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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.9x - 13.1x | 12.5x |
| Selected Fwd EBITDA Multiple | 7.8x - 8.6x | 8.2x |
| Fair Value | €20.93 - €29.70 | €25.32 |
| Upside | 8.8% - 54.4% | 31.6% |
| 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 EBITDA 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 EBITDA Growth | |||||||
| 5Y CAGR | NM- | 34.9% | NM- | 4.0% | 24.8% | 16.2% | |
| 3Y CAGR | NM- | 37.5% | NM- | -10.8% | 9.3% | 22.3% | |
| Latest Twelve Months | -119.4% | 27.2% | -2932.2% | -37.3% | -46.7% | -79.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 27.4% | 24.7% | -14.9% | 39.4% | 28.4% | 7.8% | |
| Prior Fiscal Year | 31.1% | 36.0% | -1.2% | 29.5% | 24.9% | 12.4% | |
| Latest Fiscal Year | -13.4% | 43.2% | -81.0% | 20.4% | 20.2% | 6.0% | |
| Latest Twelve Months | -13.4% | 43.0% | -81.0% | 20.4% | 18.0% | 3.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.80x | 4.45x | 0.70x | 1.96x | 2.76x | 0.41x | |
| EV / LTM EBITDA | -20.8x | 10.3x | -0.9x | 9.6x | 15.3x | 11.6x | |
| EV / LTM EBIT | -7.2x | 13.8x | -0.8x | 17.0x | 44.6x | -7.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -20.8x | 9.6x | 15.3x | ||||
| Historical EV / LTM EBITDA | 3.2x | 11.0x | 25.1x | ||||
| Selected EV / LTM EBITDA | 11.9x | 12.5x | 13.1x | ||||
| (x) LTM EBITDA | 2,958 | 2,958 | 2,958 | ||||
| (=) Implied Enterprise Value | 35,122 | 36,970 | 38,819 | ||||
| (-) Non-shareholder Claims * | (26,495) | (26,495) | (26,495) | ||||
| (=) Equity Value | 8,626 | 10,475 | 12,323 | ||||
| (/) Shares Outstanding | 51.7 | 51.7 | 51.7 | ||||
| Implied Value Range | 167.01 | 202.79 | 238.58 | ||||
| FX Rate: CNY/EUR | 8.2 | 8.2 | 8.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 20.32 | 24.67 | 29.02 | 19.24 | |||
| Upside / (Downside) | 5.6% | 28.2% | 50.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GCPE.F | FSLR | MAXN | XISH.Y | FGSG.F | ZJS1 | |
| Enterprise Value | 44,681 | 18,950 | 357 | 44,236 | 39,062 | 34,665 | |
| (+) 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 | 34,582 | 19,211 | 73 | 27,663 | 29,319 | 8,170 | |
| (/) Shares Outstanding | 32,058.1 | 107.2 | 16.9 | 466.3 | 3,810.2 | 51.7 | |
| Implied Stock Price | 1.08 | 179.13 | 4.34 | 59.33 | 7.69 | 158.17 | |
| FX Conversion Rate to Trading Currency | 7.19 | 1.00 | 1.00 | 7.19 | 7.19 | 8.22 | |
| Implied Stock Price (Trading Cur) | 0.15 | 179.13 | 4.34 | 8.25 | 1.07 | 19.24 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 7.19 | 1.00 | 1.00 | 7.19 | 7.19 | 8.22 | |