E-Star Commercial Management Company Limited (6668.HK)

Industry: Real Estate - Services 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
2527.TW	224	Hung Ching Develop	195	6.16	4.86	10.67	8.52	77.22	15.64
8891.T	225	AMG Holdings Co.,L	193	5.73	5.73	9.84	9.84	10.83	10.80
PLAZ-B.ST	226	Platzer Fastighete	188	11.73	13.67	13.51	12.18	13.56	12.32
PAZ.SN	227	Paz Corp S.A.	188	9.96	9.68	-	-	22.19	19.64
0674.HK	228	China Tangshang Ho	187	-	-	-	-	3.00	9.06
2165.HK	229	Ling Yue Services	183	1.95	1.95	-1.77	-1.77	-1.80	-1.83
KFAST-B.ST	230	K-Fast Holding AB	182	83.91	136.03	28.22	26.52	28.75	24.37
6668.HK	231	E-Star Commercial	181	3.81	3.81	2.62	2.62	3.00	3.20
8894.T	232	Revolution Co., Lt	178	-	-	-	-	3.83	-
VIH1.DE	233	VIB Vermögen AG	176	5.05	5.44	7.04	6.25	19.03	-
2376.HK	234	Lushang Life Servi	172	3.63	3.63	-1.48	-1.48	-1.53	-1.62
8893.T	235	Shin-Nihon Tatemon	171	4.85	3.83	6.58	5.19	17.29	5.40
8914.T	236	Arealink Co., Ltd.	166	17.13	17.13	9.66	9.66	11.57	10.02
TPFG.L	237	The Property Franc	163	14.83	9.31	8.38	5.27	7.79	7.62
2980.T	238	SRE Holdings Corpo	158	49.16	41.17	22.98	17.31	75.53	24.76
1036.HK	239	Vanke Overseas Inv	157	-	-	0.48	0.51	-	2.18

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	5.95	5.59	9.66	8.52	12.57	10.02
Full Range Median Multiple	8.06	7.52	9.75	9.09	15.43	10.80
Industry Multiple	17.84	21.04	11.74	10.12	24.22	12.89
Market Implied Multiple	4.43	4.43	3.00	3.00	3.43	3.66
Company (6668.HK) Multiple	3.81	3.81	2.62	2.62	3.00	3.20
(*) Net Income / EBITDA / Revenue	45	45	75	75	65	61
Winsorized Enterprise Value	N/A	N/A	721	636	820	613
Full Range Median Enterprise Value	N/A	N/A	728	678	1,007	660
(-) Net Debt	25	25	25	25	25	25
Winsorized Equity Value	266	250	695	611	795	587
Full Range Median Equity Value	361	337	702	653	981	635
(/) Shares Outstanding	144	144	144	144	144	144
Winsorized Fair Value	$1.85	$1.74	$4.84	$4.25	$5.53	$4.09
Full Range Median Fair Value	$2.51	$2.34	$4.89	$4.54	$6.83	$4.42
Current Price	$1.38	$1.38	$1.38	$1.38	$1.38	$1.38
Upside / Downside	34.31%	26.13%	250.61%	207.86%	300.75%	196.14%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$1.30	$1.22	$3.39	$2.97	$3.87	$2.86
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	BUY