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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 86.9x - 96.1x | 91.5x |
| Selected Fwd EBIT Multiple | 107.7x - 119.1x | 113.4x |
| Fair Value | ¥3.21 - ¥7.29 | ¥5.25 |
| Upside | -42.0% - 31.7% | -5.1% |
| Benchmarks | Ticker | Full Ticker |
| Ganglong China Property Group Limited | 6968 | SEHK:6968 |
| Tianjin Jinbin Development Co.,Ltd | 897 | SZSE:000897 |
| Xinming China Holdings Limited | 2699 | SEHK:2699 |
| Shanghai Huili Building Materials Co., Ltd. | 900939 | SHSE:900939 |
| Citychamp Dartong Advanced Materials Co., Ltd. | 600067 | SHSE:600067 |
| Suzhou New District Hi-Tech Industrial Co.,Ltd | 600736 | SHSE:600736 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 6968 | 897 | 2699 | 900939 | 600067 | 600736 | ||
| SEHK:6968 | SZSE:000897 | SEHK:2699 | SHSE:900939 | SHSE:600067 | SHSE:600736 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 8.4% | NM- | 7.0% | -23.5% | -14.5% | |
| 3Y CAGR | NM- | -13.9% | NM- | -9.9% | NM- | -4.1% | |
| Latest Twelve Months | -132.8% | -78.2% | -0.6% | -4.2% | NM | 471.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.9% | 21.5% | -358.7% | 67.4% | 3.6% | 5.2% | |
| Prior Fiscal Year | 9.7% | 22.5% | -26.0% | 64.2% | -1.0% | 1.1% | |
| Latest Fiscal Year | -6.7% | 14.9% | -127.1% | 60.1% | 3.4% | 7.0% | |
| Latest Twelve Months | -6.7% | 10.6% | -127.1% | 60.1% | NA | 7.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.37x | NA | 13.35x | 14.94x | 0.54x | 6.83x | |
| EV / LTM EBITDA | -20.8x | NA | -10.5x | 22.0x | 11.1x | 55.8x | |
| EV / LTM EBIT | -20.3x | NA | -10.5x | 24.9x | 17.3x | 97.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -20.3x | 3.4x | 24.9x | ||||
| Historical EV / LTM EBIT | 29.8x | 57.9x | 135.7x | ||||
| Selected EV / LTM EBIT | 86.9x | 91.5x | 96.1x | ||||
| (x) LTM EBIT | 513 | 513 | 513 | ||||
| (=) Implied Enterprise Value | 44,586 | 46,933 | 49,279 | ||||
| (-) Non-shareholder Claims * | (40,891) | (40,891) | (40,891) | ||||
| (=) Equity Value | 3,694 | 6,041 | 8,388 | ||||
| (/) Shares Outstanding | 1,151.3 | 1,151.3 | 1,151.3 | ||||
| Implied Value Range | 3.21 | 5.25 | 7.29 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.21 | 5.25 | 7.29 | 5.53 | |||
| Upside / (Downside) | -42.0% | -5.1% | 31.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6968 | 897 | 2699 | 900939 | 600067 | 600736 | |
| Enterprise Value | 11,549 | 2,642 | 1,176 | 230 | 4,646 | 47,258 | |
| (+) Cash & Short Term Investments | 266 | 888 | 42 | 135 | 976 | 4,031 | |
| (+) Investments & Other | 1,321 | 277 | 0 | 14 | 2,620 | 6,445 | |
| (-) Debt | (8,352) | (1) | (1,495) | (0) | (3,123) | (41,532) | |
| (-) Other Liabilities | (4,643) | (103) | 305 | (6) | (1,289) | (9,836) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 141 | 3,704 | 28 | 373 | 3,831 | 6,367 | |
| (/) Shares Outstanding | 1,621.8 | 1,617.3 | 1,878.6 | 181.5 | 1,363.4 | 1,151.3 | |
| Implied Stock Price | 0.09 | 2.29 | 0.01 | 2.05 | 2.81 | 5.53 | |
| FX Conversion Rate to Trading Currency | 0.92 | 1.00 | 0.92 | 7.21 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.09 | 2.29 | 0.02 | 0.29 | 2.81 | 5.53 | |
| Trading Currency | HKD | CNY | HKD | USD | CNY | CNY | |
| FX Rate to Reporting Currency | 0.92 | 1.00 | 0.92 | 7.21 | 1.00 | 1.00 | |