Bank of Communications Co., Ltd. (601328.SS)

Industry: Banks - Diversified 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
UBSG.SW	18	UBS Group AG	67,542	14.54	13.76	63.65	63.65	21.00	14.99
NAB.AX	19	National Australia	62,728	8.67	8.47	18.22	18.22	34.50	20.86
STAN.L	20	Standard Chartered	54,203	7.97	6.51	7.32	5.66	6.47	8.45
BNS	21	The Bank of Nova S	53,072	12.30	11.97	43.47	39.90	44.56	55.44
BCY.DE	22	Barclays PLC	52,253	7.75	6.47	-12.59	-12.59	-18.64	-17.02
INN1.DE	23	ING Groep N.V.	48,323	10.77	9.11	17.34	17.34	14.94	16.35
CM	24	Canadian Imperial	45,466	11.35	9.83	34.74	30.49	37.36	33.16
601328.SS	25	Bank of Communicat	39,844	6.26	5.89	36.64	10.26	34.32	39.66
WBC.AX	26	Westpac Banking Co	39,828	9.59	9.81	17.84	17.84	16.86	18.45
NWG.L	27	NatWest Group plc	34,577	7.27	5.29	2.44	1.84	2.36	2.25
NA-PC.TO	28	National Bank of C	22,335	2.59	2.26	22.86	20.02	24.20	22.38
CSGN.SW	29	Credit Suisse Grou	18,035	-	-	5.10	4.61	28.42	68.19
ABN.AS	30	ABN AMRO Bank N.V.	15,360	10.09	6.33	20.26	16.40	20.16	16.43
SHB-A.ST	31	Svenska Handelsban	11,000	9.85	8.99	71.41	76.05	36.67	36.37
TANNL	32	TravelCenters of A	10,787	8.90	6.46	4.37	3.04	1,375.12	13.71
QNBK.QA	33	Qatar National Ban	10,461	9.35	8.91	12.87	15.76	3.14	2.22

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.12	7.49	17.59	16.87	20.58	16.39
Full Range Median Multiple	9.47	8.69	18.03	17.59	22.60	17.44
Industry Multiple	9.36	8.15	24.42	23.63	118.98	23.52
Market Implied Multiple	6.40	6.02	36.77	10.30	34.44	39.80
Company (601328.SS) Multiple	6.26	5.89	36.64	10.26	34.32	39.66
(*) Net Income / EBITDA / Revenue	13,468	14,319	14,815	52,888	15,817	13,686
Winsorized Enterprise Value	N/A	N/A	260,554	892,149	325,508	224,355
Full Range Median Enterprise Value	N/A	N/A	267,079	930,181	357,435	238,721
(-) Net Debt	458,547	458,547	458,547	458,547	458,547	458,547
Winsorized Equity Value	122,843	107,194	-197,993	433,602	-133,039	-234,192
Full Range Median Equity Value	127,499	124,436	-191,468	471,634	-101,112	-219,826
(/) Shares Outstanding	12,541	12,541	12,541	12,541	12,541	12,541
Winsorized Fair Value	$9.79	$8.55	$-15.79	$34.57	$-10.61	$-18.67
Full Range Median Fair Value	$10.17	$9.92	$-15.27	$37.61	$-8.06	$-17.53
Current Price	$6.87	$6.87	$6.87	$6.87	$6.87	$6.87
Upside / Downside	42.58%	24.41%	-329.80%	403.25%	-254.41%	-371.81%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$6.86	$5.98	$-11.05	$24.20	$-7.43	$-13.07
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	Don’t Buy	Don’t Buy