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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | -3.0x - -3.3x | -3.2x |
| Selected Fwd Revenue Multiple | -1.3x - -1.4x | -1.3x |
| Fair Value | $1.65 - $1.55 | $1.60 |
| Upside | 38.9% - 29.9% | 34.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Huize Holding Limited | HUIZ | NasdaqGM:HUIZ |
| AIX Inc. | AIFU | NasdaqGS:AIFU |
| Marsh & McLennan Companies, Inc. | MMC | NYSE:MMC |
| Willis Towers Watson Public Limited Company | WTW | NasdaqGS:WTW |
| GoHealth, Inc. | GOCO | NasdaqCM:GOCO |
| Tian Ruixiang Holdings Ltd | TIRX | NasdaqCM:TIRX |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| HUIZ | AIFU | MMC | WTW | GOCO | TIRX | |||
| NasdaqGM:HUIZ | NasdaqGS:AIFU | NYSE:MMC | NasdaqGS:WTW | NasdaqCM:GOCO | NasdaqCM:TIRX | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 4.7% | -1.6% | 8.0% | 3.5% | 8.2% | 10.0% | ||
| 3Y CAGR | -17.8% | -0.7% | 7.3% | 3.3% | -9.1% | 4.9% | ||
| Latest Twelve Months | 4.5% | -29.6% | 7.6% | 4.7% | 8.7% | 158.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -1.8% | 8.5% | 24.1% | 19.1% | -14.1% | -175.4% | ||
| Prior Fiscal Year | 4.3% | 6.1% | 25.8% | 20.3% | -9.4% | -242.4% | ||
| Latest Fiscal Year | -1.7% | 6.1% | 26.5% | 22.2% | -0.8% | -92.2% | ||
| Latest Twelve Months | -1.7% | 4.4% | 26.5% | 22.2% | -0.8% | -92.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.05x | -0.11x | 5.70x | 3.81x | 1.04x | -4.69x | ||
| EV / LTM EBIT | -3.0x | -2.4x | 21.5x | 17.2x | -135.2x | 5.1x | ||
| Price / LTM Sales | 0.15x | 0.04x | 4.90x | 3.39x | 0.35x | 3.76x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -0.11x | 1.04x | 5.70x | |||||
| Historical EV / LTM Revenue | -27.74x | -8.43x | 3.94x | |||||
| Selected EV / LTM Revenue | -3.03x | -3.18x | -3.34x | |||||
| (x) LTM Revenue | 3 | 3 | 3 | |||||
| (=) Implied Enterprise Value | (10) | (10) | (11) | |||||
| (-) Non-shareholder Claims * | 27 | 27 | 27 | |||||
| (=) Equity Value | 17 | 17 | 16 | |||||
| (/) Shares Outstanding | 10.2 | 10.2 | 10.2 | |||||
| Implied Value Range | 1.72 | 1.67 | 1.62 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.72 | 1.67 | 1.62 | 1.19 | ||||
| Upside / (Downside) | 44.3% | 40.1% | 35.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HUIZ | AIFU | MMC | WTW | GOCO | TIRX | |
| Enterprise Value | (5) | (259) | 138,967 | 37,657 | 831 | (15) | |
| (+) Cash & Short Term Investments | 238 | 770 | 2,398 | 1,890 | 41 | 28 | |
| (+) Investments & Other | 67 | 9 | 541 | 157 | 0 | 0 | |
| (-) Debt | (91) | (206) | (21,862) | (5,936) | (528) | (1) | |
| (-) Other Liabilities | (21) | (228) | (193) | (77) | (164) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (53) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 189 | 87 | 119,851 | 33,691 | 127 | 12 | |
| (/) Shares Outstanding | 9.9 | 56.7 | 491.1 | 99.7 | 10.4 | 10.2 | |
| Implied Stock Price | 19.04 | 1.53 | 244.03 | 337.95 | 12.27 | 1.19 | |
| FX Conversion Rate to Trading Currency | 7.27 | 7.27 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.62 | 0.21 | 244.03 | 337.95 | 12.27 | 1.19 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 7.27 | 7.27 | 1.00 | 1.00 | 1.00 | 1.00 | |