Binhai Investment Company Limited (2886.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
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
SPH	34	Suburban Propane P	1,433	11.46	10.24	4.77	4.75	-	5.48
CEGR3.SA	35	Companhia Distribu	1,360	34.30	29.97	17.51	15.24	28.36	37.80
8174.T	36	Nippon Gas Co., Lt	1,293	22.72	20.83	8.12	7.18	21.96	12.82
NWN	37	Northwest Natural	1,266	18.41	16.68	9.69	8.46	-	14.63
017390.KS	38	Seoul City Gas Co.	1,232	5.94	5.32	1.99	1.69	25.92	10,411.31
267290.KS	39	Kyungdong City Gas	1,231	4.13	3.82	0.95	0.86	7.09	2.82
BASGZ.IS	40	Baskent Dogalgaz D	1,021	7.22	7.22	4.76	4.76	-	9.83

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.56	12.08	7.29	5.91	13.11	11.41
Full Range Median Multiple	14.00	13.11	7.97	7.12	13.96	12.71
Industry Multiple	16.87	16.30	9.14	8.44	27.72	756.37
Market Implied Multiple	3.37	3.23	3.93	3.57	4.80	6.50
Company (2886.HK) Multiple	3.07	2.94	3.82	3.47	4.67	6.31
(*) Net Income / EBITDA / Revenue	59	62	162	178	133	98
Winsorized Enterprise Value	N/A	N/A	1,181	1,054	1,737	1,117
Full Range Median Enterprise Value	N/A	N/A	1,290	1,270	1,849	1,244
(-) Net Debt	436	436	436	436	436	436
Winsorized Equity Value	747	749	745	618	1,301	682
Full Range Median Equity Value	833	813	854	834	1,414	808
(/) Shares Outstanding	177	177	177	177	177	177
Winsorized Fair Value	$4.22	$4.23	$4.20	$3.49	$7.34	$3.85
Full Range Median Fair Value	$4.70	$4.59	$4.82	$4.71	$7.98	$4.56
Current Price	$1.13	$1.13	$1.13	$1.13	$1.13	$1.13
Upside / Downside	273.27%	274.13%	272.04%	208.78%	549.91%	240.46%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$2.95	$2.96	$2.94	$2.44	$5.14	$2.69
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY