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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.1x - 1.3x | 1.2x |
| Selected Fwd Ps Multiple | 1.0x - 1.1x | 1.0x |
| Fair Value | €2.16 - €2.39 | €2.27 |
| Upside | -16.7% - -8.0% | -12.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Yealink Network Technology Co., Ltd. | 30,062,800.0% | SZSE:300628 |
| Fiberhome Telecommunication Technologies Co., Ltd. | 60,049,800.0% | SHSE:600498 |
| BYD Electronic (International) Company Limited | 28,500.0% | SEHK:285 |
| ValueHD Corporation | 30,131,800.0% | SZSE:301318 |
| Suzhou Keda Technology Co.,Ltd | 60,366,000.0% | SHSE:603660 |
| ZTE Corporation | - | DB:FZM |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| 300628 | 600498 | 285 | 301318 | 603660 | FZM | |||
| SZSE:300628 | SHSE:600498 | SEHK:285 | SZSE:301318 | SHSE:603660 | DB:FZM | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 17.7% | 3.0% | 27.3% | 18.7% | -12.2% | 6.0% | ||
| 3Y CAGR | 15.1% | 2.7% | 25.8% | 3.8% | -20.1% | 1.9% | ||
| Latest Twelve Months | 22.5% | -11.7% | 36.4% | 48.5% | -12.5% | -1.6% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 46.0% | 1.6% | 3.5% | 21.5% | -12.1% | 6.5% | ||
| Prior Fiscal Year | 46.2% | 1.6% | 3.1% | 16.8% | -14.6% | 7.5% | ||
| Latest Fiscal Year | 47.1% | 2.5% | 2.4% | 18.5% | -15.3% | 6.9% | ||
| Latest Twelve Months | 46.6% | 2.6% | 2.4% | 19.4% | -8.5% | 6.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 13.5x | 16.1x | 7.0x | 27.9x | -49.8x | 12.0x | ||
| Price / LTM Sales | 7.6x | 0.9x | 0.4x | 5.8x | 2.7x | 1.2x | ||
| LTM P/E Ratio | 16.2x | 34.0x | 15.1x | 30.2x | -31.4x | 17.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.4x | 2.7x | 7.6x | |||||
| Historical LTM P/S Ratio | 0.9x | 1.3x | 1.4x | |||||
| Selected Price / Sales Multiple | 1.1x | 1.2x | 1.3x | |||||
| (x) LTM Sales | 123,689 | 123,689 | 123,689 | |||||
| (=) Equity Value | 142,176 | 149,659 | 157,142 | |||||
| (/) Shares Outstanding | 7,834.1 | 7,834.1 | 7,834.1 | |||||
| Implied Value Range | 18.15 | 19.10 | 20.06 | |||||
| FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.16 | 2.28 | 2.39 | 2.59 | ||||
| Upside / (Downside) | -16.5% | -12.1% | -7.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300628 | 600498 | 285 | 301318 | 603660 | FZM | |
| Value of Common Equity | 42,773 | 24,353 | 64,536 | 4,370 | 3,795 | 170,221 | |
| (/) Shares Outstanding | 1,265.1 | 1,184.5 | 2,253.2 | 134.9 | 532.2 | 7,834.1 | |
| Implied Stock Price | 33.81 | 20.56 | 28.64 | 32.40 | 7.13 | 21.73 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.91 | 1.00 | 1.00 | 8.38 | |
| Implied Stock Price (Trading Cur) | 33.81 | 20.56 | 31.35 | 32.40 | 7.13 | 2.59 | |
| Trading Currency | CNY | CNY | HKD | CNY | CNY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.91 | 1.00 | 1.00 | 8.38 | |