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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 11.7x - 12.9x | 12.3x |
| Selected Fwd P/E Multiple | 10.4x - 11.5x | 11.0x |
| Fair Value | $112.60 - $124.46 | $118.53 |
| Upside | 22.5% - 35.4% | 28.9% |
| Benchmarks | - | Full Ticker |
| Bilibili Inc. | - | NasdaqGS:BILI |
| Hello Group Inc. | - | NasdaqGS:MOMO |
| Kuaishou Technology | - | OTCPK:KSHT.Y |
| Phoenix New Media Limited | - | NYSE:FENG |
| Weibo Corporation | - | NasdaqGS:WB |
| Baidu, Inc. | - | NasdaqGS:BIDU |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| BILI | MOMO | KSHT.Y | FENG | WB | BIDU | |||
| NasdaqGS:BILI | NasdaqGS:MOMO | OTCPK:KSHT.Y | NYSE:FENG | NasdaqGS:WB | NasdaqGS:BIDU | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | NM- | -18.9% | NM- | NM- | -9.5% | 63.6% | ||
| 3Y CAGR | NM- | NM- | NM- | NM- | -11.1% | 32.9% | ||
| Latest Twelve Months | 72.1% | -46.9% | 139.8% | 47.8% | -12.2% | 18.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -25.8% | 6.8% | -59.9% | 4.0% | 17.1% | 11.5% | ||
| Prior Fiscal Year | -21.4% | 16.3% | 5.6% | -14.8% | 19.5% | 14.6% | ||
| Latest Fiscal Year | -5.0% | 9.8% | 12.1% | -7.6% | 17.1% | 17.4% | ||
| Latest Twelve Months | -5.0% | 9.8% | 12.1% | -7.6% | 17.1% | 17.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 43.9x | 1.2x | 8.3x | 19.5x | 0.8x | 1.6x | ||
| Price / LTM Sales | 2.2x | 0.7x | 1.8x | 0.3x | 1.3x | 1.7x | ||
| LTM P/E Ratio | -43.5x | 7.1x | 14.5x | -3.7x | 7.5x | 9.7x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -43.5x | 7.1x | 14.5x | |||||
| Historical LTM P/E Ratio | 9.7x | 20.4x | 67.7x | |||||
| Selected P/E Multiple | 11.7x | 12.3x | 12.9x | |||||
| (x) LTM Net Income | 23,172 | 23,172 | 23,172 | |||||
| (=) Equity Value | 270,162 | 284,381 | 298,600 | |||||
| (/) Shares Outstanding | 343.8 | 343.8 | 343.8 | |||||
| Implied Value Range | 785.88 | 827.24 | 868.60 | |||||
| FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | Market Price | ||||
| Implied Value Range (Trading Cur) | 107.93 | 113.61 | 119.29 | 91.93 | ||||
| Upside / (Downside) | 17.4% | 23.6% | 29.8% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BILI | MOMO | KSHT.Y | FENG | WB | BIDU | |
| Value of Common Equity | 58,659 | 7,491 | 215,043 | 197 | 2,297 | 230,110 | |
| (/) Shares Outstanding | 416.8 | 164.1 | 21,875.1 | 12.0 | 243.3 | 343.8 | |
| Implied Stock Price | 140.75 | 45.65 | 9.83 | 16.35 | 9.44 | 669.37 | |
| FX Conversion Rate to Trading Currency | 7.28 | 7.28 | 7.28 | 7.28 | 1.00 | 7.28 | |
| Implied Stock Price (Trading Cur) | 19.33 | 6.27 | 1.35 | 2.25 | 9.44 | 91.93 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 7.28 | 7.28 | 7.28 | 7.28 | 1.00 | 7.28 | |