HK Electric Investments and HK Electric Investments Limited (2638.HK)

Industry: Regulated Electric 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
000543.SZ	66	An Hui Wenergy Com	4,162	6.74	5.54	9.30	8.09	9.59	9.86
000600.SZ	67	Jointo Energy Inve	3,439	7.89	7.16	7.52	7.18	7.65	10.40
POR	68	Portland General E	3,437	16.00	14.15	8.74	7.97	15.15	16.08
MSRS.ME	69	Public Joint-Stock	3,352	2.46	2.10	2.70	2.69	1.77	2.55
REDE3.SA	70	Rede Energia Parti	3,330	9.39	8.11	6.88	6.00	7.48	6.93
OGE	71	OGE Energy Corp.	3,295	18.52	18.52	11.10	7.59	11.10	16.26
IRGZ.ME	72	Irkutsk Public Joi	3,291	-	-	5.91	5.77	7.38	8.84
2638.HK	73	HK Electric Invest	3,059	8.05	8.05	6.00	6.00	10.88	9.71
CEEB3.SA	74	Companhia de Eletr	2,769	4.71	4.09	5.01	4.20	7.05	4.83
GPSC-R.BK	75	Global Power Syner	2,765	16.64	17.02	9.38	9.41	21.15	23.56
RIFS.L	76	Reliance Infrastru	2,669	49.42	49.42	4.68	3.82	-	9.99
AQNB	77	Algonquin Power &	2,388	-	-	23.43	22.30	32.71	36.52
KBSB.ME	78	PJSC TNS energo Ku	2,307	10.94	9.99	-	-	1.34	-
EGIE3.SA	79	Engie Brasil Energ	2,303	10.94	10.43	7.83	7.44	10.69	9.82
MRKC.ME	80	PJSC Rosseti Centr	2,143	1.07	0.90	1.81	1.73	1.75	1.75
000966.SZ	81	CHN Energy Changyu	2,126	102.14	148.24	18.36	18.21	25.57	178.29

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.39	8.11	7.20	6.59	7.57	9.84
Full Range Median Multiple	10.94	9.99	7.68	7.31	8.62	9.93
Industry Multiple	19.76	22.74	8.76	8.03	11.46	23.98
Market Implied Multiple	9.21	9.21	6.42	6.42	11.65	10.40
Company (2638.HK) Multiple	8.05	8.05	6.00	6.00	10.88	9.71
(*) Net Income / EBITDA / Revenue	808	808	2,186	2,186	1,205	1,350
Winsorized Enterprise Value	N/A	N/A	15,734	14,406	9,118	13,280
Full Range Median Enterprise Value	N/A	N/A	16,774	15,980	10,387	13,400
(-) Net Debt	6,599	6,599	6,599	6,599	6,599	6,599
Winsorized Equity Value	7,586	6,549	9,135	7,807	2,519	6,681
Full Range Median Equity Value	8,836	8,075	10,175	9,381	3,787	6,801
(/) Shares Outstanding	1,136	1,136	1,136	1,136	1,136	1,136
Winsorized Fair Value	$6.68	$5.77	$8.04	$6.87	$2.22	$5.88
Full Range Median Fair Value	$7.78	$7.11	$8.96	$8.26	$3.33	$5.99
Current Price	$6.55	$6.55	$6.55	$6.55	$6.55	$6.55
Upside / Downside	1.98%	-11.97%	22.80%	4.95%	-66.14%	-10.19%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$4.68	$4.04	$5.63	$4.81	$1.55	$4.12
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy