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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 11.6x - 12.8x | 12.2x |
Selected Fwd EBIT Multiple | 11.1x - 12.3x | 11.7x |
Fair Value | ¥15.93 - ¥17.39 | ¥16.66 |
Upside | 28.5% - 40.4% | 34.4% |
Benchmarks | Ticker | Full Ticker |
Onewo Inc. | 2602 | SEHK:2602 |
Shanghai Wanye Enterprises Co.,Ltd | 600641 | SHSE:600641 |
China Sports Industry Group Co., Ltd. | 600158 | SHSE:600158 |
China Resources Mixc Lifestyle Services Limited | 1209 | SHSC:1209 |
China Merchants Shekou Industrial Zone Holdings Co., Ltd. | 1979 | SZSE:001979 |
China Merchants Property Operation & Service Co., Ltd. | 1914 | SZSE:001914 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
2602 | 600641 | 600158 | 1209 | 1979 | 1914 | ||
SEHK:2602 | SHSE:600641 | SHSE:600158 | SHSC:1209 | SZSE:001979 | SZSE:001914 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 5.7% | NM- | 0.5% | 58.2% | -12.8% | 12.5% | |
3Y CAGR | -5.7% | NM- | 29.1% | 32.2% | -26.5% | 13.8% | |
Latest Twelve Months | -19.5% | -1481.3% | -92.4% | 25.5% | -38.5% | 23.0% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 6.3% | 7.2% | 7.8% | 19.8% | 11.2% | 7.2% | |
Prior Fiscal Year | 6.2% | -0.9% | 14.6% | 23.4% | 7.2% | 6.0% | |
Latest Fiscal Year | 4.5% | -43.5% | 7.7% | 25.5% | 5.2% | 6.6% | |
Latest Twelve Months | 4.5% | -42.5% | 2.6% | 25.5% | 4.8% | 6.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.25x | 13.71x | 3.50x | 3.79x | 1.89x | 0.62x | |
EV / LTM EBITDA | 3.6x | -41.7x | 58.6x | 14.2x | 28.5x | 9.2x | |
EV / LTM EBIT | 5.4x | -32.2x | 134.2x | 14.9x | 38.9x | 9.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -32.2x | 14.9x | 134.2x | ||||
Historical EV / LTM EBIT | 11.4x | 21.0x | 29.4x | ||||
Selected EV / LTM EBIT | 11.6x | 12.2x | 12.8x | ||||
(x) LTM EBIT | 1,166 | 1,166 | 1,166 | ||||
(=) Implied Enterprise Value | 13,548 | 14,261 | 14,974 | ||||
(-) Non-shareholder Claims * | 2,128 | 2,128 | 2,128 | ||||
(=) Equity Value | 15,676 | 16,389 | 17,102 | ||||
(/) Shares Outstanding | 1,059.4 | 1,059.4 | 1,059.4 | ||||
Implied Value Range | 14.80 | 15.47 | 16.14 | ||||
FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 14.80 | 15.47 | 16.14 | 12.39 | |||
Upside / (Downside) | 19.4% | 24.9% | 30.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 2602 | 600641 | 600158 | 1209 | 1979 | 1914 | |
Enterprise Value | 8,594 | 9,252 | 7,388 | 65,491 | 331,101 | 10,997 | |
(+) Cash & Short Term Investments | 14,125 | 2,516 | 1,860 | 12,361 | 88,094 | 3,223 | |
(+) Investments & Other | 2,961 | 2,784 | 296 | 4,480 | 77,708 | 108 | |
(-) Debt | (336) | (531) | (194) | (2,307) | (238,257) | (1,046) | |
(-) Other Liabilities | (737) | (491) | (916) | (196) | (173,831) | (157) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 24,607 | 13,529 | 8,434 | 79,829 | 84,816 | 13,125 | |
(/) Shares Outstanding | 1,156.5 | 911.1 | 959.5 | 2,282.5 | 9,042.2 | 1,059.4 | |
Implied Stock Price | 21.28 | 14.85 | 8.79 | 34.97 | 9.38 | 12.39 | |
FX Conversion Rate to Trading Currency | 0.91 | 1.00 | 1.00 | 0.91 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 23.30 | 14.85 | 8.79 | 38.30 | 9.38 | 12.39 | |
Trading Currency | HKD | CNY | CNY | HKD | CNY | CNY | |
FX Rate to Reporting Currency | 0.91 | 1.00 | 1.00 | 0.91 | 1.00 | 1.00 |