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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -6.8x - -7.5x | -7.2x |
Selected Fwd EBIT Multiple | 74.5x - 82.4x | 78.4x |
Fair Value | €11.58 - €19.21 | €15.40 |
Upside | -42.1% - -3.9% | -23.0% |
Benchmarks | Ticker | Full Ticker |
GCL Technology Holdings Limited | GCPE.F | OTCPK:GCPE.F |
First Solar, Inc. | FSLR | NasdaqGS:FSLR |
Maxeon Solar Technologies, Ltd. | MAXN | NasdaqGS:MAXN |
Xinyi Solar Holdings Limited | XISH.Y | OTCPK:XISH.Y |
Flat Glass Group Co., Ltd. | FGSG.F | OTCPK:FGSG.F |
JinkoSolar Holding Co., Ltd. | ZJS1 | DB:ZJS1 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
GCPE.F | FSLR | MAXN | XISH.Y | FGSG.F | ZJS1 | ||
OTCPK:GCPE.F | NasdaqGS:FSLR | NasdaqGS:MAXN | OTCPK:XISH.Y | OTCPK:FGSG.F | DB:ZJS1 | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 47.3% | NM- | -3.1% | 14.4% | NM- | |
3Y CAGR | NM- | 46.9% | NM- | -22.2% | -8.6% | NM- | |
Latest Twelve Months | -180.7% | 23.7% | -556.0% | -54.4% | -72.4% | -189.3% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 13.1% | 15.4% | -20.4% | 32.2% | 20.6% | 2.8% | |
Prior Fiscal Year | 21.7% | 26.7% | -6.2% | 23.0% | 16.4% | 5.7% | |
Latest Fiscal Year | -39.1% | 33.1% | -89.5% | 11.5% | 9.6% | -2.3% | |
Latest Twelve Months | -39.1% | 32.3% | -89.5% | 11.5% | 6.2% | -5.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.56x | 4.42x | 0.69x | 1.83x | 2.69x | 0.42x | |
EV / LTM EBITDA | -19.1x | 10.3x | -0.8x | 9.0x | 14.9x | 11.9x | |
EV / LTM EBIT | -6.6x | 13.7x | -0.8x | 15.9x | 43.5x | -7.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -6.6x | 13.7x | 43.5x | ||||
Historical EV / LTM EBIT | -360.1x | 16.5x | 106.7x | ||||
Selected EV / LTM EBIT | -6.8x | -7.2x | -7.5x | ||||
(x) LTM EBIT | (4,628) | (4,628) | (4,628) | ||||
(=) Implied Enterprise Value | 31,531 | 33,191 | 34,851 | ||||
(-) Non-shareholder Claims * | (26,495) | (26,495) | (26,495) | ||||
(=) Equity Value | 5,036 | 6,696 | 8,355 | ||||
(/) Shares Outstanding | 51.7 | 51.7 | 51.7 | ||||
Implied Value Range | 97.50 | 129.63 | 161.76 | ||||
FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | |||
Implied Value Range (Trading Cur) | 11.58 | 15.40 | 19.21 | 20.00 | |||
Upside / (Downside) | -42.1% | -23.0% | -3.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | GCPE.F | FSLR | MAXN | XISH.Y | FGSG.F | ZJS1 | |
Enterprise Value | 37,125 | 19,583 | 349 | 39,790 | 38,994 | 35,193 | |
(+) Cash & Short Term Investments | 6,999 | 891 | 29 | 1,082 | 5,137 | 27,383 | |
(+) Investments & Other | 7,114 | 0 | 4 | 244 | 588 | 1,904 | |
(-) Debt | (19,095) | (630) | (311) | (12,543) | (15,383) | (42,568) | |
(-) Other Liabilities | (5,116) | 0 | (5) | (5,356) | (85) | (13,215) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 27,027 | 19,843 | 65 | 23,217 | 29,252 | 8,698 | |
(/) Shares Outstanding | 32,058.1 | 107.2 | 16.9 | 466.3 | 3,810.2 | 51.7 | |
Implied Stock Price | 0.84 | 185.03 | 3.85 | 49.79 | 7.68 | 168.39 | |
FX Conversion Rate to Trading Currency | 7.17 | 1.00 | 1.00 | 7.17 | 7.17 | 8.42 | |
Implied Stock Price (Trading Cur) | 0.12 | 185.03 | 3.85 | 6.94 | 1.07 | 20.00 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 7.17 | 1.00 | 1.00 | 7.17 | 7.17 | 8.42 |