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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13,9x - 15,4x | 14,6x |
| Selected Fwd EBIT Multiple | 11,7x - 12,9x | 12,3x |
| Fair Value | 9,74HK$ - 11,05HK$ | 10,39HK$ |
| Upside | 12,5% - 27,6% | 20,0% |
| Benchmarks | Ticker | Full Ticker |
| Giordano International Limited | 709 | SEHK:709 |
| Sa Sa International Holdings Limited | 178 | SEHK:178 |
| Emperor Watch & Jewellery Limited | 887 | SEHK:887 |
| Luk Fook Holdings (International) Limited | 590 | SEHK:590 |
| Glorious Sun Enterprises Limited | 393 | SEHK:393 |
| Chow Tai Fook Jewellery Group Limited | 1929 | SEHK:1929 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 709 | 178 | 887 | 590 | 393 | 1929 | ||
| SEHK:709 | SEHK:178 | SEHK:887 | SEHK:590 | SEHK:393 | SEHK:1929 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -4.2% | -12.5% | 11.6% | 0.0% | -8.3% | 6.4% | |
| 3Y CAGR | NM- | NM- | 7.3% | 17.6% | 8.7% | 2.9% | |
| Latest Twelve Months | -16.8% | -21.6% | -10.2% | -35.2% | 208.6% | 1.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.8% | -5.2% | 6.2% | 12.5% | 6.2% | 9.1% | |
| Prior Fiscal Year | 10.6% | -1.5% | 7.9% | 12.9% | 3.5% | 7.8% | |
| Latest Fiscal Year | 12.6% | 6.6% | 6.5% | 12.4% | 6.0% | 8.2% | |
| Latest Twelve Months | 10.9% | 4.7% | 6.5% | 9.2% | 14.6% | 9.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.54x | 0.56x | 0.17x | 0.66x | 0.98x | 1.15x | |
| EV / LTM EBITDA | 4.3x | 9.0x | 1.8x | 6.3x | 6.5x | 10.8x | |
| EV / LTM EBIT | 4.9x | 12.0x | 2.6x | 7.2x | 6.7x | 12.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 2.6x | 6.7x | 12.0x | ||||
| Historical EV / LTM EBIT | 14.2x | 17.8x | 22.3x | ||||
| Selected EV / LTM EBIT | 13.9x | 14.6x | 15.4x | ||||
| (x) LTM EBIT | 9,151 | 9,151 | 9,151 | ||||
| (=) Implied Enterprise Value | 127,127 | 133,818 | 140,509 | ||||
| (-) Non-shareholder Claims * | (26,733) | (26,733) | (26,733) | ||||
| (=) Equity Value | 100,394 | 107,085 | 113,776 | ||||
| (/) Shares Outstanding | 9,987.3 | 9,987.3 | 9,987.3 | ||||
| Implied Value Range | 10.05 | 10.72 | 11.39 | ||||
| FX Rate: HKD/HKD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.05 | 10.72 | 11.39 | 8.66 | |||
| Upside / (Downside) | 16.1% | 23.8% | 31.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 709 | 178 | 887 | 590 | 393 | 1929 | |
| Enterprise Value | 2,084 | 2,319 | 885 | 8,758 | (738) | 113,223 | |
| (+) Cash & Short Term Investments | 749 | 355 | 950 | 1,934 | 1,093 | 3,839 | |
| (+) Investments & Other | 469 | 0 | 0 | 0 | 1,628 | 105 | |
| (-) Debt | (736) | (688) | (412) | (2,042) | (28) | (29,641) | |
| (-) Other Liabilities | (109) | 0 | 0 | 50 | (2) | (1,036) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,457 | 1,986 | 1,422 | 8,701 | 1,954 | 86,490 | |
| (/) Shares Outstanding | 1,616.2 | 3,103.2 | 7,256.7 | 587.1 | 1,502.8 | 9,987.3 | |
| Implied Stock Price | 1.52 | 0.64 | 0.20 | 14.82 | 1.30 | 8.66 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.52 | 0.64 | 0.20 | 14.82 | 1.30 | 8.66 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | HKD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |