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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -12.6x - -13.9x | -13.3x |
| Selected Fwd EBIT Multiple | -55.3x - -61.1x | -58.2x |
| Fair Value | €0.65 - €0.70 | €0.68 |
| Upside | 2.4% - 10.3% | 6.3% |
| Benchmarks | Ticker | Full Ticker |
| Dingdang Health Technology Group Ltd. | 9886 | SEHK:9886 |
| Zhongbai Holdings Group Co.,Ltd. | 759 | SZSE:000759 |
| Shanghai Laiyifen Co.,Ltd | 603777 | SHSE:603777 |
| Ping An Healthcare and Technology Company Limited | 1833 | SEHK:1833 |
| East Buy Holding Limited | 1797 | SEHK:1797 |
| Sipai Health Technology Co., Ltd. | AX1 | DB:AX1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 9886 | 759 | 603777 | 1833 | 1797 | AX1 | ||
| SEHK:9886 | SZSE:000759 | SHSE:603777 | SEHK:1833 | SEHK:1797 | DB:AX1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 22.7% | -127.4% | -996.6% | 78.5% | -121.0% | 3.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -8.7% | -0.9% | -0.8% | -15.7% | -10.6% | -11.8% | |
| Prior Fiscal Year | -5.7% | -1.5% | 0.4% | -14.6% | 24.7% | -6.0% | |
| Latest Fiscal Year | -4.6% | -3.7% | -1.9% | -3.1% | 4.5% | -6.0% | |
| Latest Twelve Months | -4.6% | -4.6% | -3.2% | -3.1% | -1.8% | -6.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | -0.08x | 0.77x | 1.02x | 2.29x | 2.72x | 0.67x | |
| EV / LTM EBITDA | 2.3x | -25.1x | -65.7x | -100.4x | -184.1x | -11.8x | |
| EV / LTM EBIT | 1.8x | -16.6x | -32.1x | -74.7x | -152.2x | -11.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -152.2x | -32.1x | 1.8x | ||||
| Historical EV / LTM EBIT | -29.9x | -11.2x | -8.9x | ||||
| Selected EV / LTM EBIT | -12.6x | -13.3x | -13.9x | ||||
| (x) LTM EBIT | (274) | (274) | (274) | ||||
| (=) Implied Enterprise Value | 3,458 | 3,640 | 3,822 | ||||
| (-) Non-shareholder Claims * | 1,074 | 1,074 | 1,074 | ||||
| (=) Equity Value | 4,531 | 4,713 | 4,895 | ||||
| (/) Shares Outstanding | 750.1 | 750.1 | 750.1 | ||||
| Implied Value Range | 6.04 | 6.28 | 6.53 | ||||
| FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.72 | 0.75 | 0.78 | 0.64 | |||
| Upside / (Downside) | 13.9% | 18.5% | 23.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9886 | 759 | 603777 | 1833 | 1797 | AX1 | |
| Enterprise Value | (475) | 7,445 | 3,429 | 10,747 | 17,075 | 2,904 | |
| (+) Cash & Short Term Investments | 1,218 | 892 | 1,126 | 11,569 | 4,792 | 920 | |
| (+) Investments & Other | 60 | 86 | 178 | 1,558 | 165 | 175 | |
| (-) Debt | (153) | (3,493) | (455) | (56) | (65) | (45) | |
| (-) Other Liabilities | (20) | (41) | (10) | 10 | (1) | 24 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 630 | 4,889 | 4,269 | 23,828 | 21,966 | 3,978 | |
| (/) Shares Outstanding | 1,319.5 | 658.9 | 331.2 | 2,161.4 | 1,046.4 | 750.1 | |
| Implied Stock Price | 0.48 | 7.42 | 12.89 | 11.02 | 20.99 | 5.30 | |
| FX Conversion Rate to Trading Currency | 0.92 | 1.00 | 1.00 | 0.92 | 0.92 | 8.35 | |
| Implied Stock Price (Trading Cur) | 0.52 | 7.42 | 12.89 | 12.00 | 22.85 | 0.64 | |
| Trading Currency | HKD | CNY | CNY | HKD | HKD | EUR | |
| FX Rate to Reporting Currency | 0.92 | 1.00 | 1.00 | 0.92 | 0.92 | 8.35 | |