China Railway Group Limited (601390.SS)

Industry: Engineering & Construction 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
601668.SS	1	China State Constr	300,725	5.04	5.00	7.55	7.50	12.05	9.86
SQU.DE	2	Vinci S.A.	170,405	7.58	6.55	4.10	3.53	6.12	4.81
601390.SS	3	China Railway Grou	158,406	5.48	5.55	11.52	11.16	16.22	17.08
601186.SS	4	China Railway Cons	147,245	4.74	4.64	12.86	12.50	21.62	21.79
601800.SS	5	China Communicatio	106,110	7.10	6.81	14.73	14.25	21.26	18.72
601669.SS	6	Power Construction	91,872	9.00	8.34	13.25	12.31	24.67	27.59
601618.SS	7	Metallurgical Corp	67,346	20.54	23.21	18.57	20.27	23.07	28.30
EN.PA	8	Bouygues S.A.	67,111	13.97	12.58	4.75	4.37	6.37	8.91
601868.SS	9	China Energy Engin	65,957	12.64	11.39	14.12	12.41	29.45	23.03
600170.SS	10	Shanghai Construct	34,671	12.93	14.38	8.35	8.91	12.78	18.55
3311.HK	11	China State Constr	29,610	2.95	2.40	3.51	2.68	3.65	2.87
028260.KS	12	Samsung C&T Corpor	27,137	12.44	10.89	4.95	4.19	8.91	7.52
PWR	13	Quanta Services, I	27,065	60.67	50.17	26.23	21.26	32.47	34.64
601117.SS	14	China National Che	26,640	7.42	6.60	3.73	3.34	5.04	3.53
ANA.MC	15	Acciona, S.A.	25,466	10.00	7.62	7.18	6.37	8.99	8.04
SPIE.PA	16	SPIE S.a.	23,038	18.75	18.75	6.85	5.63	11.59	8.74

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.00	7.62	7.18	6.37	11.59	8.91
Full Range Median Multiple	10.00	8.34	7.55	7.50	12.05	9.86
Industry Multiple	13.72	12.62	10.05	9.30	15.20	15.13
Market Implied Multiple	5.32	5.39	11.45	11.09	16.12	16.97
Company (601390.SS) Multiple	5.48	5.55	11.52	11.16	16.22	17.08
(*) Net Income / EBITDA / Revenue	3,521	3,476	7,936	8,192	5,637	5,353
Winsorized Enterprise Value	N/A	N/A	56,963	52,153	65,311	47,700
Full Range Median Enterprise Value	N/A	N/A	59,939	61,454	67,930	52,796
(-) Net Debt	72,121	72,121	72,121	72,121	72,121	72,121
Winsorized Equity Value	31,682	26,495	-15,159	-19,968	-6,810	-24,421
Full Range Median Equity Value	35,218	28,971	-12,182	-10,667	-4,191	-19,325
(/) Shares Outstanding	3,503	3,503	3,503	3,503	3,503	3,503
Winsorized Fair Value	$9.04	$7.56	$-4.33	$-5.70	$-1.94	$-6.97
Full Range Median Fair Value	$10.05	$8.27	$-3.48	$-3.05	$-1.20	$-5.52
Current Price	$5.35	$5.35	$5.35	$5.35	$5.35	$5.35
Upside / Downside	69.04%	41.37%	-180.88%	-206.54%	-136.33%	-230.30%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$6.33	$5.29	$-3.03	$-3.99	$-1.36	$-4.88
Buy / Don't Buy	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy