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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 103.9x - 114.9x | 109.4x |
| Selected Fwd EBITDA Multiple | 7.0x - 7.7x | 7.4x |
| Fair Value | ¥13.96 - ¥15.28 | ¥14.62 |
| Upside | -9.1% - -0.5% | -4.8% |
| Benchmarks | Ticker | Full Ticker |
| MOG Digitech Holdings Limited | 1942 | SEHK:1942 |
| Vanjee Technology Co., Ltd. | 300552 | SZSE:300552 |
| LianChuang Electronic Technology Co.,Ltd | 2036 | SZSE:002036 |
| Suzhou Victory Precision Manufacture Co., Ltd. | 2426 | SZSE:002426 |
| Foxconn Industrial Internet Co., Ltd. | 601138 | SHSE:601138 |
| Beijing Highlander Digital Technology Co., Ltd. | 300065 | SZSE:300065 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 1942 | 300552 | 2036 | 2426 | 601138 | 300065 | ||
| SEHK:1942 | SZSE:300552 | SZSE:002036 | SZSE:002426 | SHSE:601138 | SZSE:300065 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 2.9% | NM- | 6.9% | -18.3% | |
| 3Y CAGR | NM- | NM- | 11.2% | NM- | 10.0% | -23.8% | |
| Latest Twelve Months | -198.3% | 0.3% | 812.9% | 202.7% | NM | 576.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.4% | -5.6% | 4.8% | 0.9% | 4.7% | -0.4% | |
| Prior Fiscal Year | 1.1% | -39.5% | -2.4% | -3.2% | 5.3% | -2.6% | |
| Latest Fiscal Year | -1.2% | -38.8% | 7.5% | 3.4% | 4.9% | 11.6% | |
| Latest Twelve Months | -1.2% | -36.5% | 8.5% | 3.4% | NA | 9.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.21x | 5.25x | 1.73x | 3.02x | 0.50x | 14.74x | |
| EV / LTM EBITDA | -16.7x | -14.4x | 20.4x | 88.6x | NA | 154.5x | |
| EV / LTM EBIT | -9.0x | -13.1x | 111.1x | -61.8x | 12.1x | 692.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -16.7x | 3.0x | 88.6x | ||||
| Historical EV / LTM EBITDA | -108.6x | 67.2x | 141.7x | ||||
| Selected EV / LTM EBITDA | 103.9x | 109.4x | 114.9x | ||||
| (x) LTM EBITDA | 65 | 65 | 65 | ||||
| (=) Implied Enterprise Value | 6,779 | 7,136 | 7,493 | ||||
| (-) Non-shareholder Claims * | 992 | 992 | 992 | ||||
| (=) Equity Value | 7,771 | 8,128 | 8,485 | ||||
| (/) Shares Outstanding | 720.5 | 720.5 | 720.5 | ||||
| Implied Value Range | 10.79 | 11.28 | 11.78 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.79 | 11.28 | 11.78 | 15.36 | |||
| Upside / (Downside) | -29.8% | -26.6% | -23.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1942 | 300552 | 2036 | 2426 | 601138 | 300065 | |
| Enterprise Value | 258 | 5,043 | 17,188 | 10,083 | 327,166 | 10,075 | |
| (+) Cash & Short Term Investments | 88 | 367 | 2,113 | 265 | 92,249 | 936 | |
| (+) Investments & Other | 77 | 465 | 988 | 508 | 6,919 | 104 | |
| (-) Debt | (43) | (202) | (8,712) | (1,952) | (67,217) | (47) | |
| (-) Other Liabilities | (15) | (25) | (459) | 11 | (466) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 365 | 5,648 | 11,118 | 8,915 | 358,651 | 11,067 | |
| (/) Shares Outstanding | 1,143.6 | 213.1 | 1,046.9 | 3,402.6 | 19,858.9 | 720.5 | |
| Implied Stock Price | 0.32 | 26.50 | 10.62 | 2.62 | 18.06 | 15.36 | |
| FX Conversion Rate to Trading Currency | 0.94 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.34 | 26.50 | 10.62 | 2.62 | 18.06 | 15.36 | |
| Trading Currency | HKD | CNY | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 0.94 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |