China Resources Pharmaceutical Group Limited (3320.HK)

Industry: Drug Manufacturers - Specialty & Generic 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
CPHI	1	China Pharma Holdi	107,330	-	-	0.00	0.00	-	-
3320.HK	2	China Resources Ph	71,370	4.54	4.79	3.31	2.85	3.23	3.53
4541.T	3	Nichi-Iko Pharmace	58,463	0.42	0.20	-2.85	-1.20	-2.49	-4.65
4502.T	4	Takeda Pharmaceuti	28,374	209.34	232.70	9.75	9.01	40.15	24.79
HLN.L	5	Haleon plc	14,738	22.28	22.28	14.98	14.98	17.36	18.50
VTRS	6	Viatris Inc.	14,124	-	-	-	-	26.65	-
600332.SS	7	Guangzhou Baiyunsh	11,005	13.91	13.62	11.54	11.07	11.94	13.29
8129.T	8	Toho Holdings Co.,	9,838	16.75	14.74	7.34	6.75	18.91	12.32
HIK.L	9	Hikma Pharmaceutic	8,337	9.28	8.96	5.32	4.93	7.14	5.84
IPN.PA	10	Ipsen S.A.	8,202	7.41	5.66	3.15	2.33	3.08	3.87
600511.SS	11	China National Med	7,373	10.73	10.17	7.71	7.62	7.32	6.49
000963.SZ	12	Huadong Medicine C	6,116	19.69	18.88	14.52	13.45	16.80	15.93
SUNPHARMA.BO	13	Sun Pharmaceutical	6,083	36.61	24.73	22.68	19.18	27.88	13.88
BHC	14	Bausch Health Comp	5,991	6.61	6.61	4.62	4.24	8.93	11.65
PPD	15	PPD, Inc.	5,879	45.17	45.17	21.41	21.41	26.16	30.08
000538.SZ	16	Yunnan Baiyao Grou	5,781	19.47	19.24	18.67	17.68	19.69	15.25

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.91	13.62	7.71	7.62	16.80	12.80
Full Range Median Multiple	16.75	14.74	9.75	9.01	17.36	13.58
Industry Multiple	32.13	32.53	10.90	10.21	17.85	14.32
Market Implied Multiple	4.03	4.25	3.19	2.75	3.11	3.40
Company (3320.HK) Multiple	4.54	4.79	3.31	2.85	3.23	3.53
(*) Net Income / EBITDA / Revenue	912	865	4,035	4,682	4,135	3,783
Winsorized Enterprise Value	N/A	N/A	31,098	35,685	69,476	48,438
Full Range Median Enterprise Value	N/A	N/A	39,322	42,212	71,796	51,376
(-) Net Debt	9,202	9,202	9,202	9,202	9,202	9,202
Winsorized Equity Value	12,691	11,775	21,896	26,482	60,274	39,236
Full Range Median Equity Value	15,287	12,748	30,120	33,010	62,594	42,174
(/) Shares Outstanding	809	809	809	809	809	809
Winsorized Fair Value	$15.69	$14.55	$27.06	$32.73	$74.50	$48.50
Full Range Median Fair Value	$18.90	$15.76	$37.23	$40.80	$77.37	$52.13
Current Price	$4.54	$4.54	$4.54	$4.54	$4.54	$4.54
Upside / Downside	245.51%	220.58%	496.14%	621.00%	1,541.00%	968.23%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$10.98	$10.19	$18.95	$22.91	$52.15	$33.95
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY