EV/EBITDA for Chinese Oilfield Services Companies
I need the ratio for a quick and dirty calculation, if someone can provide a ball park number that would be great. If not, directions to sources (Chinese equivalent of google finance/EDGAR etc.) where I can get info to build my own comp sheet is fine too. Thanks.
You can get the financial statements easily and work from there...real easy if you have access to Bloomberg. I was trying to dig some numbers up for you from my stuff, but I couldn't get anything that would directly help you. There's nothing like EDGAR for China, the closest thing you will find is People's Bank of China (pbc.gov.cn,) which has a lot of stuff on it if you dig deep enough, but doesn't have what you need. cninfo.com.cn has all kinds of metrics, I found an industry EV/EBITDA of 8.19 on there from 2004, so if you dig around a little bit you might be able to find something more recent.
Are you looking at companies that trade in HK or ones that trade in Shanghai / Shenzhen? HKSE has a pretty good thing like EDGAR, but I'm not aware of anything similar for mainland names. Otherwise, rebelcross is right, use Bloomberg for the financials - I've spread quick and dirty comps from Bloomberg on mainland China names.
Note: IF you actually care about the quality of the work you put out, do not use the Bloomberg financials but instead get the financial statements from the companies off of Bloomberg and work from there. The Bloomberg financials aren't reliable anyway but for any Chinese, Taiwanese, Hong Kong, Japanese or Korean companies they are utterly and completely fucked.
Of course, if you don't care and you just want to get a work product in as fast as possible and you think nobody will notice, then do what you want.
...Or if you're just trying to get a directional sense of multiples. And / Or if the original financials, obtained on Bloomberg, are in Chinese with no English version available from the company. Of course, if you just want to be completely judgmental on your high horse, then by all means carry on.
...usually I wouldn't say anything but I mean like they're really really bad for those countries. Not even close. Even the market caps are all off because they don't get the number of shares right.
For a lot of Western companies I don't mind using what Bloomberg has for something quick and dirty. For Asian companies it's so so bad. Might as well just make numbers up. I think a lot has been lost in both the translation and just general misunderstanding by whomever was compiling the info.
Nothing to do with my "high horse," just an honest warning, but thanks for the jerky attitude though.
Ah, apologies, I read your post as the jerky attitude and responded in kind. For what it's worth, if you're more confident in CapIQ's numbers, they do/did foot to Bloomberg in this case. I do agree with you that if there is a (comprehensible) filing or report available, it's definitely better to use that.
Apologies accepted, was a misunderstanding by both parties. Accept this silver banana as a peace offering.
Back at ya
About CapIQ, I never really use them for numbers, so can't speak to that. I just always had to do it the hard way for Asian companies. It always sucked because "quick and dirty" always meant "long and tedious."
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