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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16,2x - 17,9x | 17,0x |
| Selected Fwd EBITDA Multiple | 12,6x - 14,0x | 13,3x |
| Fair Value | 15,17HK$ - 16,53HK$ | 15,85HK$ |
| Upside | -5,8% - 2,7% | -1,6% |
| Benchmarks | Ticker | Full Ticker |
| Juewei Food Co., Ltd. | 603517 | SHSE:603517 |
| Bestore Co.,Ltd | 603719 | SHSE:603719 |
| YouYou Foods Co., Ltd. | 603697 | SHSE:603697 |
| Want Want China Holdings Limited | 151 | SEHK:151 |
| New Hope Dairy Co., Ltd. | 2946 | SZSE:002946 |
| WEILONG Delicious Global Holdings Ltd | 9985 | SEHK:9985 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 603517 | 603719 | 603697 | 151 | 2946 | 9985 | ||
| SHSE:603517 | SHSE:603719 | SHSE:603697 | SEHK:151 | SZSE:002946 | SEHK:9985 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -3.2% | -11.9% | -3.1% | 2.4% | 16.2% | 13.2% | |
| 3Y CAGR | -8.1% | -23.9% | -8.4% | -1.2% | 21.1% | 13.6% | |
| Latest Twelve Months | -8.4% | -97.3% | 30.2% | 6.5% | 7.6% | 39.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.6% | 3.6% | 17.9% | 26.1% | 9.6% | 21.3% | |
| Prior Fiscal Year | 12.1% | 3.2% | 13.9% | 23.3% | 8.9% | 24.8% | |
| Latest Fiscal Year | 14.7% | 2.4% | 14.8% | 25.6% | 10.4% | 26.9% | |
| Latest Twelve Months | 14.2% | 0.1% | 14.8% | 26.3% | 11.2% | 26.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.13x | 0.54x | 3.01x | 1.95x | 1.61x | 4.99x | |
| EV / LTM EBITDA | 8.0x | 665.7x | 20.4x | 7.4x | 14.3x | 18.6x | |
| EV / LTM EBIT | 10.7x | -60.9x | 24.4x | 8.5x | 22.2x | 19.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.4x | 14.3x | 665.7x | ||||
| Historical EV / LTM EBITDA | 8.5x | 18.6x | 38.1x | ||||
| Selected EV / LTM EBITDA | 16.2x | 17.0x | 17.9x | ||||
| (x) LTM EBITDA | 1,685 | 1,685 | 1,685 | ||||
| (=) Implied Enterprise Value | 27,258 | 28,693 | 30,127 | ||||
| (-) Non-shareholder Claims * | 4,845 | 4,845 | 4,845 | ||||
| (=) Equity Value | 32,103 | 33,538 | 34,973 | ||||
| (/) Shares Outstanding | 2,351.1 | 2,351.1 | 2,351.1 | ||||
| Implied Value Range | 13.65 | 14.26 | 14.87 | ||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 14.51 | 15.16 | 15.81 | 16.10 | |||
| Upside / (Downside) | -9.9% | -5.8% | -1.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 603517 | 603719 | 603697 | 151 | 2946 | 9985 | |
| Enterprise Value | 6,866 | 4,044 | 3,591 | 45,341 | 16,544 | 30,770 | |
| (+) Cash & Short Term Investments | 1,055 | 1,405 | 1,068 | 7,856 | 585 | 2,393 | |
| (+) Investments & Other | 2,576 | 80 | 51 | 7,796 | 1,124 | 2,879 | |
| (-) Debt | (858) | (551) | (4) | (6,462) | (3,533) | (418) | |
| (-) Other Liabilities | 56 | 4 | 0 | (5) | (88) | (9) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,696 | 4,983 | 4,705 | 54,526 | 14,631 | 35,615 | |
| (/) Shares Outstanding | 606.0 | 398.0 | 427.7 | 11,803.1 | 860.7 | 2,351.1 | |
| Implied Stock Price | 16.00 | 12.52 | 11.00 | 4.62 | 17.00 | 15.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.94 | 1.00 | 0.94 | |
| Implied Stock Price (Trading Cur) | 16.00 | 12.52 | 11.00 | 4.91 | 17.00 | 16.10 | |
| Trading Currency | CNY | CNY | CNY | HKD | CNY | HKD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.94 | 1.00 | 0.94 | |