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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 121.5x - 134.3x | 127.9x |
| Selected Fwd EBITDA Multiple | 8.3x - 9.2x | 8.7x |
| Fair Value | ¥16.20 - ¥17.76 | ¥16.98 |
| Upside | -8.1% - 0.8% | -3.6% |
| Benchmarks | Ticker | Full Ticker |
| Shenzhen Deren Electronic Co., Ltd. | 2055 | SZSE:002055 |
| Hangzhou Shenhao Technology Co.,LTD. | 300853 | SZSE:300853 |
| Suzhou Victory Precision Manufacture Co., Ltd. | 2426 | SZSE:002426 |
| Tianjin Jingwei Huikai Optoelectronic Co., Ltd. | 300120 | SZSE:300120 |
| Wuhan P&S Information Technology Co., Ltd. | 300184 | SZSE:300184 |
| Beijing Highlander Digital Technology Co., Ltd. | 300065 | SZSE:300065 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 2055 | 300853 | 2426 | 300120 | 300184 | 300065 | ||
| SZSE:002055 | SZSE:300853 | SZSE:002426 | SZSE:300120 | SZSE:300184 | SZSE:300065 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | -2.5% | -12.3% | -18.3% | |
| 3Y CAGR | NM- | NM- | NM- | 9.6% | -20.7% | -23.8% | |
| Latest Twelve Months | -205.5% | 5.9% | 43.2% | 52.3% | 62.8% | 576.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 1.8% | -23.0% | 0.7% | 5.1% | 3.2% | -0.4% | |
| Prior Fiscal Year | 5.0% | -29.4% | -3.2% | 3.3% | 2.2% | -2.6% | |
| Latest Fiscal Year | -7.4% | -137.0% | -0.7% | 5.5% | 2.6% | 11.6% | |
| Latest Twelve Months | -6.8% | -126.3% | -0.9% | 5.9% | 2.6% | 9.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.95x | 22.34x | 3.74x | 1.68x | 1.40x | 17.27x | |
| EV / LTM EBITDA | -14.0x | -17.7x | -409.8x | 28.3x | 52.8x | 181.0x | |
| EV / LTM EBIT | -7.2x | -14.9x | -42.5x | 58.5x | 59.2x | 811.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -409.8x | -14.0x | 52.8x | ||||
| Historical EV / LTM EBITDA | -110.8x | 68.5x | 143.5x | ||||
| Selected EV / LTM EBITDA | 121.5x | 127.9x | 134.3x | ||||
| (x) LTM EBITDA | 65 | 65 | 65 | ||||
| (=) Implied Enterprise Value | 7,925 | 8,342 | 8,759 | ||||
| (-) Non-shareholder Claims * | 992 | 992 | 992 | ||||
| (=) Equity Value | 8,917 | 9,334 | 9,752 | ||||
| (/) Shares Outstanding | 720.5 | 720.5 | 720.5 | ||||
| Implied Value Range | 12.38 | 12.96 | 13.53 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.38 | 12.96 | 13.53 | 17.62 | |||
| Upside / (Downside) | -29.8% | -26.5% | -23.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2055 | 300853 | 2426 | 300120 | 300184 | 300065 | |
| Enterprise Value | 4,639 | 3,631 | 12,508 | 5,189 | 11,388 | 11,703 | |
| (+) Cash & Short Term Investments | 74 | 346 | 279 | 849 | 759 | 936 | |
| (+) Investments & Other | 268 | 79 | 506 | 496 | 268 | 104 | |
| (-) Debt | (589) | (628) | (1,904) | (797) | (957) | (47) | |
| (-) Other Liabilities | 3 | (2) | 10 | (5) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,395 | 3,425 | 11,399 | 5,731 | 11,459 | 12,695 | |
| (/) Shares Outstanding | 604.5 | 143.8 | 3,402.6 | 575.4 | 1,154.0 | 720.5 | |
| Implied Stock Price | 7.27 | 23.81 | 3.35 | 9.96 | 9.93 | 17.62 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.27 | 23.81 | 3.35 | 9.96 | 9.93 | 17.62 | |
| 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 | |