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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 3.3x - 3.6x | 3.4x |
Selected Fwd Revenue Multiple | 2.5x - 2.8x | 2.7x |
Fair Value | $3.95 - $5.49 | $4.72 |
Upside | -56.3% - -39.2% | -47.8% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Kingsoft Cloud Holdings Limited | KC | NasdaqGS:KC |
GDS Holdings Limited | GDS | NasdaqGM:GDS |
MicroAlgo Inc. | MLGO | NasdaqCM:MLGO |
U-BX Technology Ltd. | UBXG | NasdaqCM:UBXG |
Taoping Inc. | TAOP | NasdaqCM:TAOP |
VNET Group, Inc. | VNET | NasdaqGS:VNET |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
KC | GDS | MLGO | UBXG | TAOP | VNET | |||
NasdaqGS:KC | NasdaqGM:GDS | NasdaqCM:MLGO | NasdaqCM:UBXG | NasdaqCM:TAOP | NasdaqGS:VNET | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 14.5% | 20.1% | 37.2% | NM- | 21.6% | 16.9% | ||
3Y CAGR | -4.9% | 9.7% | 0.8% | -10.7% | 23.7% | 10.1% | ||
Latest Twelve Months | 14.7% | 8.2% | -6.6% | -41.0% | -5.1% | 14.7% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | -20.2% | 8.9% | 3.7% | -0.5% | -50.4% | 3.0% | ||
Prior Fiscal Year | -20.6% | 8.2% | -22.8% | 0.2% | -0.5% | -1.3% | ||
Latest Fiscal Year | -10.5% | 11.1% | 3.7% | -1.7% | -4.4% | 8.1% | ||
Latest Twelve Months | -9.8% | 12.0% | 3.7% | -2.6% | -4.4% | 10.1% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 4.45x | 7.85x | -1.60x | 1.18x | 0.33x | 4.40x | ||
EV / LTM EBIT | -45.6x | 65.3x | -43.1x | -45.8x | -7.5x | 43.4x | ||
Price / LTM Sales | 3.64x | 5.10x | 0.21x | 1.63x | 0.11x | 2.03x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | -1.60x | 1.18x | 7.85x | |||||
Historical EV / LTM Revenue | 2.51x | 2.97x | 7.39x | |||||
Selected EV / LTM Revenue | 3.27x | 3.44x | 3.62x | |||||
(x) LTM Revenue | 8,607 | 8,607 | 8,607 | |||||
(=) Implied Enterprise Value | 28,153 | 29,635 | 31,116 | |||||
(-) Non-shareholder Claims * | (20,631) | (20,631) | (20,631) | |||||
(=) Equity Value | 7,522 | 9,003 | 10,485 | |||||
(/) Shares Outstanding | 269.0 | 269.0 | 269.0 | |||||
Implied Value Range | 27.96 | 33.47 | 38.97 | |||||
FX Rate: CNY/USD | 7.2 | 7.2 | 7.2 | Market Price | ||||
Implied Value Range (Trading Cur) | 3.90 | 4.67 | 5.43 | 9.04 | ||||
Upside / (Downside) | -56.9% | -48.4% | -39.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | KC | GDS | MLGO | UBXG | TAOP | VNET | |
Enterprise Value | 35,342 | 83,816 | (887) | 47 | 12 | 38,076 | |
(+) Cash & Short Term Investments | 2,383 | 7,576 | 1,186 | 19 | 2 | 3,971 | |
(+) Investments & Other | 233 | 7,915 | 0 | 0 | 0 | 788 | |
(-) Debt | (8,554) | (43,881) | (166) | (1) | (10) | (23,965) | |
(-) Other Liabilities | (335) | (131) | (18) | 0 | 0 | (1,426) | |
(-) Preferred Stock | 0 | (1,079) | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 29,069 | 54,215 | 115 | 64 | 4 | 17,444 | |
(/) Shares Outstanding | 268.6 | 200.4 | 24.2 | 20.8 | 0.9 | 269.0 | |
Implied Stock Price | 108.24 | 270.56 | 4.76 | 3.10 | 4.51 | 64.84 | |
FX Conversion Rate to Trading Currency | 7.17 | 7.17 | 7.17 | 1.00 | 1.00 | 7.17 | |
Implied Stock Price (Trading Cur) | 15.09 | 37.72 | 0.66 | 3.10 | 4.51 | 9.04 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 7.17 | 7.17 | 7.17 | 1.00 | 1.00 | 7.17 |