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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 4,1x - 4,6x | 4,4x |
| Selected Fwd Revenue Multiple | 3,5x - 3,8x | 3,7x |
| Fair Value | 42,42HK$ - 47,48HK$ | 44,95HK$ |
| Upside | 22,4% - 37,0% | 29,7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Akeso, Inc. | 9926 | SEHK:9926 |
| Innovent Biologics, Inc. | 1801 | SEHK:1801 |
| Shanghai Junshi Biosciences Co., Ltd. | 1877 | SEHK:1877 |
| BeiGene, Ltd. | 6160 | SEHK:6160 |
| Wuhan YZY Biopharma Co., Ltd. | 2496 | SEHK:2496 |
| Shanghai Henlius Biotech, Inc. | 2696 | SEHK:2696 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 9926 | 1801 | 1877 | 6160 | 2496 | 2696 | |||
| SEHK:9926 | SEHK:1801 | SEHK:1877 | SEHK:6160 | SEHK:2496 | SEHK:2696 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 337.4% | 265.8% | 337.8% | 54.8% | NM- | 129.0% | ||
| 3Y CAGR | NM- | 17.3% | -2.0% | 48.0% | NM- | 50.4% | ||
| Latest Twelve Months | -56.9% | 48.6% | 29.7% | 55.0% | 2.2% | 6.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -522.7% | -67.3% | -113.4% | -183.9% | -2620.9% | -92.3% | ||
| Prior Fiscal Year | -183.6% | -68.5% | -164.8% | -49.2% | -7710.9% | 11.7% | ||
| Latest Fiscal Year | 39.0% | -25.2% | -62.2% | -14.9% | -1382.1% | 15.1% | ||
| Latest Twelve Months | -50.0% | -17.1% | -62.2% | -14.9% | -2141.7% | 15.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 33.51x | 8.39x | 14.64x | 7.01x | 131.97x | 3.57x | ||
| EV / LTM EBIT | -67.1x | -49.0x | -13.9x | -46.9x | -6.2x | 23.6x | ||
| Price / LTM Sales | 33.37x | 9.41x | 15.22x | 7.41x | 137.16x | 3.08x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 7.01x | 14.64x | 131.97x | |||||
| Historical EV / LTM Revenue | 2.02x | 3.57x | 54.57x | |||||
| Selected EV / LTM Revenue | 4.15x | 4.36x | 4.58x | |||||
| (x) LTM Revenue | 5,724 | 5,724 | 5,724 | |||||
| (=) Implied Enterprise Value | 23,732 | 24,981 | 26,230 | |||||
| (-) Non-shareholder Claims * | (2,834) | (2,834) | (2,834) | |||||
| (=) Equity Value | 20,898 | 22,147 | 23,396 | |||||
| (/) Shares Outstanding | 543.5 | 543.5 | 543.5 | |||||
| Implied Value Range | 38.45 | 40.75 | 43.05 | |||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 41.18 | 43.64 | 46.10 | 34.65 | ||||
| Upside / (Downside) | 18.8% | 25.9% | 33.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9926 | 1801 | 1877 | 6160 | 2496 | 2696 | |
| Enterprise Value | 62,427 | 63,087 | 31,324 | 25,266 | 1,064 | 20,418 | |
| (+) Cash & Short Term Investments | 2,978 | 8,629 | 2,933 | 2,627 | 162 | 814 | |
| (+) Investments & Other | 349 | 2,301 | 1,226 | 129 | 0 | 0 | |
| (-) Debt | (3,318) | (3,349) | (2,931) | (1,080) | (120) | (3,648) | |
| (-) Other Liabilities | 85 | 0 | (72) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 62,520 | 70,668 | 32,481 | 26,942 | 1,106 | 17,584 | |
| (/) Shares Outstanding | 897.6 | 1,638.2 | 2,261.8 | 1,297.0 | 193.8 | 543.5 | |
| Implied Stock Price | 69.66 | 43.14 | 14.36 | 20.77 | 5.71 | 32.35 | |
| FX Conversion Rate to Trading Currency | 0.93 | 0.93 | 0.93 | 0.13 | 0.93 | 0.93 | |
| Implied Stock Price (Trading Cur) | 74.60 | 46.20 | 15.38 | 161.60 | 6.11 | 34.65 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | HKD | |
| FX Rate to Reporting Currency | 0.93 | 0.93 | 0.93 | 0.13 | 0.93 | 0.93 | |