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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 11,4x - 12,5x | 12,0x |
| Selected Fwd Revenue Multiple | 4,7x - 5,2x | 4,9x |
| Fair Value | 13,65¥ - 14,40¥ | 14,02¥ |
| Upside | -8,3% - -3,2% | -5,8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Shanghai Lingang Holdings Co.,Ltd. | 600848 | SHSE:600848 |
| Nanjing Gaoke Company Limited | 600064 | SHSE:600064 |
| Suzhou New District Hi-Tech Industrial Co.,Ltd | 600736 | SHSE:600736 |
| Shahe Industrial Co., Ltd. | 14 | SZSE:000014 |
| China Merchants Property Operation & Service Co., Ltd. | 1914 | SZSE:001914 |
| Shanghai Wanye Enterprises Co.,Ltd | 600641 | SHSE:600641 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 600848 | 600064 | 600736 | 14 | 1914 | 600641 | |||
| SHSE:600848 | SHSE:600064 | SHSE:600736 | SZSE:000014 | SZSE:001914 | SHSE:600641 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 8.0% | 6.7% | 1.4% | 31.2% | 23.1% | -18.5% | ||
| 3Y CAGR | 21.4% | 17.4% | -8.0% | 58.8% | 17.5% | 1.2% | ||
| Latest Twelve Months | 76.2% | -70.3% | -18.0% | -74.2% | 9.9% | -69.4% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 39.4% | 6.9% | 5.5% | 14.5% | 7.3% | 14.7% | ||
| Prior Fiscal Year | 37.3% | 14.4% | 7.5% | 49.0% | 6.0% | 22.3% | ||
| Latest Fiscal Year | 33.0% | -5.0% | 1.1% | 16.4% | 6.6% | -0.9% | ||
| Latest Twelve Months | 29.8% | -15.4% | 3.5% | 16.4% | 6.6% | -40.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 7.61x | 1.14x | 5.34x | 4.99x | 0.52x | 14.99x | ||
| EV / LTM EBIT | 25.5x | -7.4x | 154.4x | 27.9x | 7.9x | -36.8x | ||
| Price / LTM Sales | 3.05x | 6.33x | 0.80x | 5.63x | 0.75x | 26.57x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.52x | 4.99x | 7.61x | |||||
| Historical EV / LTM Revenue | 4.80x | 19.09x | 24.34x | |||||
| Selected EV / LTM Revenue | 11.35x | 11.95x | 12.55x | |||||
| (x) LTM Revenue | 510 | 510 | 510 | |||||
| (=) Implied Enterprise Value | 5,794 | 6,098 | 6,403 | |||||
| (-) Non-shareholder Claims * | 5,906 | 5,906 | 5,906 | |||||
| (=) Equity Value | 11,700 | 12,005 | 12,310 | |||||
| (/) Shares Outstanding | 911.1 | 911.1 | 911.1 | |||||
| Implied Value Range | 12.84 | 13.18 | 13.51 | |||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 12.84 | 13.18 | 13.51 | 14.88 | ||||
| Upside / (Downside) | -13.7% | -11.4% | -9.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600848 | 600064 | 600736 | 14 | 1914 | 600641 | |
| Enterprise Value | 59,585 | 2,298 | 44,657 | 2,429 | 8,922 | 7,650 | |
| (+) Cash & Short Term Investments | 7,404 | 3,226 | 4,910 | 378 | 4,669 | 3,643 | |
| (+) Investments & Other | 4,439 | 19,194 | 6,126 | 0 | 305 | 3,241 | |
| (-) Debt | (33,105) | (10,605) | (40,672) | (13) | (948) | (432) | |
| (-) Other Liabilities | (14,082) | (1,378) | (8,355) | (52) | (151) | (546) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 24,241 | 12,735 | 6,666 | 2,742 | 12,797 | 13,557 | |
| (/) Shares Outstanding | 2,522.5 | 1,730.3 | 1,151.3 | 242.0 | 1,059.4 | 911.1 | |
| Implied Stock Price | 9.61 | 7.36 | 5.79 | 11.33 | 12.08 | 14.88 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9.61 | 7.36 | 5.79 | 11.33 | 12.08 | 14.88 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |