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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 21,7x - 24,0x | 22,8x |
| Selected Fwd EBITDA Multiple | 9,9x - 11,0x | 10,5x |
| Fair Value | 0,89$ - 0,97$ | 0,93$ |
| Upside | 9,4% - 19,7% | 14,5% |
| Benchmarks | Ticker | Full Ticker |
| CETC Digital Technology Co.,Ltd. | 600850 | SHSE:600850 |
| State Grid Information & Communication Co., Ltd. | 600131 | SHSE:600131 |
| Yunnan Nantian Electronics Information Co.,Ltd. | 948 | SZSE:000948 |
| COSCO SHIPPING Technology Co., Ltd. | 2401 | SZSE:002401 |
| Beyondsoft Corporation | 2649 | SZSE:002649 |
| Chinasoft International Limited | CFTL.F | OTCPK:CFTL.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 600850 | 600131 | 948 | 2401 | 2649 | CFTL.F | ||
| SHSE:600850 | SHSE:600131 | SZSE:000948 | SZSE:002401 | SZSE:002649 | OTCPK:CFTL.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 6.6% | 4.7% | 19.9% | 0.5% | 8.4% | -10.7% | |
| 3Y CAGR | 11.1% | 12.1% | 1.5% | -6.2% | -10.0% | -16.8% | |
| Latest Twelve Months | -9.2% | -4.5% | -31.7% | -35.8% | -31.2% | -17.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.3% | 10.9% | 3.5% | 8.7% | 7.8% | 5.3% | |
| Prior Fiscal Year | 6.2% | 13.1% | 2.9% | 9.7% | 6.6% | 4.0% | |
| Latest Fiscal Year | 5.4% | 12.1% | 2.2% | 6.2% | 5.1% | 3.3% | |
| Latest Twelve Months | 5.5% | 11.6% | 2.0% | 6.2% | 3.6% | 3.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.64x | 2.76x | 0.75x | 2.39x | 0.90x | 0.61x | |
| EV / LTM EBITDA | 29.8x | 23.8x | 37.9x | 38.7x | 24.9x | 18.3x | |
| EV / LTM EBIT | 29.8x | 29.5x | 70.3x | 47.3x | 28.5x | 27.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 23.8x | 29.8x | 38.7x | ||||
| Historical EV / LTM EBITDA | 15.5x | 19.2x | 21.6x | ||||
| Selected EV / LTM EBITDA | 21.7x | 22.8x | 24.0x | ||||
| (x) LTM EBITDA | 565 | 565 | 565 | ||||
| (=) Implied Enterprise Value | 12,256 | 12,901 | 13,546 | ||||
| (-) Non-shareholder Claims * | 1,645 | 1,645 | 1,645 | ||||
| (=) Equity Value | 13,901 | 14,546 | 15,191 | ||||
| (/) Shares Outstanding | 2,488.6 | 2,488.6 | 2,488.6 | ||||
| Implied Value Range | 5.59 | 5.84 | 6.10 | ||||
| FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.77 | 0.81 | 0.84 | 0.81 | |||
| Upside / (Downside) | -5.0% | -0.6% | 3.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600850 | 600131 | 948 | 2401 | 2649 | CFTL.F | |
| Enterprise Value | 16,459 | 20,458 | 6,908 | 4,075 | 6,149 | 12,993 | |
| (+) Cash & Short Term Investments | 1,058 | 2,217 | 1,356 | 1,695 | 1,851 | 3,916 | |
| (+) Investments & Other | 9 | 389 | 314 | 294 | 220 | 2,333 | |
| (-) Debt | (706) | (459) | (1,644) | (49) | (415) | (4,582) | |
| (-) Other Liabilities | (119) | (1) | (52) | (17) | (2) | (23) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 16,702 | 22,605 | 6,883 | 5,999 | 7,803 | 14,638 | |
| (/) Shares Outstanding | 685.6 | 1,201.8 | 393.7 | 371.7 | 585.3 | 2,488.6 | |
| Implied Stock Price | 24.36 | 18.81 | 17.48 | 16.14 | 13.33 | 5.88 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.25 | |
| Implied Stock Price (Trading Cur) | 24.36 | 18.81 | 17.48 | 16.14 | 13.33 | 0.81 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.25 | |