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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 54.9x - 60.7x | 57.8x |
| Selected Fwd EBIT Multiple | 34.2x - 37.8x | 36.0x |
| Fair Value | R$12.64 - R$15.27 | R$13.96 |
| Upside | 5.2% - 27.0% | 16.1% |
| Benchmarks | Ticker | Full Ticker |
| Kingsoft Cloud Holdings Limited | KC | NasdaqGS:KC |
| VNET Group, Inc. | VNET | NasdaqGS:VNET |
| MicroAlgo Inc. | MLGO | NasdaqCM:MLGO |
| WellCell Holdings Co., Limited | WLLC.D | OTCPK:WLLC.D |
| Hitek Global Inc. | HKIT | NasdaqCM:HKIT |
| GDS Holdings Limited | G1DS34 | BOVESPA:G1DS34 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| KC | VNET | MLGO | WLLC.D | HKIT | G1DS34 | ||
| NasdaqGS:KC | NasdaqGS:VNET | NasdaqCM:MLGO | OTCPK:WLLC.D | NasdaqCM:HKIT | BOVESPA:G1DS34 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 23.4% | NM- | NM- | -48.6% | 19.1% | |
| 3Y CAGR | NM- | 71.2% | NM- | 19.5% | -61.4% | 26.5% | |
| Latest Twelve Months | 43.7% | 769.3% | -176.6% | 10.1% | -156.7% | 107.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -21.0% | 2.7% | 7.3% | 71.2% | 22.9% | 8.3% | |
| Prior Fiscal Year | -20.6% | -1.3% | -0.8% | 74.8% | 25.3% | 5.6% | |
| Latest Fiscal Year | -10.5% | 8.1% | -22.8% | 75.8% | 2.2% | 11.2% | |
| Latest Twelve Months | -10.5% | 8.1% | -18.0% | 75.8% | -22.6% | 11.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.51x | 3.32x | 1.18x | 28.26x | 3.42x | 5.76x | |
| EV / LTM EBITDA | 61.6x | 12.4x | -6.6x | 37.1x | -18.9x | 13.5x | |
| EV / LTM EBIT | -33.4x | 41.0x | -6.6x | 37.3x | -15.1x | 51.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -33.4x | -6.6x | 41.0x | ||||
| Historical EV / LTM EBIT | 51.6x | 108.7x | 204.7x | ||||
| Selected EV / LTM EBIT | 54.9x | 57.8x | 60.7x | ||||
| (x) LTM EBIT | 1,152 | 1,152 | 1,152 | ||||
| (=) Implied Enterprise Value | 63,246 | 66,574 | 69,903 | ||||
| (-) Non-shareholder Claims * | (30,258) | (30,258) | (30,258) | ||||
| (=) Equity Value | 32,987 | 36,316 | 39,645 | ||||
| (/) Shares Outstanding | 1,980.3 | 1,980.3 | 1,980.3 | ||||
| Implied Value Range | 16.66 | 18.34 | 20.02 | ||||
| FX Rate: CNY/BRL | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.42 | 14.78 | 16.13 | 12.02 | |||
| Upside / (Downside) | 11.7% | 23.0% | 34.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KC | VNET | MLGO | WLLC.D | HKIT | G1DS34 | |
| Enterprise Value | 27,132 | 27,489 | 717 | (72) | 12 | 59,794 | |
| (+) Cash & Short Term Investments | 2,739 | 1,492 | 475 | 117 | 25 | 7,868 | |
| (+) Investments & Other | 234 | 795 | 0 | 0 | 1 | 7,545 | |
| (-) Debt | (5,907) | (18,450) | (165) | (45) | (3) | (44,460) | |
| (-) Other Liabilities | (337) | (555) | (10) | 0 | 0 | (130) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (1,081) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 23,861 | 10,772 | 1,018 | 0 | 36 | 29,536 | |
| (/) Shares Outstanding | 230.4 | 267.0 | 10.0 | 1,000.0 | 29.3 | 1,980.3 | |
| Implied Stock Price | 103.56 | 40.35 | 102.03 | 0.00 | 1.21 | 14.91 | |
| FX Conversion Rate to Trading Currency | 7.28 | 7.28 | 7.28 | 7.28 | 1.00 | 1.24 | |
| Implied Stock Price (Trading Cur) | 14.22 | 5.54 | 14.01 | 1.21 | 12.02 | ||
| Trading Currency | USD | USD | USD | USD | USD | BRL | |
| FX Rate to Reporting Currency | 7.28 | 7.28 | 7.28 | 7.28 | 1.00 | 1.24 | |