SunCoke Energy, Inc. (SXC)

Industry: Coal 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
PTBA.JK	27	PT Bukit Asam Tbk	2,602	7.26	7.03	4.24	4.02	13.52	6.08
ARLP	28	Alliance Resource	2,249	13.27	13.27	5.94	4.51	8.63	8.77
AMR	29	Alpha Metallurgica	2,226	-	-	13.04	13.04	-	-
000937.SZ	30	Jizhong Energy Res	2,081	51.86	61.34	12.36	13.31	31.15	35.33
0975.HK	31	Mongolian Mining C	1,905	2.62	2.62	1.32	0.67	7.40	1.76
601001.SS	32	Jinneng Holding Sh	1,863	11.91	10.40	2.39	2.27	3.96	2.68
RASP.ME	33	PJSC Raspadskaya	1,858	-	-	47.79	47.79	-	6.91
SXC	34	SunCoke Energy, In	1,843	10.72	6.92	6.18	6.22	15.63	13.15
AHGP	35	Alliance Holdings	1,792	4.15	3.73	2.93	2.57	3.04	5.15
601918.SS	36	China Coal Xinji E	1,781	7.89	7.89	7.68	6.98	10.50	8.63
1277.HK	37	Kinetic Developmen	1,611	2.08	2.08	1.57	0.86	2.95	0.80
600395.SS	38	Guizhou Panjiang R	1,374	224.27	388.89	27.09	26.74	74.16	188.17
SOL.AX	39	Washington H. Soul	1,302	17.40	13.18	13.36	10.44	20.15	15.26
600123.SS	40	Shanxi Lanhua Sci-	1,301	451.47	681.57	18.50	20.10	-	-
0639.HK	41	Shougang Fushan Re	1,235	5.70	3.40	1.39	1.17	3.73	1.62
HCC	42	Warrior Met Coal,	1,223	95.16	83.87	21.55	21.21	40.57	747.71

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	7.89	7.89	5.94	4.51	8.02	6.08
Full Range Median Multiple	11.91	10.40	7.68	6.98	9.57	6.91
Industry Multiple	68.85	98.40	12.08	11.71	18.31	79.14
Market Implied Multiple	10.39	6.71	6.08	6.12	15.38	12.94
Company (SXC) Multiple	10.72	6.92	6.18	6.22	15.63	13.15
(*) Net Income / EBITDA / Revenue	65	101	213	211	84	100
Winsorized Enterprise Value	N/A	N/A	1,262	952	673	607
Full Range Median Enterprise Value	N/A	N/A	1,633	1,471	804	690
(-) Net Debt	615	615	615	615	615	615
Winsorized Equity Value	514	796	647	337	58	-9
Full Range Median Equity Value	775	1,049	1,018	856	189	75
(/) Shares Outstanding	86	86	86	86	86	86
Winsorized Fair Value	$6.01	$9.31	$7.56	$3.94	$0.68	$-0.10
Full Range Median Fair Value	$9.07	$12.27	$11.90	$10.01	$2.20	$0.87
Current Price	$7.91	$7.91	$7.91	$7.91	$7.91	$7.91
Upside / Downside	-24.04%	17.66%	-4.39%	-50.24%	-91.40%	-101.30%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$4.21	$6.51	$5.29	$2.76	$0.48	$-0.07
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy