China Galaxy Securities Co., Ltd. (601881.SS)

Industry: Financial - Capital Markets 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
AMRK	13	A-Mark Precious Me	11,944	86.83	128.96	10.74	10.60	41.74	23.03
JEF	14	Jefferies Financia	10,726	19.19	18.84	3.72	3.31	14.38	3.33
601211.SS	15	Guotai Junan Secur	10,195	12.54	10.60	33.84	26.43	25.98	28.54
PLAS.JK	16	PT Polaris Investa	6,550	-	-	29.57	29.57	-	26.19
006800.KS	17	Mirae Asset Securi	6,150	10.14	9.03	10.04	8.24	14.50	8.51
SF	18	Stifel Financial C	6,121	17.64	16.29	12.24	11.39	9.76	12.53
HTSC.L	19	Huatai Securities	5,848	85.87	78.67	76.68	76.68	74.60	222.30
601881.SS	20	China Galaxy Secur	5,827	16.77	14.66	37.82	33.50	-	100.02
000776.SZ	21	GF Securities Co.,	5,625	12.27	11.52	36.47	34.73	29.42	34.73
CPU.AX	22	Computershare Limi	5,533	14.28	10.84	7.68	6.17	14.54	6.34
MRX	23	Marex Group plc Or	5,505	8.17	8.17	5.26	5.26	11.06	5.49
601995.SS	24	China Internationa	5,275	18.94	17.31	36.50	36.50	44.98	37.35
ETOR	25	eToro Group Ltd.	4,870	25.93	25.93	13.63	13.63	15.36	15.34
000166.SZ	26	Shenwan Hongyuan G	4,865	14.23	13.61	36.66	34.42	25.12	34.42
071050.KS	27	Korea Investment H	4,568	4.76	3.92	15.13	12.55	10.39	13.11
002736.SZ	28	Guosen Securities	4,434	11.11	9.79	28.39	25.34	22.84	25.34

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.39	11.18	13.63	12.55	14.95	15.34
Full Range Median Multiple	14.26	12.57	15.13	13.63	19.10	23.03
Industry Multiple	24.42	25.96	23.77	22.32	25.33	33.10
Market Implied Multiple	15.23	13.31	36.54	32.37	-	96.65
Company (601881.SS) Multiple	16.77	14.66	37.82	33.50	-	100.02
(*) Net Income / EBITDA / Revenue	1,722	1,970	2,086	2,355	-1,980	789
Winsorized Enterprise Value	N/A	N/A	28,444	29,555	-29,602	12,102
Full Range Median Enterprise Value	N/A	N/A	31,572	32,112	-37,809	18,166
(-) Net Debt	50,017	50,017	50,017	50,017	50,017	50,017
Winsorized Equity Value	23,050	22,029	-21,573	-20,462	-79,619	-37,915
Full Range Median Equity Value	24,545	24,758	-18,445	-17,905	-87,826	-31,851
(/) Shares Outstanding	1,684	1,684	1,684	1,684	1,684	1,684
Winsorized Fair Value	$13.69	$13.08	$-12.81	$-12.15	$-47.28	$-22.51
Full Range Median Fair Value	$14.58	$14.70	$-10.95	$-10.63	$-52.15	$-18.91
Current Price	$15.57	$15.57	$15.57	$15.57	$15.57	$15.57
Upside / Downside	-12.09%	-15.99%	-182.28%	-178.04%	-403.65%	-244.60%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$9.58	$9.16	$-8.97	$-8.51	$-33.09	$-15.76
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy