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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16.7x - 18.5x | 17.6x |
| Selected Fwd EBITDA Multiple | 13.5x - 14.9x | 14.2x |
| Fair Value | R$18.60 - R$21.82 | R$20.21 |
| Upside | 20.3% - 41.2% | 30.7% |
| Benchmarks | Ticker | Full Ticker |
| VNET Group, Inc. | VNET | NasdaqGS:VNET |
| Kingsoft Cloud Holdings Limited | KC | NasdaqGS:KC |
| MicroAlgo Inc. | MLGO | NasdaqCM:MLGO |
| Hitek Global Inc. | HKIT | NasdaqCM:HKIT |
| Chinasoft International Limited | CFTL.F | OTCPK:CFTL.F |
| GDS Holdings Limited | G1DS34 | BOVESPA:G1DS34 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VNET | KC | MLGO | HKIT | CFTL.F | G1DS34 | ||
| NasdaqGS:VNET | NasdaqGS:KC | NasdaqCM:MLGO | NasdaqCM:HKIT | OTCPK:CFTL.F | BOVESPA:G1DS34 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 17.1% | NM- | NM- | -44.5% | -6.3% | 22.5% | |
| 3Y CAGR | 16.5% | NM- | NM- | -58.6% | -14.0% | 11.6% | |
| Latest Twelve Months | 29.8% | 186.3% | -213.0% | -144.6% | -14.4% | 7.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 24.1% | -8.2% | 8.7% | 26.7% | 5.7% | 40.4% | |
| Prior Fiscal Year | 23.0% | -7.3% | 0.8% | 25.7% | 4.0% | 40.9% | |
| Latest Fiscal Year | 26.8% | 5.7% | -22.6% | 3.3% | 4.0% | 42.6% | |
| Latest Twelve Months | 26.8% | 5.7% | -17.8% | -18.1% | 3.3% | 42.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.12x | 3.73x | 0.92x | 4.58x | 0.70x | 6.66x | |
| EV / LTM EBITDA | 15.4x | 65.4x | -5.2x | -25.3x | 21.5x | 15.6x | |
| EV / LTM EBIT | 50.9x | -35.5x | -5.1x | -20.3x | 28.5x | 59.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -25.3x | 15.4x | 65.4x | ||||
| Historical EV / LTM EBITDA | 13.0x | 16.9x | 63.0x | ||||
| Selected EV / LTM EBITDA | 16.7x | 17.6x | 18.5x | ||||
| (x) LTM EBITDA | 4,395 | 4,395 | 4,395 | ||||
| (=) Implied Enterprise Value | 73,415 | 77,279 | 81,143 | ||||
| (-) Non-shareholder Claims * | (30,258) | (30,258) | (30,258) | ||||
| (=) Equity Value | 43,157 | 47,021 | 50,885 | ||||
| (/) Shares Outstanding | 1,980.3 | 1,980.3 | 1,980.3 | ||||
| Implied Value Range | 21.79 | 23.74 | 25.69 | ||||
| FX Rate: CNY/BRL | 1.3 | 1.3 | 1.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 17.20 | 18.74 | 20.28 | 15.46 | |||
| Upside / (Downside) | 11.3% | 21.2% | 31.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VNET | KC | MLGO | HKIT | CFTL.F | G1DS34 | |
| Enterprise Value | 33,981 | 29,269 | 559 | 15 | 13,309 | 69,048 | |
| (+) Cash & Short Term Investments | 1,492 | 2,739 | 475 | 25 | 2,936 | 7,868 | |
| (+) Investments & Other | 795 | 234 | 0 | 1 | 2,245 | 7,545 | |
| (-) Debt | (18,450) | (5,907) | (165) | (3) | (3,803) | (44,460) | |
| (-) Other Liabilities | (555) | (337) | (10) | 0 | (24) | (130) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (1,081) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 17,264 | 25,998 | 859 | 39 | 14,663 | 38,790 | |
| (/) Shares Outstanding | 267.0 | 230.4 | 10.0 | 29.3 | 2,488.6 | 1,980.3 | |
| Implied Stock Price | 64.67 | 112.84 | 86.17 | 1.34 | 5.89 | 19.59 | |
| FX Conversion Rate to Trading Currency | 7.27 | 7.27 | 7.27 | 1.00 | 7.27 | 1.27 | |
| Implied Stock Price (Trading Cur) | 8.90 | 15.53 | 11.86 | 1.34 | 0.81 | 15.46 | |
| Trading Currency | USD | USD | USD | USD | USD | BRL | |
| FX Rate to Reporting Currency | 7.27 | 7.27 | 7.27 | 1.00 | 7.27 | 1.27 | |