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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 22,4x - 24,7x | 23,6x |
| Selected Fwd Revenue Multiple | 7,6x - 8,4x | 8,0x |
| Fair Value | 0,0064€ - 0,026€ | 0,016€ |
| Upside | -68,0% - 29,3% | -19,3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| China Automotive Engineering Research Institute Co., Ltd. | 601965 | SHSE:601965 |
| Niu Technologies | NIU | NasdaqGM:NIU |
| Ninebot Limited | 689009 | SHSE:689009 |
| BAIC Motor Corporation Limited | 1958 | SEHK:1958 |
| BAIC BluePark New Energy Technology Co.,Ltd. | 600733 | SHSE:600733 |
| China Evergrande New Energy Vehicle Group Limited | 4NM1 | DB:4NM1 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 601965 | NIU | 689009 | 1958 | 600733 | 4NM1 | |||
| SHSE:601965 | NasdaqGM:NIU | SHSE:689009 | SEHK:1958 | SHSE:600733 | DB:4NM1 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 11.3% | 9.6% | 25.3% | 1.9% | -4.6% | -15.6% | ||
| 3Y CAGR | 7.0% | -3.9% | 15.7% | 3.0% | 39.5% | -55.8% | ||
| Latest Twelve Months | 17.2% | 24.0% | 38.6% | -2.8% | 13.1% | 362.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 20.1% | -0.2% | 3.6% | 12.6% | -50.9% | -339.4% | ||
| Prior Fiscal Year | 21.5% | -12.0% | 3.1% | 11.6% | -49.6% | -2496.6% | ||
| Latest Fiscal Year | 24.4% | -7.6% | 9.2% | 9.2% | -37.6% | -283.5% | ||
| Latest Twelve Months | 24.4% | -7.6% | 9.2% | 9.2% | -40.8% | -1645.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 3.84x | 0.50x | 2.71x | 0.06x | 3.97x | 23.25x | ||
| EV / LTM EBIT | 15.8x | -6.5x | 29.5x | 0.7x | -9.7x | -1.4x | ||
| Price / LTM Sales | 4.02x | 0.71x | 3.24x | 0.08x | 3.27x | 1.41x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.06x | 2.71x | 3.97x | |||||
| Historical EV / LTM Revenue | 4.35x | 17.49x | 24.32x | |||||
| Selected EV / LTM Revenue | 22.39x | 23.57x | 24.74x | |||||
| (x) LTM Revenue | 1,224 | 1,224 | 1,224 | |||||
| (=) Implied Enterprise Value | 27,403 | 28,845 | 30,287 | |||||
| (-) Non-shareholder Claims * | (26,631) | (26,631) | (26,631) | |||||
| (=) Equity Value | 772 | 2,214 | 3,656 | |||||
| (/) Shares Outstanding | 18,940.9 | 18,940.9 | 18,940.9 | |||||
| Implied Value Range | 0.04 | 0.12 | 0.19 | |||||
| FX Rate: CNY/EUR | 7.9 | 7.9 | 7.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.01 | 0.01 | 0.02 | 0.02 | ||||
| Upside / (Downside) | -74.2% | -25.9% | 22.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 601965 | NIU | 689009 | 1958 | 600733 | 4NM1 | |
| Enterprise Value | 18,597 | 1,636 | 38,167 | (4,752) | 58,718 | 29,618 | |
| (+) Cash & Short Term Investments | 1,495 | 904 | 7,578 | 33,598 | 3,716 | 40 | |
| (+) Investments & Other | 0 | 0 | 0 | 16,386 | 473 | 201 | |
| (-) Debt | (267) | (200) | (64) | (8,947) | (13,298) | (26,922) | |
| (-) Other Liabilities | 0 | 0 | 0 | (21,167) | (729) | 50 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 19,825 | 2,340 | 45,681 | 15,118 | 48,880 | 2,987 | |
| (/) Shares Outstanding | 1,003.3 | 77.6 | 717.1 | 8,015.3 | 5,573.5 | 18,940.9 | |
| Implied Stock Price | 19.76 | 30.16 | 63.70 | 1.89 | 8.77 | 0.16 | |
| FX Conversion Rate to Trading Currency | 1.00 | 7.27 | 1.00 | 0.93 | 1.00 | 7.88 | |
| Implied Stock Price (Trading Cur) | 19.76 | 4.15 | 63.70 | 2.02 | 8.77 | 0.02 | |
| Trading Currency | CNY | USD | CNY | HKD | CNY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 7.27 | 1.00 | 0.93 | 1.00 | 7.88 | |