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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -2.0x - -2.2x | -2.1x |
| Selected Fwd EBIT Multiple | -1.6x - -1.8x | -1.7x |
| Fair Value | $2.60 - $2.71 | $2.66 |
| Upside | 21.0% - 26.0% | 23.5% |
| Benchmarks | Ticker | Full Ticker |
| 111, Inc. | YI | NasdaqGM:YI |
| Ping An Healthcare and Technology Company Limited | PIAH.Y | OTCPK:PIAH.Y |
| Lianhua Supermarket Holdings Co., Ltd. | LHUA.F | OTCPK:LHUA.F |
| JD Health International Inc. | JDHI.Y | OTCPK:JDHI.Y |
| Dingdong (Cayman) Limited | DDL | NYSE:DDL |
| Dada Nexus Limited | DADA | NasdaqGS:DADA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| YI | PIAH.Y | LHUA.F | JDHI.Y | DDL | DADA | ||
| NasdaqGM:YI | OTCPK:PIAH.Y | OTCPK:LHUA.F | OTCPK:JDHI.Y | NYSE:DDL | NasdaqGS:DADA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 21.9% | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 100.6% | 78.5% | -65.4% | 84.3% | 521.8% | 4.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -4.1% | -15.7% | -1.2% | 0.2% | -12.1% | -25.9% | |
| Prior Fiscal Year | -2.3% | -14.6% | -1.8% | 1.2% | -0.4% | -11.0% | |
| Latest Fiscal Year | 0.0% | -3.1% | -3.2% | 2.0% | 1.0% | -11.4% | |
| Latest Twelve Months | 0.0% | -3.1% | -3.2% | 2.0% | 0.9% | -11.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.09x | 0.22x | -0.01x | 1.04x | 0.07x | 0.11x | |
| EV / LTM EBITDA | 71.1x | -9.8x | 0.6x | 46.2x | 5.5x | -1.7x | |
| EV / LTM EBIT | 641.3x | -7.3x | 0.3x | 52.3x | 8.2x | -1.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -7.3x | 8.2x | 641.3x | ||||
| Historical EV / LTM EBIT | -29.5x | -3.3x | -1.0x | ||||
| Selected EV / LTM EBIT | -2.0x | -2.1x | -2.2x | ||||
| (x) LTM EBIT | (1,101) | (1,101) | (1,101) | ||||
| (=) Implied Enterprise Value | 2,166 | 2,280 | 2,394 | ||||
| (-) Non-shareholder Claims * | 2,963 | 2,963 | 2,963 | ||||
| (=) Equity Value | 5,129 | 5,243 | 5,357 | ||||
| (/) Shares Outstanding | 259.3 | 259.3 | 259.3 | ||||
| Implied Value Range | 19.78 | 20.22 | 20.66 | ||||
| FX Rate: CNY/USD | 7.2 | 7.2 | 7.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.75 | 2.81 | 2.87 | 2.15 | |||
| Upside / (Downside) | 27.9% | 30.7% | 33.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | YI | PIAH.Y | LHUA.F | JDHI.Y | DDL | DADA | |
| Enterprise Value | 1,376 | 11,892 | (2,551) | 104,741 | 1,819 | 1,047 | |
| (+) Cash & Short Term Investments | 462 | 11,569 | 5,384 | 51,236 | 4,290 | 3,003 | |
| (+) Investments & Other | 0 | 1,558 | 1,995 | 9,584 | 0 | 0 | |
| (-) Debt | (320) | (56) | (4,327) | (258) | (2,805) | (40) | |
| (-) Other Liabilities | (1,023) | 10 | (355) | (10) | (128) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 495 | 24,973 | 146 | 165,293 | 3,176 | 4,011 | |
| (/) Shares Outstanding | 8.7 | 1,515.7 | 1,027.6 | 4,504.6 | 214.3 | 259.3 | |
| Implied Stock Price | 57.06 | 16.48 | 0.14 | 36.69 | 14.82 | 15.47 | |
| FX Conversion Rate to Trading Currency | 7.20 | 7.20 | 7.20 | 7.20 | 7.20 | 7.20 | |
| Implied Stock Price (Trading Cur) | 7.93 | 2.29 | 0.02 | 5.10 | 2.06 | 2.15 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 7.20 | 7.20 | 7.20 | 7.20 | 7.20 | 7.20 | |