Wanda Hotel Development Valuation

Q: What is the Fair Price of CL1A when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

CL1A (€0.02) is trading below our estimate of [[fair value]] (€0.32)

Is CL1A undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CL1A when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CL1A (€0.02) is trading below our estimate of fair value (€0.32)

Significantly Below Fair Value: CL1A is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CL1A?

Key metric: As CL1A is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for CL1A. This is calculated by dividing CL1A's market cap by their current revenue.
What is CL1A's PS Ratio?
PS Ratio	1.1x
Sales	HK$1.01b
Market Cap	HK$1.10b

CL1A key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.2x
Enterprise Value/EBITDA	4x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does CL1A's PS Ratio compare to its peers?

The above table shows the PS ratio for CL1A vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	3.1x
CRZK CR Energy	8x	39.0%	€122.3m
ZYW China Properties Group	3.1x	n/a	€66.9m
INS Instone Real Estate Group	0.8x	17.3%	€363.9m
NUVA Noratis	0.3x	16.6%	€14.9m
CL1A Wanda Hotel Development	1.1x	n/a	€1.1b

Price-To-Sales vs Peers: CL1A is good value based on its Price-To-Sales Ratio (1.1x) compared to the peer average (3.1x).

Price to Sales Ratio vs Industry

How does CL1A's PS Ratio compare vs other companies in the DE Real Estate Industry?

9 Companies	Price / Sales	Estimated Growth	Market Cap
DMRE DEMIRE Deutsche Mittelstand Real Estate	0.5x	-42.0%	US$88.62m
ADJ Adler Group	0.1x	n/a	US$56.82m
NUVA Noratis	0.3x	16.6%	US$15.79m
A4Y ACCENTRO Real Estate	0.1x	5.2%	US$10.91m

9 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: CL1A is good value based on its Price-To-Sales Ratio (1.1x) compared to the German Real Estate industry average (3.8x).

Price to Sales Ratio vs Fair Ratio

What is CL1A's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CL1A PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.1x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate CL1A's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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