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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8,7x - 9,6x | 9,1x |
| Selected Fwd EBIT Multiple | 4,8x - 5,3x | 5,1x |
| Fair Value | 27,57HK$ - 28,93HK$ | 28,25HK$ |
| Upside | 34,5% - 41,1% | 37,8% |
| Benchmarks | Ticker | Full Ticker |
| Shanghai Lingang Holdings Co.,Ltd. | 600848 | SHSE:600848 |
| Suzhou New District Hi-Tech Industrial Co.,Ltd | 600736 | SHSE:600736 |
| Shahe Industrial Co., Ltd. | 14 | SZSE:000014 |
| Shanghai Wanye Enterprises Co.,Ltd | 600641 | SHSE:600641 |
| China Merchants Property Operation & Service Co., Ltd. | 1914 | SZSE:001914 |
| Onewo Inc. | 2602 | SEHK:2602 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 600848 | 600736 | 14 | 600641 | 1914 | 2602 | ||
| SHSE:600848 | SHSE:600736 | SZSE:000014 | SHSE:600641 | SZSE:001914 | SEHK:2602 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.9% | -40.9% | 12.7% | NM- | 12.5% | 5.7% | |
| 3Y CAGR | 7.7% | -39.6% | 0.6% | NM- | 13.8% | -5.7% | |
| Latest Twelve Months | 11.6% | -53.2% | -91.3% | -159.4% | 20.1% | -19.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 39.4% | 5.5% | 15.0% | 14.7% | 7.3% | 6.3% | |
| Prior Fiscal Year | 37.3% | 7.5% | 49.0% | 22.3% | 6.0% | 6.2% | |
| Latest Fiscal Year | 33.0% | 1.1% | 16.4% | -0.9% | 6.6% | 4.5% | |
| Latest Twelve Months | 29.8% | 3.5% | 16.4% | -40.7% | 6.6% | 4.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.63x | 5.25x | 5.77x | 12.74x | 0.47x | 0.18x | |
| EV / LTM EBITDA | 19.2x | 60.3x | 30.8x | -36.9x | 6.9x | 2.5x | |
| EV / LTM EBIT | 25.6x | 151.6x | 35.1x | -31.3x | 7.1x | 3.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -31.3x | 25.6x | 151.6x | ||||
| Historical EV / LTM EBIT | 3.9x | 6.8x | 25.4x | ||||
| Selected EV / LTM EBIT | 8.7x | 9.1x | 9.6x | ||||
| (x) LTM EBIT | 1,648 | 1,648 | 1,648 | ||||
| (=) Implied Enterprise Value | 14,300 | 15,053 | 15,805 | ||||
| (-) Non-shareholder Claims * | 16,013 | 16,013 | 16,013 | ||||
| (=) Equity Value | 30,313 | 31,065 | 31,818 | ||||
| (/) Shares Outstanding | 1,160.0 | 1,160.0 | 1,160.0 | ||||
| Implied Value Range | 26.13 | 26.78 | 27.43 | ||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 27.71 | 28.40 | 29.09 | 20.50 | |||
| Upside / (Downside) | 35.2% | 38.5% | 41.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600848 | 600736 | 14 | 600641 | 1914 | 2602 | |
| Enterprise Value | 57,289 | 43,852 | 2,066 | 6,502 | 8,053 | 6,411 | |
| (+) Cash & Short Term Investments | 7,404 | 4,910 | 378 | 3,643 | 4,669 | 14,125 | |
| (+) Investments & Other | 4,439 | 6,126 | 0 | 3,241 | 305 | 2,961 | |
| (-) Debt | (33,105) | (40,672) | (13) | (432) | (948) | (336) | |
| (-) Other Liabilities | (14,082) | (8,355) | (52) | (546) | (151) | (737) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 21,946 | 5,860 | 2,379 | 12,409 | 11,928 | 22,424 | |
| (/) Shares Outstanding | 2,522.5 | 1,151.3 | 242.0 | 911.1 | 1,059.4 | 1,160.0 | |
| Implied Stock Price | 8.70 | 5.09 | 9.83 | 13.62 | 11.26 | 19.33 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.94 | |
| Implied Stock Price (Trading Cur) | 8.70 | 5.09 | 9.83 | 13.62 | 11.26 | 20.50 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | HKD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.94 | |