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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.6x - 10.6x | 10.1x |
| Selected Fwd EBITDA Multiple | 8.2x - 9.1x | 8.6x |
| Fair Value | €7.85 - €8.57 | €8.21 |
| Upside | -5.4% - 3.3% | -1.1% |
| Benchmarks | Ticker | Full Ticker |
| Haier Smart Home Co., Ltd. | 600690 | SHSE:600690 |
| Gree Electric Appliances, Inc. of Zhuhai | 651 | SZSE:000651 |
| Vatti Corporation Limited | 2035 | SZSE:002035 |
| Hisense Home Appliances Group Co., Ltd. | 921 | SZSE:000921 |
| Joyoung Co.,Ltd | 2242 | SZSE:002242 |
| Midea Group Co., Ltd. | 1520 | DB:1520 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 600690 | 651 | 2035 | 921 | 2242 | 1520 | ||
| SHSE:600690 | SZSE:000651 | SZSE:002035 | SZSE:000921 | SZSE:002242 | DB:1520 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.9% | 5.6% | -6.5% | 29.8% | -48.4% | 7.9% | |
| 3Y CAGR | 12.0% | 12.7% | 33.0% | 18.4% | -63.6% | 14.5% | |
| Latest Twelve Months | 5.2% | 14.8% | -8.6% | -4.5% | -100.2% | 0.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.2% | 15.2% | 7.4% | 6.0% | 5.3% | 10.4% | |
| Prior Fiscal Year | 8.6% | 15.8% | 8.5% | 6.4% | 3.4% | 11.5% | |
| Latest Fiscal Year | 9.0% | 19.4% | 8.7% | 5.8% | 0.4% | 11.1% | |
| Latest Twelve Months | 8.9% | 19.5% | 8.5% | 5.9% | 0.0% | 10.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.56x | 0.98x | 0.34x | 0.15x | 0.42x | 1.15x | |
| EV / LTM EBITDA | 6.3x | 5.0x | 4.0x | 2.6x | -5490.9x | 10.7x | |
| EV / LTM EBIT | 7.7x | 5.8x | 4.9x | 3.2x | -50.8x | 12.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -5490.9x | 4.0x | 6.3x | ||||
| Historical EV / LTM EBITDA | 8.7x | 10.5x | 22.5x | ||||
| Selected EV / LTM EBITDA | 9.6x | 10.1x | 10.6x | ||||
| (x) LTM EBITDA | 46,083 | 46,083 | 46,083 | ||||
| (=) Implied Enterprise Value | 440,176 | 463,344 | 486,511 | ||||
| (-) Non-shareholder Claims * | 65,319 | 65,319 | 65,319 | ||||
| (=) Equity Value | 505,495 | 528,662 | 551,830 | ||||
| (/) Shares Outstanding | 7,637.7 | 7,637.7 | 7,637.7 | ||||
| Implied Value Range | 66.18 | 69.22 | 72.25 | ||||
| FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.85 | 8.21 | 8.56 | 8.30 | |||
| Upside / (Downside) | -5.5% | -1.1% | 3.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600690 | 651 | 2035 | 921 | 2242 | 1520 | |
| Enterprise Value | 180,250 | 189,952 | 2,140 | 16,987 | 3,689 | 469,449 | |
| (+) Cash & Short Term Investments | 60,803 | 140,339 | 3,141 | 25,345 | 3,179 | 163,773 | |
| (+) Investments & Other | 42,197 | 15,839 | 74 | 1,946 | 403 | 9,495 | |
| (-) Debt | (34,788) | (83,927) | (75) | (3,348) | (38) | (96,147) | |
| (-) Other Liabilities | (7,471) | (4,106) | (44) | (4,418) | (0) | (11,802) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 240,990 | 258,096 | 5,236 | 36,512 | 7,233 | 534,768 | |
| (/) Shares Outstanding | 9,322.6 | 5,521.9 | 831.1 | 1,385.7 | 763.0 | 7,637.7 | |
| Implied Stock Price | 25.85 | 46.74 | 6.30 | 26.35 | 9.48 | 70.02 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 8.44 | |
| Implied Stock Price (Trading Cur) | 25.85 | 46.74 | 6.30 | 26.35 | 9.48 | 8.30 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 8.44 | |
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