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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9,8x - 10,8x | 10,3x |
| Selected Fwd EBIT Multiple | 3,7x - 4,1x | 3,9x |
| Fair Value | 25,22¥ - 26,35¥ | 25,79¥ |
| Upside | -5,6% - -1,4% | -3,5% |
| Benchmarks | Ticker | Full Ticker |
| Linhai Co.,Ltd. | 600099 | SHSE:600099 |
| Dongfeng Motor Group Company Limited | 489 | SEHK:489 |
| Loncin Motor Co., Ltd. | 603766 | SHSE:603766 |
| BAIC Motor Corporation Limited | 1958 | SEHK:1958 |
| Zhejiang Taotao Vehicles Co., Ltd. | 301345 | SZSE:301345 |
| Guangdong Lvtong New Energy Electric Vehicle Technology Co., LTD | 301322 | SZSE:301322 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 600099 | 489 | 603766 | 1958 | 301345 | 301322 | ||
| SHSE:600099 | SEHK:489 | SHSE:603766 | SEHK:1958 | SZSE:301345 | SZSE:301322 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 75.1% | NM- | -3.8% | -4.5% | 41.6% | 45.6% | |
| 3Y CAGR | 22.5% | NM- | 10.0% | -8.8% | -0.1% | 52.8% | |
| Latest Twelve Months | 193.3% | 19.8% | 38.6% | -22.5% | 74.1% | -46.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 0.6% | -7.0% | 6.1% | 12.6% | 15.0% | 18.6% | |
| Prior Fiscal Year | 0.7% | -10.6% | 5.2% | 11.6% | 12.6% | 22.3% | |
| Latest Fiscal Year | 1.4% | -7.9% | 6.9% | 9.2% | 13.0% | 22.0% | |
| Latest Twelve Months | 1.4% | -7.9% | 6.2% | 9.2% | 15.2% | 15.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.89x | 0.01x | 1.10x | 0.06x | 2.19x | 2.00x | |
| EV / LTM EBITDA | 70.5x | -0.4x | 13.0x | 0.5x | 13.5x | 11.0x | |
| EV / LTM EBIT | 134.1x | -0.2x | 17.8x | 0.7x | 14.4x | 13.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -0.2x | 14.4x | 134.1x | ||||
| Historical EV / LTM EBIT | 8.5x | 8.5x | 8.5x | ||||
| Selected EV / LTM EBIT | 9.8x | 10.3x | 10.8x | ||||
| (x) LTM EBIT | 135 | 135 | 135 | ||||
| (=) Implied Enterprise Value | 1,315 | 1,384 | 1,454 | ||||
| (-) Non-shareholder Claims * | 2,053 | 2,053 | 2,053 | ||||
| (=) Equity Value | 3,368 | 3,437 | 3,506 | ||||
| (/) Shares Outstanding | 142.4 | 142.4 | 142.4 | ||||
| Implied Value Range | 23.65 | 24.14 | 24.63 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 23.65 | 24.14 | 24.63 | 26.72 | |||
| Upside / (Downside) | -11.5% | -9.7% | -7.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600099 | 489 | 603766 | 1958 | 301345 | 301322 | |
| Enterprise Value | 1,948 | (56,180) | 17,569 | (4,819) | 6,604 | 1,752 | |
| (+) Cash & Short Term Investments | 196 | 96,567 | 5,806 | 33,598 | 1,708 | 1,866 | |
| (+) Investments & Other | 27 | 57,468 | 14 | 16,386 | 0 | 187 | |
| (-) Debt | (30) | (56,923) | (337) | (8,947) | (590) | (0) | |
| (-) Other Liabilities | 0 | (5,507) | (155) | (21,167) | (0) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,141 | 35,425 | 22,897 | 15,052 | 7,723 | 3,804 | |
| (/) Shares Outstanding | 219.1 | 8,225.1 | 2,053.5 | 8,015.3 | 108.6 | 142.4 | |
| Implied Stock Price | 9.77 | 4.31 | 11.15 | 1.88 | 71.09 | 26.72 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.93 | 1.00 | 0.93 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9.77 | 4.61 | 11.15 | 2.01 | 71.09 | 26.72 | |
| Trading Currency | CNY | HKD | CNY | HKD | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 0.93 | 1.00 | 0.93 | 1.00 | 1.00 | |