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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.7x - 1.9x | 1.8x |
| Selected Fwd Ps Multiple | 1.4x - 1.6x | 1.5x |
| Fair Value | €0.030 - €0.033 | €0.032 |
| Upside | -32.1% - -25.0% | -28.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Xtep International Holdings Limited | 136,800.0% | SEHK:1368 |
| ANTA Sports Products Limited | 202,000.0% | SEHK:2020 |
| 361 Degrees International Limited | 136,100.0% | SEHK:1361 |
| Li Ning Company Limited | 233,100.0% | SEHK:2331 |
| China Lilang Limited | 123,400.0% | SEHK:1234 |
| Daphne International Holdings Limited | - | DB:PSX |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| 1368 | 2020 | 1361 | 2331 | 1234 | PSX | |||
| SEHK:1368 | SEHK:2020 | SEHK:1361 | SEHK:2331 | SEHK:1234 | DB:PSX | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 10.7% | 15.9% | 12.3% | 15.6% | 0.0% | -29.9% | ||
| 3Y CAGR | 10.7% | 12.8% | 19.3% | 8.3% | 2.6% | 55.2% | ||
| Latest Twelve Months | 6.5% | 13.6% | 19.6% | 3.9% | 3.0% | 22.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 7.6% | 17.5% | 11.6% | 13.6% | 16.2% | -1.0% | ||
| Prior Fiscal Year | 9.8% | 16.4% | 11.4% | 11.5% | 15.0% | 23.8% | ||
| Latest Fiscal Year | 9.6% | 22.0% | 11.4% | 10.5% | 12.6% | 33.1% | ||
| Latest Twelve Months | 9.6% | 22.0% | 11.4% | 10.5% | 12.6% | 33.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 5.6x | 11.4x | 3.4x | 3.9x | 4.5x | 2.4x | ||
| Price / LTM Sales | 1.0x | 3.4x | 0.9x | 1.3x | 1.1x | 2.4x | ||
| LTM P/E Ratio | 10.4x | 15.6x | 7.7x | 12.7x | 8.6x | 7.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.9x | 1.1x | 3.4x | |||||
| Historical LTM P/S Ratio | 0.6x | 1.6x | 2.4x | |||||
| Selected Price / Sales Multiple | 1.7x | 1.8x | 1.9x | |||||
| (x) LTM Sales | 322 | 322 | 322 | |||||
| (=) Equity Value | 556 | 585 | 614 | |||||
| (/) Shares Outstanding | 2,196.3 | 2,196.3 | 2,196.3 | |||||
| Implied Value Range | 0.25 | 0.27 | 0.28 | |||||
| FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.03 | 0.03 | 0.03 | 0.04 | ||||
| Upside / (Downside) | -32.1% | -28.5% | -24.9% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1368 | 2020 | 1361 | 2331 | 1234 | PSX | |
| Value of Common Equity | 13,615 | 242,674 | 8,833 | 38,274 | 3,946 | 818 | |
| (/) Shares Outstanding | 2,668.2 | 2,807.2 | 2,067.7 | 2,575.5 | 1,197.5 | 2,196.3 | |
| Implied Stock Price | 5.10 | 86.45 | 4.27 | 14.86 | 3.30 | 0.37 | |
| FX Conversion Rate to Trading Currency | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 8.37 | |
| Implied Stock Price (Trading Cur) | 5.59 | 94.70 | 4.68 | 16.28 | 3.61 | 0.04 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | EUR | |
| FX Rate to Reporting Currency | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 8.37 | |