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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 10,7x - 11,8x | 11,3x |
| Selected Fwd Revenue Multiple | 7,5x - 8,3x | 7,9x |
| Fair Value | 50,27¥ - 55,64¥ | 52,95¥ |
| Upside | 18,6% - 31,3% | 25,0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| PowerTECH Co., Ltd. | 301369 | SZSE:301369 |
| Beijing Huafeng Test & Control Technology Co.,Ltd. | 688200 | SHSE:688200 |
| Teradyne, Inc. | TER | NasdaqGS:TER |
| Shenzhen Xinyichang Technology Co., Ltd. | 688383 | SHSE:688383 |
| SG Micro Corp | 300661 | SZSE:300661 |
| Hangzhou Changchuan Technology Co.,Ltd | 300604 | SZSE:300604 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 301369 | 688200 | TER | 688383 | 300661 | 300604 | |||
| SZSE:301369 | SHSE:688200 | NasdaqGS:TER | SHSE:688383 | SZSE:300661 | SZSE:300604 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 8.7% | 28.9% | 4.2% | 7.3% | 35.5% | 52.4% | ||
| 3Y CAGR | 5.4% | 1.0% | -8.7% | -7.9% | 29.8% | 30.2% | ||
| Latest Twelve Months | 18.2% | 31.0% | 5.4% | -10.2% | 19.7% | 52.6% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 19.2% | 43.3% | 26.1% | 14.7% | 18.9% | 7.5% | ||
| Prior Fiscal Year | 34.4% | 31.1% | 19.3% | 6.4% | 25.6% | 16.0% | ||
| Latest Fiscal Year | -6.4% | 35.0% | 19.4% | 3.0% | 5.9% | -3.3% | ||
| Latest Twelve Months | -6.0% | 35.0% | 19.4% | 3.0% | 10.5% | 14.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 10.62x | 18.03x | 3.59x | 5.55x | 12.82x | 8.78x | ||
| EV / LTM EBIT | -176.1x | 51.5x | 18.5x | 183.5x | 122.5x | 58.9x | ||
| Price / LTM Sales | 12.80x | 20.89x | 4.04x | 4.93x | 13.64x | 8.56x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 3.59x | 10.62x | 18.03x | |||||
| Historical EV / LTM Revenue | 11.92x | 13.42x | 29.87x | |||||
| Selected EV / LTM Revenue | 10.71x | 11.27x | 11.84x | |||||
| (x) LTM Revenue | 3,101 | 3,101 | 3,101 | |||||
| (=) Implied Enterprise Value | 33,217 | 34,966 | 36,714 | |||||
| (-) Non-shareholder Claims * | (493) | (493) | (493) | |||||
| (=) Equity Value | 32,725 | 34,473 | 36,221 | |||||
| (/) Shares Outstanding | 626.8 | 626.8 | 626.8 | |||||
| Implied Value Range | 52.21 | 55.00 | 57.79 | |||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 52.21 | 55.00 | 57.79 | 42.37 | ||||
| Upside / (Downside) | 23.2% | 29.8% | 36.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 301369 | 688200 | TER | 688383 | 300661 | 300604 | |
| Enterprise Value | 3,108 | 16,322 | 11,002 | 5,183 | 40,746 | 27,050 | |
| (+) Cash & Short Term Investments | 649 | 2,212 | 600 | 194 | 2,059 | 1,036 | |
| (+) Investments & Other | 5 | 391 | 619 | 0 | 626 | 182 | |
| (-) Debt | (1) | (15) | (77) | (774) | (91) | (1,098) | |
| (-) Other Liabilities | (9) | 0 | 0 | 0 | 12 | (613) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,752 | 18,910 | 12,143 | 4,603 | 43,351 | 26,557 | |
| (/) Shares Outstanding | 69.6 | 135.3 | 161.7 | 101.8 | 472.0 | 626.8 | |
| Implied Stock Price | 53.88 | 139.80 | 75.09 | 45.21 | 91.85 | 42.37 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 53.88 | 139.80 | 75.09 | 45.21 | 91.85 | 42.37 | |
| Trading Currency | CNY | CNY | USD | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |