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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7,0x - 7,7x | 7,4x |
| Selected Fwd EBIT Multiple | 7,0x - 7,8x | 7,4x |
| Fair Value | 6,15HK$ - 6,63HK$ | 6,39HK$ |
| Upside | 18,9% - 28,2% | 23,6% |
| Benchmarks | Ticker | Full Ticker |
| Country Garden Services Holdings Company Limited | 6098 | SEHK:6098 |
| A-Living Smart City Services Co., Ltd. | 3319 | SEHK:3319 |
| Shimao Services Holdings Limited | 873 | SEHK:873 |
| Evergrande Property Services Group Limited | 6666 | SEHK:6666 |
| Yuexiu Services Group Limited | 6626 | SEHK:6626 |
| China Overseas Property Holdings Limited | 2669 | SEHK:2669 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 6098 | 3319 | 873 | 6666 | 6626 | 2669 | ||
| SEHK:6098 | SEHK:3319 | SEHK:873 | SEHK:6666 | SEHK:6626 | SEHK:2669 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 18.1% | 9.2% | 15.0% | 46.1% | 39.9% | 30.5% | |
| 3Y CAGR | -10.8% | -14.4% | -24.7% | -13.2% | 11.3% | 31.4% | |
| Latest Twelve Months | -74.3% | -30.1% | 305.3% | -10.6% | 1.3% | 18.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.3% | 19.2% | 11.3% | 16.3% | 21.4% | 13.1% | |
| Prior Fiscal Year | 12.9% | 13.7% | -0.4% | 16.7% | 18.4% | 12.7% | |
| Latest Fiscal Year | 5.4% | 9.5% | 4.7% | 17.9% | 15.5% | 13.2% | |
| Latest Twelve Months | 3.1% | 7.7% | 3.3% | 15.2% | 15.5% | 13.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.16x | 0.05x | -0.17x | 0.45x | 0.47x | 0.81x | |
| EV / LTM EBITDA | 2.4x | 0.5x | -2.3x | 2.7x | 2.9x | 5.9x | |
| EV / LTM EBIT | 5.1x | 0.7x | -5.0x | 3.0x | 3.0x | 6.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -5.0x | 3.0x | 5.1x | ||||
| Historical EV / LTM EBIT | 8.5x | 15.7x | 21.6x | ||||
| Selected EV / LTM EBIT | 7.0x | 7.4x | 7.7x | ||||
| (x) LTM EBIT | 1,840 | 1,840 | 1,840 | ||||
| (=) Implied Enterprise Value | 12,867 | 13,544 | 14,222 | ||||
| (-) Non-shareholder Claims * | 4,792 | 4,792 | 4,792 | ||||
| (=) Equity Value | 17,660 | 18,337 | 19,014 | ||||
| (/) Shares Outstanding | 3,284.0 | 3,284.0 | 3,284.0 | ||||
| Implied Value Range | 5.38 | 5.58 | 5.79 | ||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.76 | 5.98 | 6.20 | 5.17 | |||
| Upside / (Downside) | 11.4% | 15.7% | 20.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6098 | 3319 | 873 | 6666 | 6626 | 2669 | |
| Enterprise Value | 6,877 | (635) | (1,467) | 5,491 | (449) | 11,055 | |
| (+) Cash & Short Term Investments | 13,576 | 5,040 | 4,534 | 2,452 | 2,472 | 5,005 | |
| (+) Investments & Other | 4,895 | 1,397 | 59 | 50 | 2,267 | 20 | |
| (-) Debt | (3,311) | (475) | (345) | (103) | (119) | (172) | |
| (-) Other Liabilities | (2,691) | (1,787) | (662) | (424) | (85) | (60) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 19,347 | 3,539 | 2,119 | 7,467 | 4,085 | 15,847 | |
| (/) Shares Outstanding | 3,343.0 | 1,420.0 | 2,468.2 | 10,810.8 | 1,509.0 | 3,284.0 | |
| Implied Stock Price | 5.79 | 2.49 | 0.86 | 0.69 | 2.71 | 4.83 | |
| FX Conversion Rate to Trading Currency | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | |
| Implied Stock Price (Trading Cur) | 6.20 | 2.67 | 0.92 | 0.74 | 2.90 | 5.17 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | HKD | |
| FX Rate to Reporting Currency | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | |