Neutech Group Limited (9616.HK)

Industry: Specialty Business 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
002599.SZ	106	Beijing Shengtong	295	-	-	-	-	71.00	-
BLS.BO	107	BLS International	294	22.02	12.98	18.15	10.66	17.53	9.36
SST	108	System1, Inc.	290	-	-	0.20	0.20	-	-
ARC	109	ARC Document Solut	289	30.85	29.63	7.29	8.23	31.99	21.07
BLIL.BO	110	Balmer Lawrie Inve	287	10.14	8.88	5.46	5.04	9.85	2.01
3551.T	111	Dynic Corporation	285	5.00	4.06	5.81	5.24	13.87	8.27
ACTG	112	Acacia Research Co	284	64.83	95.67	0.29	0.27	-	5.53
9616.HK	113	Neutech Group Limi	284	5.20	4.24	4.54	3.82	6.87	-
002825.SZ	114	Shanghai NAR Indus	276	19.90	17.51	14.06	12.57	39.64	17.80
CMSINFO.BO	115	CMS Info Systems L	270	17.16	17.16	9.59	9.59	17.25	13.72
2749.T	116	Jp-Holdings,Inc.	269	12.64	9.98	5.32	4.39	6.39	4.68
600093.SS	117	Easy Visible Suppl	260	-	-	-	-	-	-
7838.T	118	Kyoritsu Printing	246	7.03	7.88	5.70	6.25	6.66	6.73
7868.T	119	KOSAIDO Holdings C	239	15.43	15.43	5.80	3.98	9.83	5.40
7377.T	120	DN Holdings Co.,Lt	239	9.16	8.31	6.46	5.81	-	7.05
9216.T	121	Bewith, Inc.	233	73.88	73.88	13.33	13.33	31.66	20.70

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.03	11.48	5.80	5.24	13.87	6.89
Full Range Median Multiple	16.30	14.21	5.81	5.81	17.25	7.66
Industry Multiple	24.00	25.11	7.50	6.58	23.24	10.19
Market Implied Multiple	4.13	3.36	4.03	3.39	6.10	-
Company (9616.HK) Multiple	5.20	4.24	4.54	3.82	6.87	-
(*) Net Income / EBITDA / Revenue	56	68	117	140	78	-18
Winsorized Enterprise Value	N/A	N/A	680	732	1,076	-127
Full Range Median Enterprise Value	N/A	N/A	681	811	1,338	-141
(-) Net Debt	243	243	243	243	243	243
Winsorized Equity Value	781	784	437	489	832	-371
Full Range Median Equity Value	907	971	438	568	1,094	-385
(/) Shares Outstanding	90	90	90	90	90	90
Winsorized Fair Value	$8.64	$8.67	$4.83	$5.40	$9.20	$-4.10
Full Range Median Fair Value	$10.03	$10.73	$4.84	$6.28	$12.10	$-4.25
Current Price	$2.54	$2.54	$2.54	$2.54	$2.54	$2.54
Upside / Downside	239.98%	241.34%	90.17%	112.65%	262.31%	-261.28%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$6.04	$6.07	$3.38	$3.78	$6.44	$-2.87
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	Don’t Buy