Guangzhou Rural Commercial Bank Co., Ltd. (1551.HK)

Industry: Banks - Regional 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
5819.KL	184	Hong Leong Bank Be	2,726	9.40	8.44	8.71	7.82	8.92	8.05
CRLA.PA	185	Caisse Régionale	2,722	3.32	3.25	2.65	2.38	0.86	2.69
002958.SZ	186	Qingdao Rural Comm	2,701	5.82	5.80	52.12	52.99	27.77	52.99
CADE	187	Cadence Bank	2,667	13.17	11.10	12.72	11.36	11.19	8.50
139130.KS	188	iM Financial Group	2,641	6.20	6.04	22.78	22.14	23.31	21.22
FNB-PE	189	F.N.B. Corporation	2,635	11.42	10.35	11.86	10.62	10.60	12.09
FEDS.L	190	The Federal Bank L	2,618	4.78	3.97	3.55	4.11	3.81	0.94
1551.HK	191	Guangzhou Rural Co	2,612	5.63	6.52	-	-	3.84	4.82
601128.SS	192	Jiangsu Changshu R	2,592	5.41	4.57	12.55	10.55	9.69	10.55
BBAJIOO.MX	193	Banco del Bajío,	2,562	5.55	4.80	6.51	5.62	7.80	6.02
2356.HK	194	Dah Sing Banking G	2,538	3.12	3.09	-0.49	-0.37	-0.33	-0.42
UCOBANK.BO	195	UCO Bank	2,520	16.27	16.27	11.62	11.62	5.73	7.71
7186.T	196	Yokohama Financial	2,454	13.85	11.70	1.08	0.91	0.91	0.63
CIT	197	CIT Group Inc.	2,410	7.21	7.03	2.92	3.14	3.88	3.77
601963.SS	198	Bank of Chongqing	2,405	5.57	5.29	67.21	66.11	63.31	65.08
8354.T	199	Fukuoka Financial	2,376	10.96	5.06	4.46	2.15	4.46	2.79

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	5.82	5.29	7.61	6.72	6.76	6.86
Full Range Median Multiple	6.20	5.80	10.17	9.19	8.36	7.88
Industry Multiple	8.14	7.12	15.77	15.11	13.02	14.50
Market Implied Multiple	5.94	6.88	-	-	4.03	5.06
Company (1551.HK) Multiple	5.63	6.52	-	-	3.84	4.82
(*) Net Income / EBITDA / Revenue	687	593	-78	-78	1,114	886
Winsorized Enterprise Value	N/A	N/A	-590	-521	7,531	6,085
Full Range Median Enterprise Value	N/A	N/A	-789	-713	9,311	6,983
(-) Net Debt	408	408	408	408	408	408
Winsorized Equity Value	3,994	3,137	-998	-929	7,123	5,677
Full Range Median Equity Value	4,260	3,442	-1,197	-1,121	8,903	6,575
(/) Shares Outstanding	2,701	2,701	2,701	2,701	2,701	2,701
Winsorized Fair Value	$1.48	$1.16	$-0.37	$-0.34	$2.64	$2.10
Full Range Median Fair Value	$1.58	$1.27	$-0.44	$-0.41	$3.30	$2.43
Current Price	$1.51	$1.51	$1.51	$1.51	$1.51	$1.51
Upside / Downside	-2.07%	-23.08%	-124.48%	-122.79%	74.66%	39.20%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$1.04	$0.81	$-0.26	$-0.24	$1.85	$1.47
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	Don’t Buy