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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 268.5x - 296.8x | 282.6x |
| Selected Fwd EBIT Multiple | 18.6x - 20.6x | 19.6x |
| Fair Value | ¥21.14 - ¥22.71 | ¥21.92 |
| Upside | -24.3% - -18.7% | -21.5% |
| Benchmarks | Ticker | Full Ticker |
| Shenzhen Transsion Holdings Co., Ltd. | 688036 | SHSE:688036 |
| GRG Banking Equipment Co., Ltd. | 2152 | SZSE:002152 |
| Sansec Technology Co., Ltd. | 688489 | SHSE:688489 |
| Chengdu Zhimingda Electronics Co., Ltd. | 688636 | SHSE:688636 |
| Dawning Information Industry Co., Ltd. | 603019 | SHSE:603019 |
| Shenzhen Sinovatio Technology Co., Ltd. | 2912 | SZSE:002912 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 688036 | 2152 | 688489 | 688636 | 603019 | 2912 | ||
| SHSE:688036 | SZSE:002152 | SHSE:688489 | SHSE:688636 | SHSE:603019 | SZSE:002912 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 21.2% | 4.0% | NM- | -19.9% | 16.8% | -70.7% | |
| 3Y CAGR | 7.4% | 3.7% | NM- | -40.6% | 18.3% | NM- | |
| Latest Twelve Months | -47.8% | -5.4% | -220.2% | 111.6% | 1.5% | 110.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.2% | 12.3% | 15.9% | 18.3% | 8.2% | -3.4% | |
| Prior Fiscal Year | 9.9% | 11.7% | 9.2% | 11.9% | 8.7% | 7.9% | |
| Latest Fiscal Year | 7.7% | 9.3% | -1.0% | 5.1% | 9.7% | 0.1% | |
| Latest Twelve Months | 6.0% | 8.9% | -6.6% | 9.8% | 9.5% | 1.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.99x | 2.42x | 8.58x | 10.51x | 6.94x | 5.66x | |
| EV / LTM EBITDA | 15.2x | 22.2x | -586.7x | 78.4x | 43.6x | 104.0x | |
| EV / LTM EBIT | 16.3x | 27.1x | -129.3x | 107.4x | 73.3x | 513.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -129.3x | 27.1x | 107.4x | ||||
| Historical EV / LTM EBIT | -528.5x | -52.0x | 40.4x | ||||
| Selected EV / LTM EBIT | 268.5x | 282.6x | 296.8x | ||||
| (x) LTM EBIT | 7 | 7 | 7 | ||||
| (=) Implied Enterprise Value | 1,946 | 2,048 | 2,151 | ||||
| (-) Non-shareholder Claims * | 1,057 | 1,057 | 1,057 | ||||
| (=) Equity Value | 3,003 | 3,105 | 3,208 | ||||
| (/) Shares Outstanding | 170.8 | 170.8 | 170.8 | ||||
| Implied Value Range | 17.59 | 18.19 | 18.79 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 17.59 | 18.19 | 18.79 | 27.92 | |||
| Upside / (Downside) | -37.0% | -34.9% | -32.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 688036 | 2152 | 688489 | 688636 | 603019 | 2912 | |
| Enterprise Value | 63,435 | 26,657 | 4,200 | 6,026 | 91,947 | 3,711 | |
| (+) Cash & Short Term Investments | 23,972 | 11,281 | 807 | 40 | 5,003 | 1,052 | |
| (+) Investments & Other | 1,719 | 1,491 | 0 | 94 | 7,678 | 7 | |
| (-) Debt | (2,848) | (2,599) | (21) | (68) | (790) | (3) | |
| (-) Other Liabilities | (113) | (2,733) | (54) | 0 | (907) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 86,165 | 34,097 | 4,933 | 6,091 | 102,930 | 4,767 | |
| (/) Shares Outstanding | 1,140.4 | 2,483.4 | 112.4 | 167.7 | 1,463.1 | 170.8 | |
| Implied Stock Price | 75.56 | 13.73 | 43.89 | 36.32 | 70.35 | 27.92 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 75.56 | 13.73 | 43.89 | 36.32 | 70.35 | 27.92 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |