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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 27,4x - 30,3x | 28,9x |
| Selected Fwd EBIT Multiple | 28,7x - 31,8x | 30,3x |
| Fair Value | 17,61¥ - 19,23¥ | 18,42¥ |
| Upside | -28,4% - -21,7% | -25,0% |
| Benchmarks | Ticker | Full Ticker |
| Ningbo Dechang Electrical Machinery Made Co., Ltd. | 605555 | SHSE:605555 |
| Guangdong Topstrong Living Innovation and Integration Co., Ltd. | 300749 | SZSE:300749 |
| Suofeiya Home Collection Co., Ltd. | 2572 | SZSE:002572 |
| Guangdong Piano Customized Furniture Co., Ltd. | 2853 | SZSE:002853 |
| Jason Furniture (Hangzhou) Co.,Ltd. | 603816 | SHSE:603816 |
| DBG Technology Co., Ltd. | 300735 | SZSE:300735 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 605555 | 300749 | 2572 | 2853 | 603816 | 300735 | ||
| SHSE:605555 | SZSE:300749 | SZSE:002572 | SZSE:002853 | SHSE:603816 | SZSE:300735 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.2% | -16.2% | 5.9% | -15.2% | 15.3% | 12.2% | |
| 3Y CAGR | -11.0% | 25.1% | 4.2% | -36.6% | 14.0% | 18.8% | |
| Latest Twelve Months | 47.5% | -869.0% | -0.7% | -107.1% | -0.5% | 20.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.3% | 0.9% | 13.3% | -0.4% | 10.8% | 10.7% | |
| Prior Fiscal Year | 7.0% | 1.4% | 11.6% | 10.4% | 10.2% | 8.7% | |
| Latest Fiscal Year | 9.9% | 2.5% | 13.7% | 4.9% | 11.3% | 8.9% | |
| Latest Twelve Months | 9.4% | -1.1% | 13.6% | -0.9% | 10.9% | 5.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.71x | 1.20x | 1.38x | 1.96x | 0.97x | 2.41x | |
| EV / LTM EBITDA | 14.8x | 29.7x | 7.9x | 31.2x | 7.4x | 21.8x | |
| EV / LTM EBIT | 18.2x | -112.3x | 10.2x | -218.7x | 9.0x | 41.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -218.7x | 9.0x | 18.2x | ||||
| Historical EV / LTM EBIT | 11.2x | 28.9x | 46.8x | ||||
| Selected EV / LTM EBIT | 27.4x | 28.9x | 30.3x | ||||
| (x) LTM EBIT | 418 | 418 | 418 | ||||
| (=) Implied Enterprise Value | 11,449 | 12,052 | 12,654 | ||||
| (-) Non-shareholder Claims * | 1,684 | 1,684 | 1,684 | ||||
| (=) Equity Value | 13,133 | 13,735 | 14,338 | ||||
| (/) Shares Outstanding | 767.5 | 767.5 | 767.5 | ||||
| Implied Value Range | 17.11 | 17.90 | 18.68 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 17.11 | 17.90 | 18.68 | 24.58 | |||
| Upside / (Downside) | -30.4% | -27.2% | -24.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 605555 | 300749 | 2572 | 2853 | 603816 | 300735 | |
| Enterprise Value | 6,216 | 1,403 | 15,375 | 2,074 | 18,391 | 17,181 | |
| (+) Cash & Short Term Investments | 1,198 | 191 | 2,910 | 406 | 2,272 | 2,691 | |
| (+) Investments & Other | 0 | 65 | 855 | 47 | 383 | 0 | |
| (-) Debt | (127) | (144) | (3,218) | (2) | (1,437) | (574) | |
| (-) Other Liabilities | 0 | (3) | (302) | 7 | (200) | (434) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,287 | 1,512 | 15,621 | 2,532 | 19,408 | 18,864 | |
| (/) Shares Outstanding | 372.4 | 205.2 | 963.0 | 182.9 | 812.1 | 767.5 | |
| Implied Stock Price | 19.57 | 7.37 | 16.22 | 13.84 | 23.90 | 24.58 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 19.57 | 7.37 | 16.22 | 13.84 | 23.90 | 24.58 | |
| 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 | |