Figure 35: Comparison between JSMR's growth profile and valuation vs regional players

Price Mkt Cap Revenue EBITDA EBITDA margin EBITDA growth EV/EBITDA (x) Dividend EPS growth (%) P/E (x) P/B (x) ROE (%)
Company Ticker Rating (local) US$ mn 17E 18E 17E 18E 17E 18E 17E 18E 17E 18E yield 17E 18E 17E 18E 17E 18E 17E 18E
Jasa Marga JSMR.JK O 5,550 3,024 762 878 442 510 58% 58% 17% 15% 13.0 12.8 2% 18% 28% 17.8 17.5 2.5 2.3 14% 13%
CCR CCRO3.SA n/a 17.1 11,079 2,572 2,666 1,597 1,781 62% 67% 7% 12% 9.4 8.0 4% -20% 40% 25.8 18.4 7.7 7.7 30% 42%
Zhejiang Express 0576.HK NC 9.9 5,473 1,530 1,630 1,052 1,118 69% 69% 10% 6% 5.7 5.1 5% 4% 8% 11.6 10.8 1.9 1.7 17% 17%
Bangkok Expressway and Metro PLC BEM.BK O 7.4 3,404 445 482 263 288 59% 60% 22% 10% 17.7 17.0 1% 26% 10% 32.7 29.8 3.5 3.4 11% 11%
Promotora y Operadora de
PINFRA.MX O 202.1 4,741 577 473 330 307 57% 65% -2% -7% 10.5 11.1 0% 8% 1% 16.8 16.7 2.6 2.6 16% 16%
Infraestructura, S.A.B. d
OHL Mexico OHLMEX.MX NC 25.7 2,496 1,161 1,061 942 831 81% 78% 12% -12% 4.2 4.9 2% 36% 14% 4.6 4.0 0.6 0.5 12% 11%
Jiangsu Expwy 0177.HK NC 11.4 1,776 1,414 1,489 913 963 65% 65% 7% 5% 3.4 3.4 5% 5% 6% 13.9 13.1 2.1 2.0 16% 16%
SZ Expressway 0548.HK NC 7.0 668 721 782 503 550 70% 70% -5% 9% 2.5 2.5 4% 7% 9% 10.4 9.6 1.0 0.9 10% 10%
Sector Average (ex-JSMR) 4233.8 1202.8 1226.1 799.9 834.0 66% 68% 7% 3% 7.6 7.4 3% 9% 12% 16.5 14.6 2.8 2.7 16% 18%

Source: Note: Priced as of Aug 2, 2017. O = Outperform, N = Neutral, U = Underperform, NC = Not Covered.
Source: RAVE, Company data