Bank of Shanghai Co., Ltd. (601229.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
0QKG.L	65	Schweizerische Nat	14,315	0.04	0.04	4.79	5.04	-	5.06
024110.KS	66	Industrial Bank of	14,076	6.09	5.36	61.54	54.81	61.02	60.38
FRYA.F	67	Swedbank AB (publ)	14,045	8.28	8.28	19.91	19.91	22.44	20.92
TVC	68	Tennessee Valley A	13,672	-	-	-	-	0.02	0.02
TVE	69	Tennessee Valley A	13,672	-	-	-	-	0.02	0.02
NED.JO	70	Nedbank Group Limi	13,546	3.58	3.25	2.47	2.47	0.83	1.44
BBRI.JK	71	PT Bank Rakyat Ind	13,417	10.51	8.86	21.78	21.62	11.05	8.10
601229.SS	72	Bank of Shanghai C	13,126	5.29	5.05	47.46	44.48	63.75	44.15
OTP.BD	73	OTP Bank Nyrt.	13,087	6.47	5.05	1.29	1.02	1.19	1.10
FITB	74	Fifth Third Bancor	12,821	12.31	11.28	12.68	11.82	13.60	13.64
VTBR.L	75	VTB Bank (public j	12,669	0.03	0.02	-1.08	-1.18	-0.80	-1.22
HBANN	76	Huntington Bancsha	12,307	11.34	9.29	12.62	10.52	13.40	12.25
CFG-PD	77	Citizens Financial	12,017	13.46	12.22	12.21	11.40	12.85	13.46
7182.T	78	JAPAN POST BANK Co	11,952	15.02	13.49	-288.36	-326.82	-117.35	-74.84
KOTAKBANK.BO	79	Kotak Mahindra Ban	11,532	21.33	18.48	16.14	13.37	16.61	13.24
1155.KL	80	Malayan Banking Be	11,184	11.54	10.79	7.18	6.73	7.74	7.22

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.28	8.28	12.21	10.52	9.39	7.22
Full Range Median Multiple	10.51	8.86	12.62	11.40	11.95	8.10
Industry Multiple	9.23	8.18	15.69	14.43	13.40	12.07
Market Implied Multiple	5.70	5.43	47.81	44.81	64.22	44.48
Company (601229.SS) Multiple	5.29	5.05	47.46	44.48	63.75	44.15
(*) Net Income / EBITDA / Revenue	3,413	3,578	3,912	4,174	2,912	4,205
Winsorized Enterprise Value	N/A	N/A	47,746	43,893	27,356	30,358
Full Range Median Enterprise Value	N/A	N/A	49,385	47,565	34,801	34,062
(-) Net Debt	167,573	167,573	167,573	167,573	167,573	167,573
Winsorized Equity Value	28,249	29,615	-119,827	-123,680	-140,217	-137,215
Full Range Median Equity Value	35,879	31,688	-118,187	-120,008	-132,772	-133,511
(/) Shares Outstanding	2,017	2,017	2,017	2,017	2,017	2,017
Winsorized Fair Value	$14.01	$14.69	$-59.42	$-61.33	$-69.53	$-68.04
Full Range Median Fair Value	$17.79	$15.71	$-58.60	$-59.51	$-65.84	$-66.20
Current Price	$9.64	$9.64	$9.64	$9.64	$9.64	$9.64
Upside / Downside	45.31%	52.33%	-716.37%	-736.18%	-821.25%	-805.81%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$9.81	$10.28	$-41.59	$-42.93	$-48.67	$-47.63
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy