CITIC Telecom International Holdings Limited (1883.HK)

Industry: Telecommunications Services 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
1310.HK	94	HKBN Ltd.	2,747	-	-	4.93	4.93	9.00	9.99
BCOM.TA	95	B Communications L	2,718	21.41	25.05	3.24	3.20	4.71	6.30
BEZQ.TA	96	Bezeq The Israel T	2,718	13.40	12.28	6.89	6.78	9.90	12.99
ELISA.HE	97	Elisa Oyj	2,640	19.59	19.12	10.64	10.31	15.44	16.43
TATACOMM.BO	98	Tata Communication	2,639	27.88	21.26	14.30	13.86	29.80	12.18
6012.KL	99	Maxis Berhad	2,563	19.42	19.30	8.69	8.51	13.64	14.92
DTAC-R.BK	100	Total Access Commu	2,562	38.92	36.01	6.57	6.62	25.48	25.30
1883.HK	101	CITIC Telecom Inte	2,447	4.72	4.45	2.72	2.70	2.21	2.64
EXCL.JK	102	PT XLSMART Telecom	2,364	-	-	6.13	5.96	-	43.69
IHS	103	IHS Holding Limite	2,362	3.84	3.84	-	-	7.96	6.15
OBEL.BR	104	Orange Belgium S.A	2,324	30.37	31.65	5.67	5.16	26.92	19.69
3774.T	105	Internet Initiativ	2,131	20.63	15.28	6.90	6.15	12.35	10.78
NOS.LS	106	Nos, S.g.p.s., S.a	2,096	8.03	6.45	5.27	4.58	10.64	7.26
9449.T	107	GMO Internet, Inc.	1,832	21.88	19.08	5.85	5.07	7.06	6.55
HCHC	108	HC2 Holdings, Inc.	1,764	-	-	-	-	-	-
0315.HK	109	SmarTone Telecommu	1,603	5.12	5.59	0.89	0.87	2.79	2.72

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	19.50	17.18	5.85	5.16	9.90	10.38
Full Range Median Multiple	20.11	19.10	6.13	5.96	10.64	11.48
Industry Multiple	19.21	17.91	6.61	6.31	13.52	13.92
Market Implied Multiple	4.94	4.65	2.82	2.80	2.29	2.74
Company (1883.HK) Multiple	4.72	4.45	2.72	2.70	2.21	2.64
(*) Net Income / EBITDA / Revenue	242	257	516	520	635	531
Winsorized Enterprise Value	N/A	N/A	3,017	2,681	6,291	5,514
Full Range Median Enterprise Value	N/A	N/A	3,166	3,094	6,763	6,096
(-) Net Debt	262	262	262	262	262	262
Winsorized Equity Value	4,715	4,411	2,755	2,419	6,029	5,252
Full Range Median Equity Value	4,861	4,903	2,904	2,832	6,501	5,834
(/) Shares Outstanding	476	476	476	476	476	476
Winsorized Fair Value	$9.91	$9.27	$5.79	$5.09	$12.67	$11.04
Full Range Median Fair Value	$10.22	$10.31	$6.10	$5.95	$13.67	$12.26
Current Price	$2.51	$2.51	$2.51	$2.51	$2.51	$2.51
Upside / Downside	294.92%	269.41%	130.76%	102.61%	404.90%	339.86%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$6.94	$6.49	$4.05	$3.56	$8.87	$7.73
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY