Sunshine Insurance Group Company Limited (6963.HK)

Industry: Insurance - 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
AGN.AS	6	Aegon N.V.	34,520	7.90	8.10	2.49	2.49	0.43	0.37
ASRNL.AS	7	ASR Nederland N.V.	33,310	8.89	7.14	1.59	1.36	0.75	0.75
AIG-PA	8	American Internati	27,390	13.81	13.81	6.01	6.01	18.39	11.03
0QMG.L	9	Swiss Life Holding	26,699	11.48	11.01	7.30	7.30	15.83	5.21
SLF	10	Sun Life Financial	26,261	15.47	15.08	9.61	9.08	8.03	10.35
HELN.SW	11	Helvetia Holding A	23,587	14.81	15.00	7.53	7.53	12.32	12.49
RZC	12	7.125% Fixed-Rate	22,270	14.65	13.21	8.58	7.66	10.79	9.77
6963.HK	13	Sunshine Insurance	21,402	3.58	3.58	1.10	1.10	0.31	0.43
ACGL	14	Arch Capital Group	19,052	8.17	6.38	7.14	5.62	5.85	5.94
0QQ3.L	15	Bâloise Holding A	17,582	10.36	11.73	10.48	10.48	-	12.56
ATH	16	Athene Holding Ltd	16,321	-	-	-6.59	-6.15	-	-
US.MI	17	UnipolSai Assicura	16,126	8.32	6.13	12.57	14.10	0.81	1.27
PFG	18	Principal Financia	15,801	11.81	11.23	9.18	8.81	17.49	8.73
BNT	19	Brookfield Wealth	14,416	7.56	7.56	0.66	0.66	0.53	0.84
UNMA	20	Unum Group 6.250%	13,060	4.49	4.53	-	-	0.64	5.25
AIZN	21	Assurant, Inc. 5.2	12,569	12.97	11.32	9.41	8.51	9.98	11.21

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.63	9.55	7.30	7.30	5.85	5.60
Full Range Median Multiple	10.92	11.12	7.53	7.53	8.03	7.34
Industry Multiple	10.76	10.16	7.12	6.89	7.83	6.84
Market Implied Multiple	4.96	4.96	1.44	1.44	0.41	0.56
Company (6963.HK) Multiple	3.58	3.58	1.10	1.10	0.31	0.43
(*) Net Income / EBITDA / Revenue	1,374	1,374	5,602	5,602	19,741	14,473
Winsorized Enterprise Value	N/A	N/A	40,904	40,904	115,402	80,999
Full Range Median Enterprise Value	N/A	N/A	42,166	42,166	158,504	106,207
(-) Net Debt	1,259	1,259	1,259	1,259	1,259	1,259
Winsorized Equity Value	13,228	13,127	39,645	39,645	114,143	79,741
Full Range Median Equity Value	15,008	15,279	40,908	40,908	157,246	104,949
(/) Shares Outstanding	1,659	1,659	1,659	1,659	1,659	1,659
Winsorized Fair Value	$7.98	$7.91	$23.90	$23.90	$68.82	$48.08
Full Range Median Fair Value	$9.05	$9.21	$24.66	$24.66	$94.80	$63.27
Current Price	$4.11	$4.11	$4.11	$4.11	$4.11	$4.11
Upside / Downside	94.04%	92.57%	481.57%	481.57%	1,574.41%	1,069.74%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$5.58	$5.54	$16.73	$16.73	$48.17	$33.65
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY