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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 3.8x - 4.2x | 4.0x |
| Selected Fwd EBITDA Multiple | 3.0x - 3.3x | 3.2x |
| Fair Value | $3.29 - $3.47 | $3.38 |
| Upside | 6.2% - 11.9% | 9.1% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 600690 | 333 | WHR | 6752 | A066570 | HISE.F | ||
| SHSE:600690 | SZSE:000333 | NYSE:WHR | TSE:6752 | KOSE:A066570 | OTCPK:HISE.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.9% | 7.9% | -8.3% | 2.1% | 9.5% | 29.8% | |
| 3Y CAGR | 12.0% | 14.5% | -24.0% | 3.0% | 0.8% | 18.4% | |
| Latest Twelve Months | 5.2% | 0.1% | -14.7% | 7.5% | NM | -4.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.2% | 10.4% | 10.0% | 7.6% | 8.6% | 6.0% | |
| Prior Fiscal Year | 8.6% | 11.5% | 8.1% | 6.6% | 8.4% | 6.4% | |
| Latest Fiscal Year | 9.0% | 11.1% | 7.3% | 7.7% | 7.9% | 5.8% | |
| Latest Twelve Months | 8.9% | 10.7% | 7.9% | 7.8% | NA | 5.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.55x | 1.18x | 0.74x | 0.43x | 0.20x | 0.17x | |
| EV / LTM EBITDA | 6.2x | 10.9x | 9.4x | 5.5x | 2.5x | 2.9x | |
| EV / LTM EBIT | 7.6x | 12.7x | 12.6x | 9.7x | 5.3x | 3.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.5x | 6.2x | 10.9x | ||||
| Historical EV / LTM EBITDA | 1.2x | 2.6x | 4.1x | ||||
| Selected EV / LTM EBITDA | 3.8x | 4.0x | 4.2x | ||||
| (x) LTM EBITDA | 5,592 | 5,592 | 5,592 | ||||
| (=) Implied Enterprise Value | 20,998 | 22,103 | 23,208 | ||||
| (-) Non-shareholder Claims * | 19,525 | 19,525 | 19,525 | ||||
| (=) Equity Value | 40,522 | 41,627 | 42,733 | ||||
| (/) Shares Outstanding | 1,665.8 | 1,665.8 | 1,665.8 | ||||
| Implied Value Range | 24.33 | 24.99 | 25.65 | ||||
| FX Rate: CNY/USD | 7.2 | 7.2 | 7.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.36 | 3.45 | 3.55 | 3.10 | |||
| Upside / (Downside) | 8.5% | 11.4% | 14.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600690 | 333 | WHR | 6752 | A066570 | HISE.F | |
| Enterprise Value | 176,002 | 507,074 | 11,511 | 3,811,911 | 18,255,568 | 17,838 | |
| (+) Cash & Short Term Investments | 60,803 | 163,773 | 1,024 | 1,263,179 | 6,985,000 | 25,345 | |
| (+) Investments & Other | 42,197 | 9,495 | 0 | 689,908 | 2,676,700 | 1,946 | |
| (-) Debt | (34,788) | (96,147) | (8,022) | (1,598,533) | (15,168,600) | (3,348) | |
| (-) Other Liabilities | (7,471) | (11,802) | (257) | (198,813) | 0 | (4,418) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 236,743 | 572,393 | 4,256 | 3,967,652 | 12,748,668 | 37,363 | |
| (/) Shares Outstanding | 9,316.9 | 7,631.9 | 55.6 | 2,334.6 | 180.1 | 1,665.8 | |
| Implied Stock Price | 25.41 | 75.00 | 76.53 | 1,699.50 | 70,800.00 | 22.43 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.24 | |
| Implied Stock Price (Trading Cur) | 25.41 | 75.00 | 76.53 | 1,699.50 | 70,800.00 | 3.10 | |
| Trading Currency | CNY | CNY | USD | JPY | KRW | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.24 | |