Zhuhai Winbase International Chemical Tank Terminal Co Ltd


Estimate Adjusted EBIT Margin

	Fiscal Year Ending					LTM
	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Sep-24
(CNY in millions)	FY-4	FY-3	FY-2	FY-1	FY	LTM

Revenue	275	369	412	402	394	363

Adjusted EBITDA Build-up
EBT, Incl. Unusual Items	65	121	142	145	135	94
(+) Net Interest Expense	4	(2)	(6)	(7)	(14)	(13)
(+) Other Non Operating Exp.	4	8	2	(3)	0	4
(+) D&A	64	65	67	68	73	76
(+) Non-recurring Items	(4)	(6)	0	5	(7)	(11)
Adjusted EBITDA	134	186	205	208	187	151

(-) D&A	(64)	(65)	(67)	(68)	(73)	(76)

Adjusted EBIT	69	121	138	140	114	75
% of Revenue	25.3%	32.7%	33.4%	34.8%	29.0%	20.6%


	Low	Median	High

Adjusted EBIT Margin	25.3%	32.7%	34.8%

지원하는 계산법

Equity Waterfall


Equity Waterfall

	Model
(CNY in millions)	Low	Mid	High	Market
Enterprise Value	802	1,192	1,488	1,541
(+) Cash & Short Term Investments	616	616	616	616
(+) Investments & Other	218	218	218	218
(-) Debt	(304)	(304)	(304)	(304)
(-) Other Liabilities	(17)	(17)	(17)	(17)
(-) Preferred Stock	0	0	0	0
(-) Other	0	0	0	0
Value of Common Equity	1,314	1,704	2,000	2,053
(/) Shares Outstanding	405.0	405.0	405.0	405.0
Implied Stock Price (CNY)	3.25	4.21	4.94	5.07
FX Rate: CNY/CNY	1.00	1.00	1.00	1.00
Implied Stock Price (CNY)	3.25	4.21	4.94	5.07

Upside / (Downside)	-35.99%	-17.03%	-2.60%


Stock Price	5.07
Stock Price Close	5.07
Restatment Type	Original
Reporting Currency	CNY
Trading Currency	CNY
FX Rate: CNY/CNY	1.00
Market Cap	2,053.4
Shares Outstanding	405.0
Share Exchange Ratio	1.0
Liquid Long-term Investments	0

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