Microware Group Limited (1985.HK)

Industry: Information Technology 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
094280.KS	170	Hyosung ITX Co. Lt	346	12.15	12.25	4.49	4.44	10.09	9.19
300738.SZ	171	Guangdong Aofei Da	342	132.85	129.76	36.16	27.65	47.29	92.44
4953.TWO	172	WITS Corp.	339	17.39	17.15	11.31	11.33	9.89	10.29
3657.T	173	Pole To Win Holdin	338	-	-	13.23	17.04	-	109.70
ALMIC.PA	174	Micropole S.A.	336	-	-	8.66	8.03	7.78	7.73
3923.T	175	Rakus Co., Ltd.	333	44.21	28.64	28.81	19.35	27.93	23.81
7200.SR	176	Al Moammar Informa	332	43.95	44.55	29.25	26.86	34.26	45.83
1985.HK	177	Microware Group Li	328	5.45	5.45	2.74	2.74	6.82	3.81
3857.T	178	LAC Co., Ltd.	328	18.00	18.14	6.33	6.01	-	9.21
SWCH	179	Switch, Inc.	326	905.91	1,279.18	33.25	30.44	105,484.74	255.26
SHF.DE	180	SNP Schneider-Neur	326	24.56	16.43	12.93	10.74	19.75	15.26
4725.T	181	CAC Holdings Corpo	325	10.68	10.68	4.10	4.10	9.07	7.47
9739.T	182	NSW Inc.	324	11.22	10.52	3.29	3.01	6.25	3.26
SQRL.MC	183	Squirrel Media, S.	320	18.63	18.63	6.58	6.58	13.59	9.45
IZER.MC	184	izertis, S.A.	318	27.12	27.12	9.16	9.16	20.65	17.45
002268.SZ	185	CETC Cyberspace Se	317	93.24	89.04	67.96	58.05	-	75.46

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	18.63	18.14	9.16	9.16	11.84	10.29
Full Range Median Multiple	24.56	18.63	11.31	10.74	16.67	15.26
Industry Multiple	104.61	130.93	18.37	16.19	8,807.61	46.12
Market Implied Multiple	5.20	5.20	2.57	2.57	6.40	3.58
Company (1985.HK) Multiple	5.45	5.45	2.74	2.74	6.82	3.81
(*) Net Income / EBITDA / Revenue	8	8	12	12	5	9
Winsorized Enterprise Value	N/A	N/A	114	114	59	92
Full Range Median Enterprise Value	N/A	N/A	140	133	83	136
(-) Net Debt	-12	-12	-12	-12	-12	-12
Winsorized Equity Value	156	152	125	125	71	103
Full Range Median Equity Value	206	156	152	145	95	148
(/) Shares Outstanding	35	35	35	35	35	35
Winsorized Fair Value	$4.48	$4.36	$3.59	$3.59	$2.03	$2.97
Full Range Median Fair Value	$5.90	$4.48	$4.36	$4.15	$2.72	$4.24
Current Price	$1.25	$1.25	$1.25	$1.25	$1.25	$1.25
Upside / Downside	258.27%	248.92%	187.52%	187.52%	62.24%	137.24%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3.13	$3.05	$2.52	$2.52	$1.42	$2.08
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY