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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -1.8x - -2.0x | -1.9x |
| Selected Fwd EBIT Multiple | -1.6x - -1.7x | -1.6x |
| Fair Value | $2.52 - $2.61 | $2.57 |
| Upside | 25.8% - 30.7% | 28.3% |
| 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% | 349.1% | 4.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -4.1% | -15.7% | -1.2% | 0.2% | -12.8% | -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% | 1.0% | -11.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.09x | 0.35x | -0.01x | 0.87x | 0.11x | 0.08x | |
| EV / LTM EBITDA | 71.1x | -15.3x | 0.6x | 38.4x | 7.9x | -1.3x | |
| EV / LTM EBIT | 641.4x | -11.4x | 0.3x | 43.4x | 11.9x | -0.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -11.4x | 11.9x | 641.4x | ||||
| Historical EV / LTM EBIT | -29.5x | -3.3x | -0.7x | ||||
| Selected EV / LTM EBIT | -1.8x | -1.9x | -2.0x | ||||
| (x) LTM EBIT | (1,101) | (1,101) | (1,101) | ||||
| (=) Implied Enterprise Value | 1,950 | 2,053 | 2,155 | ||||
| (-) Non-shareholder Claims * | 2,963 | 2,963 | 2,963 | ||||
| (=) Equity Value | 4,913 | 5,016 | 5,118 | ||||
| (/) Shares Outstanding | 259.3 | 259.3 | 259.3 | ||||
| Implied Value Range | 18.95 | 19.35 | 19.74 | ||||
| FX Rate: CNY/USD | 7.2 | 7.2 | 7.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.61 | 2.67 | 2.72 | 2.00 | |||
| Upside / (Downside) | 30.7% | 33.5% | 36.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | YI | PIAH.Y | LHUA.F | JDHI.Y | DDL | DADA | |
| Enterprise Value | 1,365 | 12,075 | (2,559) | 77,877 | 2,648 | 795 | |
| (+) Cash & Short Term Investments | 462 | 11,569 | 5,384 | 51,236 | 4,449 | 3,003 | |
| (+) Investments & Other | 0 | 1,558 | 1,995 | 9,584 | 0 | 0 | |
| (-) Debt | (320) | (56) | (4,327) | (258) | (3,027) | (40) | |
| (-) Other Liabilities | (1,023) | 10 | (355) | (10) | (125) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 483 | 25,156 | 138 | 138,429 | 3,945 | 3,758 | |
| (/) Shares Outstanding | 8.7 | 1,515.7 | 1,027.6 | 4,504.6 | 214.3 | 259.3 | |
| Implied Stock Price | 55.75 | 16.60 | 0.13 | 30.73 | 18.41 | 14.50 | |
| FX Conversion Rate to Trading Currency | 7.25 | 7.25 | 7.25 | 7.25 | 7.25 | 7.25 | |
| Implied Stock Price (Trading Cur) | 7.69 | 2.29 | 0.02 | 4.24 | 2.54 | 2.00 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 7.25 | 7.25 | 7.25 | 7.25 | 7.25 | 7.25 | |