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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14.1x - 15.6x | 14.8x |
| Selected Fwd EBITDA Multiple | 4.2x - 4.6x | 4.4x |
| Fair Value | ¥8.39 - ¥8.68 | ¥8.53 |
| Upside | 16.6% - 20.7% | 18.7% |
| Benchmarks | Ticker | Full Ticker |
| Wasu Media Holding Co.,Ltd | 156 | SZSE:000156 |
| Northern United Publishing & Media (Group) Company Limited | 601999 | SHSE:601999 |
| Astro-century Education&Technology Co.,Ltd | 300654 | SZSE:300654 |
| Southern Publishing and Media Co.,Ltd. | 601900 | SHSE:601900 |
| Activation Group Holdings Limited | 9919 | SEHK:9919 |
| Hunan TV & Broadcast Intermediary Co., Ltd. | 917 | SZSE:000917 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 156 | 601999 | 300654 | 601900 | 9919 | 917 | ||
| SZSE:000156 | SHSE:601999 | SZSE:300654 | SHSE:601900 | SEHK:9919 | SZSE:000917 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -5.9% | 1.5% | 8.7% | 14.5% | 14.7% | -20.1% | |
| 3Y CAGR | -9.1% | 9.5% | 8.4% | 4.9% | -8.6% | 28.6% | |
| Latest Twelve Months | -21.4% | 98.6% | -6.2% | 12.7% | -31.5% | 49.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.0% | 2.1% | 10.4% | 12.6% | 10.7% | 2.2% | |
| Prior Fiscal Year | 13.6% | 2.1% | 11.8% | 12.3% | 15.8% | 6.0% | |
| Latest Fiscal Year | 10.9% | 4.4% | 10.7% | 13.2% | 12.4% | 5.9% | |
| Latest Twelve Months | 11.0% | 4.8% | 10.2% | 14.2% | 12.4% | 6.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.85x | 0.94x | 5.74x | 1.39x | 0.23x | 0.52x | |
| EV / LTM EBITDA | 7.7x | 19.7x | 56.2x | 9.8x | 1.9x | 7.6x | |
| EV / LTM EBIT | 38.1x | 29.8x | 62.8x | 10.9x | 1.9x | 10.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.9x | 9.8x | 56.2x | ||||
| Historical EV / LTM EBITDA | 0.4x | 3.1x | 53.0x | ||||
| Selected EV / LTM EBITDA | 14.1x | 14.8x | 15.6x | ||||
| (x) LTM EBITDA | 266 | 266 | 266 | ||||
| (=) Implied Enterprise Value | 3,748 | 3,945 | 4,143 | ||||
| (-) Non-shareholder Claims * | 7,958 | 7,958 | 7,958 | ||||
| (=) Equity Value | 11,706 | 11,903 | 12,100 | ||||
| (/) Shares Outstanding | 1,417.6 | 1,417.6 | 1,417.6 | ||||
| Implied Value Range | 8.26 | 8.40 | 8.54 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.26 | 8.40 | 8.54 | 7.19 | |||
| Upside / (Downside) | 14.9% | 16.8% | 18.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 156 | 601999 | 300654 | 601900 | 9919 | 917 | |
| Enterprise Value | 8,006 | 2,289 | 3,069 | 12,753 | 191 | 2,234 | |
| (+) Cash & Short Term Investments | 7,591 | 1,066 | 557 | 3,972 | 379 | 3,026 | |
| (+) Investments & Other | 2,024 | 381 | 56 | 955 | 48 | 9,438 | |
| (-) Debt | (2,244) | (191) | (2) | (1,878) | (8) | (3,491) | |
| (-) Other Liabilities | (391) | (19) | (15) | (799) | (20) | (1,015) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14,987 | 3,526 | 3,665 | 15,002 | 591 | 10,192 | |
| (/) Shares Outstanding | 1,961.6 | 550.9 | 366.1 | 882.0 | 744.7 | 1,417.6 | |
| Implied Stock Price | 7.64 | 6.40 | 10.01 | 17.01 | 0.79 | 7.19 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.92 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.64 | 6.40 | 10.01 | 17.01 | 0.86 | 7.19 | |
| Trading Currency | CNY | CNY | CNY | CNY | HKD | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.92 | 1.00 | |