S.A.S. Dragon Holdings Limited (1184.HK)

Industry: Technology Distributors 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
SNX	1	TD SYNNEX Corporat	60,974	15.80	14.42	8.87	7.40	10.10	9.77
3702.TW	2	WPG Holdings Limit	31,427	18.86	18.64	13.14	11.78	13.66	14.08
ARW	3	Arrow Electronics,	29,389	13.14	13.05	10.43	10.79	12.80	12.97
AVT	4	Avnet, Inc.	22,495	18.50	18.50	11.90	9.12	12.91	14.27
0856.HK	5	VSTECS Holdings Li	22,423	5.17	4.59	4.95	4.25	4.57	4.44
000938.SZ	6	Unisplendour Corpo	13,839	61.89	65.41	37.88	39.86	54.36	68.64
3107.T	7	Daiwabo Holdings C	8,199	8.48	7.72	5.01	4.62	4.65	4.87
1184.HK	8	S.A.S. Dragon Hold	6,868	2.84	2.28	0.43	0.33	0.49	0.32
3991.HK	9	Changhong Jiahua H	5,381	5.52	5.38	6.06	5.80	6.39	6.00
8154.T	10	Kaga Electronics C	3,580	8.20	7.73	3.24	3.00	3.61	3.17
0400.HK	11	Ingdan, Inc.	3,095	4.74	4.64	3.85	3.39	3.60	4.10
DDR.AX	12	Dicker Data Limite	3,085	8.97	5.93	5.87	4.33	4.82	3.78
MIDW.L	13	Midwich Group plc	3,084	7.09	5.65	3.80	2.76	26.44	5.31
SCSC	14	ScanSource, Inc.	3,005	13.12	13.12	7.38	6.75	9.63	10.67
CNXN	15	PC Connection, Inc	2,879	18.77	17.64	11.55	11.06	11.43	13.57
0529.HK	16	SiS International	2,319	1.55	1.70	3.03	1.99	4.34	2.77

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.48	7.72	5.87	4.62	6.39	5.31
Full Range Median Multiple	8.97	7.73	6.06	5.80	9.63	6.00
Industry Multiple	13.99	13.61	9.13	8.46	12.22	11.89
Market Implied Multiple	3.09	2.49	0.56	0.43	0.65	0.42
Company (1184.HK) Multiple	2.84	2.28	0.43	0.33	0.49	0.32
(*) Net Income / EBITDA / Revenue	115	143	213	279	185	286
Winsorized Enterprise Value	N/A	N/A	1,251	1,289	1,185	1,521
Full Range Median Enterprise Value	N/A	N/A	1,293	1,616	1,785	1,717
(-) Net Debt	-237	-237	-237	-237	-237	-237
Winsorized Equity Value	978	1,107	1,488	1,525	1,421	1,757
Full Range Median Equity Value	1,034	1,108	1,530	1,853	2,022	1,954
(/) Shares Outstanding	80	80	80	80	80	80
Winsorized Fair Value	$12.16	$13.76	$18.50	$18.96	$17.67	$21.85
Full Range Median Fair Value	$12.86	$13.78	$19.02	$23.03	$25.14	$24.29
Current Price	$4.43	$4.43	$4.43	$4.43	$4.43	$4.43
Upside / Downside	174.54%	210.54%	317.52%	328.04%	298.85%	393.14%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$8.51	$9.63	$12.95	$13.27	$12.37	$15.29
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY