Hengan International Group Company Limited (1044.HK)

Industry: Household & Personal Products 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
EL	13	The Estée Lauder	14,442	-	-	86.55	113.57	57.74	-
4452.T	14	Kao Corporation	10,731	24.59	24.95	11.66	11.81	16.16	19.00
NWL	15	Newell Brands Inc.	7,256	-	-	12.03	12.03	15.08	22.44
HINDUNILVR.BO	16	Hindustan Unilever	7,110	54.25	49.69	36.58	33.60	43.62	40.88
GALD.SW	17	Galderma Group N	6,979	91.04	91.04	30.23	30.23	28.09	44.20
SGI	18	Somnigroup Interna	6,816	56.16	56.16	22.98	5.01	15.81	31.17
0I0J.L	19	The Clorox Company	6,771	19.12	20.60	13.54	14.27	36.65	19.10
1044.HK	20	Hengan Internation	6,535	4.46	4.60	2.91	3.00	3.36	3.26
0R13.L	21	Church & Dwight Co	6,141	27.34	27.32	16.81	16.40	22.87	21.66
4911.T	22	Shiseido Company,	6,005	-	-	32.25	35.32	-	78.72
0I4A.L	23	Coty Inc.	5,799	-	-	29.46	29.46	10.87	42.72
3331.HK	24	Vinda Internationa	5,066	28.57	29.25	7.85	6.84	38.11	31.78
4137.TW	25	Chlitina Holding L	4,635	21.34	25.28	8.24	9.01	14.57	18.06
NATU3.SA	26	Natura & Co Holdin	4,568	-	-	12.43	15.68	21.25	11.35
051900.KS	27	LG H&H Co., Ltd.	4,489	51.63	75.57	8.57	10.12	23.36	18.88
ONTEX.BR	28	Ontex Group N.V.	4,279	-	-	3.40	3.53	6.16	10.45

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	27.34	27.32	12.43	12.03	18.70	20.38
Full Range Median Multiple	28.57	29.25	13.54	14.27	22.06	22.05
Industry Multiple	41.56	44.43	22.17	23.13	25.02	29.32
Market Implied Multiple	5.96	6.14	3.88	3.99	4.47	4.35
Company (1044.HK) Multiple	4.46	4.60	2.91	3.00	3.36	3.26
(*) Net Income / EBITDA / Revenue	745	722	1,151	1,119	998	1,027
Winsorized Enterprise Value	N/A	N/A	14,303	13,456	18,661	20,932
Full Range Median Enterprise Value	N/A	N/A	15,576	15,965	22,009	22,648
(-) Net Debt	29	29	29	29	29	29
Winsorized Equity Value	20,354	19,728	14,274	13,427	18,632	20,903
Full Range Median Equity Value	21,273	21,125	15,547	15,936	21,980	22,619
(/) Shares Outstanding	162	162	162	162	162	162
Winsorized Fair Value	$125.94	$122.07	$88.32	$83.08	$115.28	$129.33
Full Range Median Fair Value	$131.63	$130.71	$96.20	$98.60	$136.00	$139.95
Current Price	$27.44	$27.44	$27.44	$27.44	$27.44	$27.44
Upside / Downside	358.96%	344.85%	221.86%	202.76%	320.12%	371.33%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$88.16	$85.45	$61.82	$58.15	$80.70	$90.53
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY