China BlueChemical Ltd. (3983.HK)

Industry: Agricultural Inputs 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
1866.HK	9	China XLX Fertilis	6,701	2.29	1.68	2.73	2.02	5.16	3.82
001390.KS	10	KG Chemical Corpor	5,840	5.09	5.89	3.43	3.19	6.65	7.29
0297.HK	11	Sinofert Holdings	5,730	4.59	4.59	2.61	1.61	1.26	2.96
600426.SS	12	Shandong Hualu-Hen	4,627	17.47	15.60	9.94	8.77	14.27	13.23
000553.SZ	13	ADAMA Ltd.	4,207	-	-	11.02	11.96	36.07	-
EIDPARRY.BO	14	E.I.D.- Parry (Ind	3,971	15.83	14.16	5.02	4.54	4.93	2.62
FMC	15	FMC Corporation	3,555	-	-	19.59	26.35	-	162.59
3983.HK	16	China BlueChemical	3,493	3.71	3.29	3.26	3.55	5.01	5.53
4148.TW	17	All Cosmos Bio-Tec	3,448	19.21	15.55	6.46	5.60	5.78	7.30
NUF.AX	18	Nufarm Limited	3,322	-	-	24.43	26.10	-	53.94
000422.SZ	19	Hubei Yihua Chemic	3,209	22.18	13.02	12.40	10.73	16.34	30.63
COROMANDEL.BO	20	Coromandel Interna	3,168	27.58	24.53	20.93	19.40	15.87	16.26
002539.SZ	21	Chengdu Wintrue Ho	2,918	14.77	12.71	12.34	11.33	25.67	19.65
TTEN3.SA	22	Três Tentos Agroi	2,882	8.09	8.09	5.90	5.90	97.69	10.89
000902.SZ	23	YONFER Agricultura	2,366	11.38	9.94	7.46	6.51	8.93	8.29
000792.SZ	24	Qinghai Salt Lake	2,242	18.31	18.31	11.95	8.81	10.20	12.34

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.07	11.32	7.46	6.51	8.93	9.59
Full Range Median Multiple	15.30	12.87	9.94	8.77	10.20	11.62
Industry Multiple	13.90	12.01	10.41	10.19	19.14	25.13
Market Implied Multiple	5.00	4.43	4.20	4.58	6.45	7.12
Company (3983.HK) Multiple	3.71	3.29	3.26	3.55	5.01	5.53
(*) Net Income / EBITDA / Revenue	338	381	463	425	301	273
Winsorized Enterprise Value	N/A	N/A	3,452	2,765	2,693	2,619
Full Range Median Enterprise Value	N/A	N/A	4,598	3,726	3,074	3,172
(-) Net Debt	256	256	256	256	256	256
Winsorized Equity Value	4,413	4,313	3,196	2,509	2,438	2,363
Full Range Median Equity Value	5,164	4,901	4,343	3,470	2,818	2,916
(/) Shares Outstanding	654	654	654	654	654	654
Winsorized Fair Value	$6.74	$6.59	$4.89	$3.83	$3.73	$3.61
Full Range Median Fair Value	$7.89	$7.49	$6.64	$5.30	$4.31	$4.46
Current Price	$2.58	$2.58	$2.58	$2.58	$2.58	$2.58
Upside / Downside	161.41%	155.49%	89.35%	48.61%	44.40%	40.00%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$4.72	$4.61	$3.42	$2.68	$2.61	$2.53
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	Don’t Buy