PJP Makrum S.A. (PJP.WA)

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
000010.SZ	471	Shenzhen Ecobeauty	130	107.05	97.87	27.04	28.09	25.75	34.40
MR7.SI	472	Nordic Group Limit	129	7.86	7.23	5.66	5.14	6.45	6.17
6226.T	473	Moriya Transportat	129	21.74	21.74	13.29	13.29	12.56	13.93
1547.HK	474	IBI Group Holdings	127	10.17	11.73	5.34	5.41	7.32	5.82
1609.HK	475	Chong Kin Group Ho	127	-	-	34.78	34.78	14.89	139.68
023960.KS	476	SC Engineering Co.	125	38.58	50.18	2.98	2.99	11.25	6.46
ESPE.MI	477	Espe S.p.A.	125	5.70	5.70	4.06	4.06	2.78	4.64
PJP.WA	478	PJP Makrum S.A.	125	7.57	7.52	5.39	4.89	11.07	10.49
1434.T	479	Jesco Holdings, In	122	6.82	6.82	4.91	4.91	2.65	5.72
603030.SS	480	Shanghai Trendzone	122	-	-	-	-	-	-
VASCONEQ.BO	481	Vascon Engineers L	122	8.63	8.63	6.63	4.71	26.85	14.69
1372.HK	482	China Carbon Neutr	122	-	-	-	-	-	-
5279.KL	483	Serba Dinamik Hold	121	-	-	-	-	-	-
VYS.AX	484	Vysarn Limited	120	14.31	14.31	8.72	8.72	6.11	10.96
GEPIL.BO	485	GE Power India Lim	120	11.14	9.27	36.31	47.41	-	-
AXISCADES.BO	486	Axiscades Technolo	120	75.78	46.47	39.23	33.06	47.41	51.08

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.17	9.27	6.14	5.27	7.32	6.46
Full Range Median Multiple	11.14	11.73	7.67	7.06	11.25	10.96
Industry Multiple	27.98	25.45	15.75	16.05	14.91	26.69
Market Implied Multiple	8.21	8.16	5.62	5.09	11.53	10.93
Company (PJP.WA) Multiple	7.57	7.52	5.39	4.89	11.07	10.49
(*) Net Income / EBITDA / Revenue	4	4	10	11	5	5
Winsorized Enterprise Value	N/A	N/A	63	59	36	34
Full Range Median Enterprise Value	N/A	N/A	78	79	56	57
(-) Net Debt	28	28	28	28	28	28
Winsorized Equity Value	37	33	35	31	9	6
Full Range Median Equity Value	40	42	50	52	28	30
(/) Shares Outstanding	2	2	2	2	2	2
Winsorized Fair Value	$22.18	$20.34	$21.16	$19.12	$5.18	$3.68
Full Range Median Fair Value	$24.30	$25.74	$30.64	$31.35	$17.03	$18.00
Current Price	$17.90	$17.90	$17.90	$17.90	$17.90	$17.90
Upside / Downside	23.91%	13.65%	18.19%	6.82%	-71.05%	-79.46%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$15.53	$14.24	$14.81	$13.38	$3.63	$2.57
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy