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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 21,3x - 23,6x | 22,5x |
| Selected Fwd EBITDA Multiple | 20,6x - 22,8x | 21,7x |
| Fair Value | 42,06¥ - 45,16¥ | 43,61¥ |
| Upside | 10,7% - 18,9% | 14,8% |
| Benchmarks | Ticker | Full Ticker |
| Huaqin Technology Co., Ltd. | 603296 | SHSE:603296 |
| Sprocomm Intelligence Limited | 1401 | SEHK:1401 |
| Wingtech Technology Co.,Ltd | 600745 | SHSE:600745 |
| Shandong New Beiyang Information Technology Co., Ltd. | 2376 | SZSE:002376 |
| Emdoor Information CO.,LTD. | 1314 | SZSE:001314 |
| Shanghai Longcheer Technology Co., Ltd. | 603341 | SHSE:603341 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 603296 | 1401 | 600745 | 2376 | 1314 | 603341 | ||
| SHSE:603296 | SEHK:1401 | SHSE:600745 | SZSE:002376 | SZSE:001314 | SHSE:603341 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 94.4% | NM- | 60.4% | -5.6% | 57.2% | NM- | |
| 3Y CAGR | 8.0% | NM- | 9.5% | 8.1% | -22.2% | 30.1% | |
| Latest Twelve Months | -12.5% | -106.2% | -35.0% | 167.5% | -90.2% | NM | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.1% | 0.2% | 8.4% | 7.0% | 4.6% | 1.4% | |
| Prior Fiscal Year | 2.6% | 1.8% | 9.8% | 4.3% | 6.0% | 2.3% | |
| Latest Fiscal Year | 3.7% | -0.1% | 9.7% | 10.6% | 3.5% | 2.5% | |
| Latest Twelve Months | 3.0% | -0.1% | 5.7% | 10.6% | 0.3% | 1.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.60x | 0.44x | 0.66x | 2.39x | 1.53x | 0.26x | |
| EV / LTM EBITDA | 20.0x | -405.6x | 11.7x | 22.6x | 557.9x | 17.5x | |
| EV / LTM EBIT | 28.4x | -74.1x | 34.5x | 51.4x | -328.8x | 30.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -405.6x | 20.0x | 557.9x | ||||
| Historical EV / LTM EBITDA | 0.0x | NM | 0.0x | ||||
| Selected EV / LTM EBITDA | 21.3x | 22.5x | 23.6x | ||||
| (x) LTM EBITDA | 664 | 664 | 664 | ||||
| (=) Implied Enterprise Value | 14,163 | 14,908 | 15,653 | ||||
| (-) Non-shareholder Claims * | 5,888 | 5,888 | 5,888 | ||||
| (=) Equity Value | 20,051 | 20,796 | 21,542 | ||||
| (/) Shares Outstanding | 465.1 | 465.1 | 465.1 | ||||
| Implied Value Range | 43.11 | 44.71 | 46.32 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 43.11 | 44.71 | 46.32 | 37.98 | |||
| Upside / (Downside) | 13.5% | 17.7% | 21.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 603296 | 1401 | 600745 | 2376 | 1314 | 603341 | |
| Enterprise Value | 61,173 | 1,308 | 47,854 | 4,722 | 4,654 | 11,776 | |
| (+) Cash & Short Term Investments | 15,090 | 79 | 8,646 | 0 | 1,358 | 7,269 | |
| (+) Investments & Other | 4,104 | 0 | 758 | 0 | 30 | 844 | |
| (-) Debt | (11,253) | (187) | (17,840) | 0 | (276) | (2,230) | |
| (-) Other Liabilities | (85) | 2 | (513) | 0 | (2) | 5 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 69,029 | 1,202 | 38,906 | 4,722 | 5,764 | 17,664 | |
| (/) Shares Outstanding | 1,013.6 | 1,000.0 | 1,240.2 | 793.7 | 141.4 | 465.1 | |
| Implied Stock Price | 68.10 | 1.20 | 31.37 | 5.95 | 40.75 | 37.98 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.94 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 68.10 | 1.28 | 31.37 | 5.95 | 40.75 | 37.98 | |
| Trading Currency | CNY | HKD | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 0.94 | 1.00 | 1.00 | 1.00 | 1.00 | |