Tian Lun Gas Holdings Limited (1600.HK)

Industry: Regulated Gas 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
BIPC	18	Brookfield Infrast	3,656	-	-	4.56	3.19	8.02	2.17
004690.KS	19	Samchully Co.,Ltd	3,554	4.27	2.81	2.95	2.53	13.01	8.35
3633.HK	20	Zhongyu Energy Hol	3,428	27.97	30.50	8.09	6.91	15.48	15.05
CTRI	21	Centuri Holdings,	2,841	790.74	790.74	12.28	12.28	19.47	32.26
SR-PA	22	Spire Inc.	2,476	17.70	14.15	7.93	6.86	-	10.47
OGS	23	ONE Gas, Inc.	2,369	19.09	17.98	10.85	9.92	31.57	17.29
CGAS3.SA	24	Companhia de Gás	2,338	10.49	9.88	5.97	5.37	7.11	7.41
1600.HK	25	Tian Lun Gas Holdi	2,240	4.01	3.66	3.73	3.03	6.52	4.23
NJR	26	New Jersey Resourc	2,033	14.41	12.63	11.55	9.98	57.96	16.28
AYGAZ.IS	27	Aygaz A.S.	1,975	11.53	11.53	7.82	4.68	13.96	14.47
GSPL.BO	28	Gujarat State Petr	1,856	16.96	18.09	6.76	7.07	9.95	5.44
5209.KL	29	Gas Malaysia Berha	1,855	13.60	13.60	8.19	8.19	10.35	10.24
GUJGAS.BO	30	Gujarat Gas Limite	1,825	36.93	37.25	22.81	22.24	13.11	12.59
NFE	31	New Fortress Energ	1,779	-	-	-	-	-	-
2886.HK	32	Binhai Investment	1,596	3.07	2.94	3.82	3.47	4.67	6.31
600917.SS	33	Chongqing Gas Grou	1,473	34.49	37.34	19.28	19.97	109.71	31.19

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.41	13.60	7.88	6.88	13.01	10.35
Full Range Median Multiple	16.96	14.15	8.01	6.99	13.11	11.53
Industry Multiple	77.02	76.88	9.49	8.76	24.18	13.54
Market Implied Multiple	3.95	3.61	3.71	3.02	6.49	4.21
Company (1600.HK) Multiple	4.01	3.66	3.73	3.03	6.52	4.23
(*) Net Income / EBITDA / Revenue	101	111	350	430	200	308
Winsorized Enterprise Value	N/A	N/A	2,759	2,960	2,606	3,191
Full Range Median Enterprise Value	N/A	N/A	2,805	3,005	2,625	3,553
(-) Net Debt	898	898	898	898	898	898
Winsorized Equity Value	1,461	1,509	1,860	2,061	1,708	2,293
Full Range Median Equity Value	1,720	1,571	1,906	2,107	1,726	2,655
(/) Shares Outstanding	138	138	138	138	138	138
Winsorized Fair Value	$10.62	$10.97	$13.52	$14.98	$12.41	$16.66
Full Range Median Fair Value	$12.50	$11.42	$13.86	$15.31	$12.55	$19.30
Current Price	$2.91	$2.91	$2.91	$2.91	$2.91	$2.91
Upside / Downside	264.92%	277.01%	364.68%	414.91%	326.55%	472.68%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$7.43	$7.68	$9.47	$10.49	$8.69	$11.67
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY