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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 4.0x - 4.5x | 4.2x |
| Selected Fwd Revenue Multiple | 3.7x - 4.1x | 3.9x |
| Fair Value | €2.68 - €3.03 | €2.85 |
| Upside | 1.4% - 14.7% | 8.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Tianqi Lithium Corporation | 2466 | SZSE:002466 |
| Sichuan Yahua Industrial Group Co., Ltd. | 2497 | SZSE:002497 |
| Canmax Technologies Co., Ltd. | 300390 | SZSE:300390 |
| Chengxin Lithium Group Co., Ltd. | 2240 | SZSE:002240 |
| YOUNGY Co., Ltd. | 2192 | SZSE:002192 |
| Ganfeng Lithium Group Co., Ltd. | 39EA | BST:39EA |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 2466 | 2497 | 300390 | 2240 | 2192 | 39EA | |||
| SZSE:002466 | SZSE:002497 | SZSE:300390 | SZSE:002240 | SZSE:002192 | BST:39EA | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 45.3% | 31.1% | 68.2% | 15.0% | 25.9% | 45.8% | ||
| 3Y CAGR | 132.1% | 54.1% | 99.8% | 14.9% | 45.9% | 81.4% | ||
| Latest Twelve Months | -65.1% | -39.6% | -47.6% | -42.4% | -63.9% | -46.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 58.3% | 14.4% | 32.9% | 16.8% | 12.7% | 20.1% | ||
| Prior Fiscal Year | 83.1% | 38.4% | 60.3% | 3.1% | 43.0% | 43.4% | ||
| Latest Fiscal Year | 81.6% | -3.3% | 18.6% | -14.8% | 24.2% | 1.1% | ||
| Latest Twelve Months | 52.1% | -11.4% | 5.2% | -14.8% | 2.6% | -16.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.15x | 1.39x | 2.22x | 2.75x | 7.75x | 3.78x | ||
| EV / LTM EBIT | 4.1x | -12.2x | 42.5x | -18.6x | 297.1x | -22.5x | ||
| Price / LTM Sales | 2.92x | 1.75x | 2.67x | 2.63x | 10.50x | 3.03x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.39x | 2.22x | 7.75x | |||||
| Historical EV / LTM Revenue | 2.10x | 7.13x | 26.17x | |||||
| Selected EV / LTM Revenue | 4.03x | 4.24x | 4.45x | |||||
| (x) LTM Revenue | 21,215 | 21,215 | 21,215 | |||||
| (=) Implied Enterprise Value | 85,469 | 89,967 | 94,465 | |||||
| (-) Non-shareholder Claims * | (15,842) | (15,842) | (15,842) | |||||
| (=) Equity Value | 69,626 | 74,125 | 78,623 | |||||
| (/) Shares Outstanding | 3,144.4 | 3,144.4 | 3,144.4 | |||||
| Implied Value Range | 22.14 | 23.57 | 25.00 | |||||
| FX Rate: CNY/EUR | 7.8 | 7.8 | 7.8 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.83 | 3.02 | 3.20 | 2.64 | ||||
| Upside / (Downside) | 7.3% | 14.3% | 21.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2466 | 2497 | 300390 | 2240 | 2192 | 39EA | |
| Enterprise Value | 38,055 | 11,674 | 15,446 | 12,476 | 5,981 | 80,712 | |
| (+) Cash & Short Term Investments | 6,747 | 3,313 | 5,852 | 1,820 | 1,469 | 7,056 | |
| (+) Investments & Other | 27,967 | 1,045 | 1,738 | 4,935 | 797 | 17,903 | |
| (-) Debt | (14,691) | (1,022) | (1,704) | (7,006) | (62) | (32,649) | |
| (-) Other Liabilities | (6,845) | (357) | (2,765) | (304) | (71) | (8,152) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 51,233 | 14,654 | 18,567 | 11,921 | 8,114 | 64,870 | |
| (/) Shares Outstanding | 1,639.4 | 1,133.3 | 830.8 | 901.0 | 259.7 | 3,144.4 | |
| Implied Stock Price | 31.25 | 12.93 | 22.35 | 13.23 | 31.25 | 20.63 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.81 | |
| Implied Stock Price (Trading Cur) | 31.25 | 12.93 | 22.35 | 13.23 | 31.25 | 2.64 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.81 | |