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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -11.4x - -12.6x | -12.0x |
Selected Fwd EBIT Multiple | 93.5x - 103.3x | 98.4x |
Fair Value | €6.13 - €6.62 | €6.37 |
Upside | -19.2% - -12.8% | -16.0% |
Benchmarks | Ticker | Full Ticker |
Li Auto Inc. | LI | NasdaqGS:LI |
NIO Inc. | NIO | NYSE:NIO |
BYD Company Limited | BYDD.Y | OTCPK:BYDD.Y |
Chijet Motor Company, Inc. | CJET | NasdaqCM:CJET |
Rivian Automotive, Inc. | RIVN | NasdaqGS:RIVN |
XPeng Inc. | 8XP | BST:8XP |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
LI | NIO | BYDD.Y | CJET | RIVN | 8XP | ||
NasdaqGS:LI | NYSE:NIO | OTCPK:BYDD.Y | NasdaqCM:CJET | NasdaqGS:RIVN | BST:8XP | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | 57.5% | NM- | NM- | NM- | |
3Y CAGR | NM- | NM- | 92.8% | NM- | NM- | NM- | |
Latest Twelve Months | 22.7% | 0.2% | 41.2% | 35.4% | 33.3% | 41.9% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -2.5% | -32.4% | 5.2% | -787.1% | -15125.8% | -45.1% | |
Prior Fiscal Year | 6.0% | -40.7% | 5.7% | -932.6% | -129.4% | -35.3% | |
Latest Fiscal Year | 4.9% | -33.3% | 5.9% | -826.7% | -94.3% | -16.5% | |
Latest Twelve Months | 5.4% | -33.7% | 6.0% | -826.7% | -77.1% | -11.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.66x | 1.06x | 1.08x | 58.44x | 2.67x | 2.11x | |
EV / LTM EBITDA | 8.4x | -4.4x | 7.6x | -11.9x | -4.6x | -29.0x | |
EV / LTM EBIT | 12.1x | -3.1x | 18.2x | -7.1x | -3.5x | -18.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -7.1x | -3.1x | 18.2x | ||||
Historical EV / LTM EBIT | -46.9x | -9.0x | -3.2x | ||||
Selected EV / LTM EBIT | -11.4x | -12.0x | -12.6x | ||||
(x) LTM EBIT | (5,857) | (5,857) | (5,857) | ||||
(=) Implied Enterprise Value | 66,755 | 70,268 | 73,782 | ||||
(-) Non-shareholder Claims * | 23,245 | 23,245 | 23,245 | ||||
(=) Equity Value | 90,000 | 93,513 | 97,027 | ||||
(/) Shares Outstanding | 1,810.6 | 1,810.6 | 1,810.6 | ||||
Implied Value Range | 49.71 | 51.65 | 53.59 | ||||
FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | |||
Implied Value Range (Trading Cur) | 5.89 | 6.12 | 6.35 | 7.59 | |||
Upside / (Downside) | -22.4% | -19.3% | -16.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | LI | NIO | BYDD.Y | CJET | RIVN | 8XP | |
Enterprise Value | 93,699 | 71,824 | 1,014,608 | 401 | 13,356 | 92,665 | |
(+) Cash & Short Term Investments | 110,678 | 19,722 | 153,391 | 4 | 7,178 | 33,629 | |
(+) Investments & Other | 822 | 2,879 | 30,792 | 3 | 0 | 7,317 | |
(-) Debt | (16,356) | (30,354) | (41,128) | (364) | (4,869) | (17,701) | |
(-) Other Liabilities | (502) | (7,681) | (12,800) | (34) | (8) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 188,342 | 56,390 | 1,144,862 | 10 | 15,657 | 115,910 | |
(/) Shares Outstanding | 1,013.3 | 2,242.5 | 1,705.3 | 4.8 | 1,197.9 | 1,810.6 | |
Implied Stock Price | 185.87 | 25.15 | 671.35 | 2.16 | 13.07 | 64.02 | |
FX Conversion Rate to Trading Currency | 7.16 | 7.16 | 7.16 | 1.00 | 1.00 | 8.44 | |
Implied Stock Price (Trading Cur) | 25.95 | 3.51 | 93.71 | 2.16 | 13.07 | 7.59 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 7.16 | 7.16 | 7.16 | 1.00 | 1.00 | 8.44 |