China State Construction International Holdings Limited (3311.HK)

Industry: Engineering & Construction 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
601186.SS	4	China Railway Cons	147,245	4.74	4.64	12.86	12.50	21.62	21.79
601800.SS	5	China Communicatio	106,110	7.10	6.81	14.73	14.25	21.26	18.72
601669.SS	6	Power Construction	91,872	9.00	8.34	13.25	12.31	24.67	27.59
601618.SS	7	Metallurgical Corp	67,346	20.54	23.21	18.57	20.27	23.07	28.30
EN.PA	8	Bouygues S.A.	67,111	13.97	12.58	4.75	4.37	6.37	8.91
601868.SS	9	China Energy Engin	65,957	12.64	11.39	14.12	12.41	29.45	23.03
600170.SS	10	Shanghai Construct	34,671	12.93	14.38	8.35	8.91	12.78	18.55
3311.HK	11	China State Constr	29,610	2.95	2.40	3.51	2.68	3.65	2.87
028260.KS	12	Samsung C&T Corpor	27,137	12.44	10.89	4.95	4.19	8.91	7.52
PWR	13	Quanta Services, I	27,065	60.67	50.17	26.23	21.26	32.47	34.64
601117.SS	14	China National Che	26,640	7.42	6.60	3.73	3.34	5.04	3.53
ANA.MC	15	Acciona, S.A.	25,466	10.00	7.62	7.18	6.37	8.99	8.04
SPIE.PA	16	SPIE S.a.	23,038	18.75	18.75	6.85	5.63	11.59	8.74
0MKP.L	17	Strabag SE	21,047	11.27	10.36	5.67	5.77	5.64	2.62
000720.KS	18	Hyundai Engineerin	20,490	-	-	-	-	16.56	-
SKA-B.ST	19	Skanska AB (publ)	19,634	16.27	16.75	10.04	10.50	21.85	13.96

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.86	10.62	7.77	7.64	12.78	11.43
Full Range Median Multiple	12.54	11.14	9.20	9.71	16.56	16.25
Industry Multiple	15.55	14.46	10.80	10.15	16.68	16.14
Market Implied Multiple	2.41	1.96	3.17	2.42	3.30	2.59
Company (3311.HK) Multiple	2.95	2.40	3.51	2.68	3.65	2.87
(*) Net Income / EBITDA / Revenue	2,496	3,070	3,980	5,220	3,829	4,871
Winsorized Enterprise Value	N/A	N/A	30,909	39,884	48,942	55,693
Full Range Median Enterprise Value	N/A	N/A	36,599	50,683	63,411	79,169
(-) Net Debt	6,610	6,610	6,610	6,610	6,610	6,610
Winsorized Equity Value	29,597	32,609	24,298	33,273	42,331	49,082
Full Range Median Equity Value	31,304	34,196	29,988	44,073	56,801	72,558
(/) Shares Outstanding	681	681	681	681	681	681
Winsorized Fair Value	$43.47	$47.89	$35.69	$48.87	$62.17	$72.08
Full Range Median Fair Value	$45.97	$50.22	$44.04	$64.73	$83.42	$106.56
Current Price	$8.83	$8.83	$8.83	$8.83	$8.83	$8.83
Upside / Downside	392.26%	442.37%	304.14%	453.41%	604.07%	716.35%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$30.43	$33.52	$24.98	$34.21	$43.52	$50.46
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY