	2,619	2,418	2,898
(-) Net Debt	24	24	24	24	24	24
Winsorized Equity Value	1,873	1,780	2,047	2,310	2,137	2,711
Full Range Median Equity Value	2,249	2,374	2,131	2,594	2,394	2,874
(/) Shares Outstanding	13	13	13	13	13	13
Winsorized Fair Value	$140.45	$133.52	$153.48	$173.22	$160.22	$203.31
Full Range Median Fair Value	$168.66	$178.04	$159.83	$194.53	$179.51	$215.52
Current Price	$139.19	$139.19	$139.19	$139.19	$139.19	$139.19
Upside / Downside	0.91%	-4.07%	10.27%	24.45%	15.11%	46.07%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$98.32	$93.46	$107.44	$121.25	$112.16	$142.31
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY