Golik Holdings Limited (1118.HK)

Industry: Steel 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
000926.SZ	118	Hubei Fuxing Scien	1,062	-	-	-	-	-	-
002756.SZ	119	Yongxing Special M	1,049	33.99	28.18	23.74	20.67	23.63	16.95
5480.T	120	Nippon Yakin Kogyo	1,021	6.30	5.52	6.35	5.70	12.00	7.89
5632.T	121	Mitsubishi Steel M	1,009	11.34	11.34	6.84	6.84	19.17	10.13
5408.T	122	Nakayama Steel Wor	1,005	8.27	6.91	2.45	2.18	4.60	2.91
LLOYDSME.BO	123	Lloyds Metals and	972	35.18	13.76	26.20	10.32	20.42	27.92
MGEL3.SA	124	Mangels Industrial	967	-	-	26.05	26.05	49.24	29.28
1118.HK	125	Golik Holdings Lim	957	1.85	1.71	1.08	0.99	1.19	1.02
605158.SS	126	Zhejiang Huada New	956	25.68	27.95	27.48	30.34	-	36.55
AMEZ.ME	127	PJSC Ashinskiy met	927	4.49	4.49	3.20	3.20	4.53	3.70
084010.KS	128	Daehan Steel Co.,	859	8.99	10.86	4.98	5.29	6.87	456.99
600117.SS	129	XiNing Special Ste	839	-	-	-	-	-	-
SURYAROSNI.BO	130	Surya Roshni Limit	826	19.00	15.13	10.93	9.75	18.42	14.32
1938.HK	131	Chu Kong Petroleum	821	0.51	0.51	9.41	9.41	14.77	24.52
002478.SZ	132	Jiangsu Changbao S	817	8.12	7.33	5.02	4.95	5.93	4.66
IGST.ME	133	Izhstal PAO	814	0.92	0.92	1.84	1.84	4.24	1.16

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.20	7.12	6.35	5.70	9.43	10.13
Full Range Median Multiple	8.63	9.10	6.84	6.84	13.38	14.32
Industry Multiple	13.57	11.08	11.88	10.50	15.32	49.00
Market Implied Multiple	2.34	2.16	1.33	1.22	1.46	1.26
Company (1118.HK) Multiple	1.85	1.71	1.08	0.99	1.19	1.02
(*) Net Income / EBITDA / Revenue	39	42	76	84	70	81
Winsorized Enterprise Value	N/A	N/A	484	477	657	819
Full Range Median Enterprise Value	N/A	N/A	522	572	933	1,158
(-) Net Debt	10	10	10	10	10	10
Winsorized Equity Value	321	302	474	466	647	809
Full Range Median Equity Value	338	385	511	562	922	1,147
(/) Shares Outstanding	74	74	74	74	74	74
Winsorized Fair Value	$4.35	$4.09	$6.42	$6.32	$8.77	$10.95
Full Range Median Fair Value	$4.58	$5.22	$6.93	$7.61	$12.49	$15.54
Current Price	$1.24	$1.24	$1.24	$1.24	$1.24	$1.24
Upside / Downside	250.56%	229.80%	417.77%	409.37%	606.96%	783.31%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3.04	$2.86	$4.49	$4.42	$6.14	$7.67
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY