Far East Horizon Limited (3360.HK)

Industry: Financial - Credit Services 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
ASAI.L	8	ASA International	27,031	0.07	0.07	0.37	0.37	-	-
DFS	9	Discover Financial	22,148	8.97	7.63	5.81	4.86	4.25	4.89
SYF	10	Synchrony Financia	19,269	7.47	6.17	4.84	4.07	4.35	4.42
8591.T	11	ORIX Corporation	17,498	8.40	7.43	8.67	7.89	9.40	15.14
KKRS	12	KKR Group Finance	16,538	2.70	1.88	0.29	0.19	0.16	0.06
ALLY	13	Ally Financial Inc	15,316	19.22	20.02	13.37	14.61	10.99	28.04
8593.T	14	Mitsubishi HC Capi	13,803	10.82	8.79	25.10	18.31	55.13	38.93
3360.HK	15	Far East Horizon L	9,475	3.11	2.69	23.33	11.35	5.41	5.52
BAJFINANCE.BO	16	Bajaj Finance Limi	8,103	33.90	25.59	36.90	28.00	35.41	29.05
SC	17	Santander Consumer	7,105	4.14	3.10	7.27	5.96	10.31	8.00
RECLTD.BO	18	REC Limited	6,485	5.69	4.63	27.60	22.71	26.68	22.74
OMF	19	OneMain Holdings,	6,129	9.56	9.36	23.68	23.31	27.02	30.53
ADS	20	Bread Financial Ho	5,661	8.99	9.03	-1.62	-1.67	-1.49	-
SHRIRAMFIN.BO	21	Shriram Finance Li	4,927	11.75	8.63	18.15	13.15	15.43	13.77
1606.HK	22	China Development	4,781	2.21	1.73	14.36	13.28	11.69	9.12
CGABL	23	The Carlyle Group	4,715	8.37	8.37	4.37	4.37	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.37	7.43	7.97	6.93	10.65	11.44
Full Range Median Multiple	8.40	7.63	11.02	10.52	11.34	14.45
Industry Multiple	9.48	8.16	13.63	11.51	17.57	17.06
Market Implied Multiple	3.67	3.18	23.76	11.56	5.51	5.62
Company (3360.HK) Multiple	3.11	2.69	23.33	11.35	5.41	5.52
(*) Net Income / EBITDA / Revenue	1,185	1,370	1,524	3,133	6,571	6,446
Winsorized Enterprise Value	N/A	N/A	12,148	21,699	69,962	73,777
Full Range Median Enterprise Value	N/A	N/A	16,799	32,969	74,494	93,176
(-) Net Debt	31,876	31,876	31,876	31,876	31,876	31,876
Winsorized Equity Value	9,926	10,179	-19,728	-10,177	38,086	41,900
Full Range Median Equity Value	9,962	10,459	-15,078	1,093	42,618	61,300
(/) Shares Outstanding	593	593	593	593	593	593
Winsorized Fair Value	$16.75	$17.17	$-33.28	$-17.17	$64.25	$70.68
Full Range Median Fair Value	$16.81	$17.64	$-25.44	$1.84	$71.90	$103.41
Current Price	$7.34	$7.34	$7.34	$7.34	$7.34	$7.34
Upside / Downside	128.14%	133.94%	-553.42%	-333.90%	775.33%	863.00%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$11.72	$12.02	$-23.30	$-12.02	$44.97	$49.48
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	BUY	BUY