Bank of Beijing Co., Ltd. (601169.SS)

Industry: Banks - Regional 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
055550.KS	47	Shinhan Financial	20,621	6.15	5.74	23.71	23.63	13.58	17.37
CABK.MC	48	CaixaBank, S.A.	19,066	8.57	6.29	11.30	9.60	6.22	4.15
086790.KS	49	Hana Financial Gro	18,873	6.26	5.69	14.84	13.47	16.85	17.82
SEBC.F	50	Skandinaviska Ensk	18,381	10.12	8.81	16.86	14.68	18.08	15.40
CANBK.BO	51	Canara Bank	17,955	6.48	6.48	4.47	4.47	4.42	4.47
002142.SZ	52	Bank of Ningbo Co.	17,646	6.05	5.25	39.99	34.07	40.68	37.20
AXB.IL	53	Axis Bank Limited	17,608	67.83	45.55	57.95	38.88	66.82	38.88
601169.SS	54	Bank of Beijing Co	16,615	4.43	4.19	66.80	63.29	74.64	62.71
BANKBARODA.BO	55	Bank of Baroda Lim	16,549	6.95	3.09	10.80	10.80	10.53	10.80
PNB.BO	56	Punjab National Ba	16,300	7.61	7.61	4.80	2.19	4.97	2.19
YKBNK.IS	57	Yapi ve Kredi Bank	15,892	6.45	4.10	22.19	14.26	16.87	14.66
DANSKE.CO	58	Danske Bank A/S	15,728	9.19	7.60	36.05	26.39	37.68	26.42
0011.HK	59	Hang Seng Bank Lim	15,551	7.54	8.28	4.05	2.69	4.67	4.27
AKBNK.IS	60	Akbank T.A.S.	14,587	6.77	4.42	22.96	15.90	15.81	10.78
FCNCA	61	First Citizens Ban	14,531	9.88	7.13	18.67	13.72	20.53	15.41
UNIONBANK.BO	62	Union Bank of Indi	14,442	5.72	5.72	4.62	4.62	4.85	4.62

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	6.77	5.74	14.84	13.47	13.58	10.80
Full Range Median Multiple	6.95	6.29	16.86	13.72	15.81	14.66
Industry Multiple	11.44	8.78	19.55	15.29	18.84	14.96
Market Implied Multiple	4.22	3.99	66.61	63.11	74.43	62.53
Company (601169.SS) Multiple	4.43	4.19	66.80	63.29	74.64	62.71
(*) Net Income / EBITDA / Revenue	3,729	3,942	4,162	4,392	3,724	4,433
Winsorized Enterprise Value	N/A	N/A	61,754	59,155	50,580	47,855
Full Range Median Enterprise Value	N/A	N/A	70,154	60,267	58,896	65,005
(-) Net Debt	261,457	261,457	261,457	261,457	261,457	261,457
Winsorized Equity Value	25,252	22,635	-199,703	-202,302	-210,877	-213,602
Full Range Median Equity Value	25,922	24,775	-191,303	-201,191	-202,562	-196,452
(/) Shares Outstanding	3,001	3,001	3,001	3,001	3,001	3,001
Winsorized Fair Value	$8.41	$7.54	$-66.55	$-67.42	$-70.27	$-71.18
Full Range Median Fair Value	$8.64	$8.26	$-63.75	$-67.05	$-67.50	$-65.47
Current Price	$5.24	$5.24	$5.24	$5.24	$5.24	$5.24
Upside / Downside	60.59%	43.95%	-1,370.03%	-1,386.55%	-1,441.09%	-1,458.42%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$5.89	$5.28	$-46.58	$-47.19	$-49.19	$-49.83
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy