Man Wah Holdings Limited (1999.HK)

Industry: Furnishings, Fixtures & Appliances 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
600839.SS	5	Sichuan Changhong	15,368	35.36	35.36	22.31	18.75	101.24	14.96
0MDT.IL	6	AB Electrolux (pub	14,423	24.68	38.64	5.02	5.01	17.00	15.81
000921.SZ	7	Hisense Home Appli	13,299	10.53	8.89	7.13	6.32	15.42	8.05
ARCLK.IS	8	Arçelik Anonim Si	10,841	-	-	5.69	3.62	20.77	24.19
TPX	9	Tempur Sealy Inter	6,816	38.36	36.63	16.80	15.21	11.20	17.79
HWDN.L	10	Howden Joinery Gro	6,291	9.19	8.07	5.23	3.34	10.42	6.44
SN	11	SharkNinja, Inc.	6,085	24.29	24.29	15.82	15.82	13.61	18.63
1999.HK	12	Man Wah Holdings L	4,597	5.67	4.72	3.37	2.52	3.71	3.31
000521.SZ	13	Changhong Meiling	4,433	11.16	11.16	9.98	8.00	77.49	11.24
LEG	14	Leggett & Platt, I	4,173	5.49	5.52	4.91	5.06	9.31	11.08
PATK	15	Patrick Industries	3,873	27.91	25.66	15.32	14.19	18.39	16.88
MLKN	16	MillerKnoll, Inc.	3,764	-	-	15.04	13.44	14.52	35.00
VCP.L	17	Victoria PLC	3,406	-	-	16.30	11.10	-	-
021240.KS	18	COWAY Co., Ltd.	3,261	12.27	11.16	4.76	4.16	9.26	9.20
002032.SZ	19	Zhejiang Supor Co.	3,238	17.47	16.73	15.60	14.64	19.53	13.89
5947.T	20	Rinnai Corporation	2,986	17.04	16.08	5.88	5.55	9.47	7.33

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.66	13.62	7.13	6.32	14.07	12.56
Full Range Median Multiple	17.26	16.40	9.98	8.00	14.97	14.42
Industry Multiple	19.48	19.85	11.05	9.61	24.83	15.03
Market Implied Multiple	4.56	3.80	2.74	2.05	3.02	2.69
Company (1999.HK) Multiple	5.67	4.72	3.37	2.52	3.71	3.31
(*) Net Income / EBITDA / Revenue	498	598	878	1,174	798	896
Winsorized Enterprise Value	N/A	N/A	6,255	7,415	11,221	11,249
Full Range Median Enterprise Value	N/A	N/A	8,763	9,383	11,943	12,917
(-) Net Debt	135	135	135	135	135	135
Winsorized Equity Value	7,298	8,149	6,120	7,280	11,086	11,114
Full Range Median Equity Value	8,592	9,814	8,628	9,248	11,808	12,782
(/) Shares Outstanding	499	499	499	499	499	499
Winsorized Fair Value	$14.62	$16.33	$12.26	$14.59	$22.21	$22.27
Full Range Median Fair Value	$17.21	$19.66	$17.29	$18.53	$23.66	$25.61
Current Price	$4.55	$4.55	$4.55	$4.55	$4.55	$4.55
Upside / Downside	221.39%	258.86%	169.52%	220.59%	388.20%	389.42%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$10.24	$11.43	$8.58	$10.21	$15.55	$15.59
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY