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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 4.7x - 5.2x | 5.0x |
| Selected Fwd EBIT Multiple | 2.4x - 2.7x | 2.5x |
| Fair Value | $3.25 - $3.42 | $3.33 |
| Upside | 8.3% - 14.0% | 11.2% |
| Benchmarks | Ticker | Full Ticker |
| Haier Smart Home Co., Ltd. | 600690 | SHSE:600690 |
| Midea Group Co., Ltd. | 333 | SZSE:000333 |
| Whirlpool Corporation | WHR | NYSE:WHR |
| Panasonic Holdings Corporation | 6752 | TSE:6752 |
| LG Electronics Inc. | A066570 | KOSE:A066570 |
| Hisense Home Appliances Group Co., Ltd. | HISE.F | OTCPK:HISE.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 600690 | 333 | WHR | 6752 | A066570 | HISE.F | ||
| SHSE:600690 | SZSE:000333 | NYSE:WHR | TSE:6752 | KOSE:A066570 | OTCPK:HISE.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 17.0% | 8.6% | -7.2% | 8.7% | 7.0% | 44.4% | |
| 3Y CAGR | 15.3% | 15.9% | -27.4% | 9.0% | -5.5% | 26.1% | |
| Latest Twelve Months | 11.1% | 3.4% | -16.3% | 9.5% | -4.2% | -3.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.2% | 8.7% | 7.7% | 4.1% | 4.9% | 4.4% | |
| Prior Fiscal Year | 6.6% | 9.5% | 6.3% | 4.4% | 4.4% | 5.1% | |
| Latest Fiscal Year | 7.2% | 9.5% | 5.4% | 4.8% | 3.9% | 4.7% | |
| Latest Twelve Months | 7.3% | 9.3% | 5.9% | 4.8% | 3.7% | 4.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.62x | 1.16x | 0.81x | 0.39x | 0.26x | 0.17x | |
| EV / LTM EBITDA | 6.9x | 10.8x | 10.2x | 4.0x | 3.4x | 2.8x | |
| EV / LTM EBIT | 8.5x | 12.5x | 13.8x | 8.1x | 6.9x | 3.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.9x | 8.5x | 13.8x | ||||
| Historical EV / LTM EBIT | 1.9x | 3.6x | 5.8x | ||||
| Selected EV / LTM EBIT | 4.7x | 5.0x | 5.2x | ||||
| (x) LTM EBIT | 4,560 | 4,560 | 4,560 | ||||
| (=) Implied Enterprise Value | 21,445 | 22,573 | 23,702 | ||||
| (-) Non-shareholder Claims * | 19,525 | 19,525 | 19,525 | ||||
| (=) Equity Value | 40,970 | 42,098 | 43,227 | ||||
| (/) Shares Outstanding | 1,664.9 | 1,664.9 | 1,664.9 | ||||
| Implied Value Range | 24.61 | 25.29 | 25.96 | ||||
| FX Rate: CNY/USD | 7.2 | 7.2 | 7.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.44 | 3.53 | 3.63 | 3.00 | |||
| Upside / (Downside) | 14.6% | 17.7% | 20.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600690 | 333 | WHR | 6752 | A066570 | HISE.F | |
| Enterprise Value | 195,632 | 496,409 | 12,787 | 3,274,746 | 23,783,792 | 16,240 | |
| (+) Cash & Short Term Investments | 60,803 | 163,773 | 1,024 | 847,561 | 7,017,122 | 25,345 | |
| (+) Investments & Other | 42,197 | 9,495 | 0 | 1,142,258 | 2,871,002 | 1,946 | |
| (-) Debt | (34,788) | (96,147) | (8,022) | (1,568,243) | (15,168,668) | (3,348) | |
| (-) Other Liabilities | (7,471) | (11,802) | (257) | (180,408) | (4,260,032) | (4,418) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 256,373 | 561,728 | 5,532 | 3,515,914 | 14,243,216 | 35,765 | |
| (/) Shares Outstanding | 9,322.6 | 7,642.6 | 55.6 | 2,334.6 | 180.1 | 1,664.9 | |
| Implied Stock Price | 27.50 | 73.50 | 99.47 | 1,506.00 | 79,100.00 | 21.48 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.16 | |
| Implied Stock Price (Trading Cur) | 27.50 | 73.50 | 99.47 | 1,506.00 | 79,100.00 | 3.00 | |
| Trading Currency | CNY | CNY | USD | JPY | KRW | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.16 | |