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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 22.6x - 25.0x | 23.8x |
| Selected Fwd P/E Multiple | 12.4x - 13.7x | 13.0x |
| Fair Value | HK$ 118.19 - HK$ 130.63 | HK$ 124.41 |
| Upside | 21.2% - 34.0% | 27.6% |
| Benchmarks | - | Full Ticker |
| NIO Inc. | - | NYSE:NIO |
| XPeng Inc. | - | NYSE:XPEV |
| Chijet Motor Company, Inc. | - | NasdaqGM:CJET |
| Rivian Automotive, Inc. | - | NasdaqGS:RIVN |
| Tesla, Inc. | - | NasdaqGS:TSLA |
| Li Auto Inc. | 201,500.0% | SEHK:2015 |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| NIO | XPEV | CJET | RIVN | TSLA | 2015 | |||
| NYSE:NIO | NYSE:XPEV | NasdaqGM:CJET | NasdaqGS:RIVN | NasdaqGS:TSLA | SEHK:2015 | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | ||
| 3Y CAGR | NM- | NM- | NM- | NM- | 8.9% | NM- | ||
| Latest Twelve Months | -7.1% | 44.2% | 41.2% | 12.6% | -52.5% | -31.4% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -41.8% | -44.5% | -774.1% | -19580.5% | 9.7% | -9.8% | ||
| Prior Fiscal Year | -38.0% | -33.8% | -516.4% | -122.5% | 15.5% | 9.5% | ||
| Latest Fiscal Year | -34.5% | -14.2% | -718.2% | -95.5% | 7.3% | 5.6% | ||
| Latest Twelve Months | -34.5% | -14.2% | -485.7% | -95.5% | 7.3% | 5.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | -3.1x | -23.4x | -11.5x | -2.7x | 57.4x | 8.2x | ||
| Price / LTM Sales | 0.8x | 3.3x | 0.8x | 2.6x | 7.9x | 1.2x | ||
| LTM P/E Ratio | -2.3x | -23.2x | -0.2x | -2.7x | 108.0x | 21.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -23.2x | -2.3x | 108.0x | |||||
| Historical LTM P/E Ratio | -406.9x | -69.6x | 42.2x | |||||
| Selected P/E Multiple | 22.6x | 23.8x | 25.0x | |||||
| (x) LTM Net Income | 8,032 | 8,032 | 8,032 | |||||
| (=) Equity Value | 181,877 | 191,449 | 201,022 | |||||
| (/) Shares Outstanding | 1,857.3 | 1,857.3 | 1,857.3 | |||||
| Implied Value Range | 97.92 | 103.08 | 108.23 | |||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 104.56 | 110.06 | 115.57 | 97.50 | ||||
| Upside / (Downside) | 7.2% | 12.9% | 18.5% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | NIO | XPEV | CJET | RIVN | TSLA | 2015 | |
| Value of Common Equity | 52,966 | 134,409 | 8 | 12,675 | 770,131 | 169,594 | |
| (/) Shares Outstanding | 2,102.4 | 950.1 | 5.4 | 1,130.7 | 3,216.5 | 1,857.3 | |
| Implied Stock Price | 25.19 | 141.48 | 1.50 | 11.21 | 239.43 | 91.31 | |
| FX Conversion Rate to Trading Currency | 7.28 | 7.28 | 1.00 | 1.00 | 1.00 | 0.94 | |
| Implied Stock Price (Trading Cur) | 3.46 | 19.43 | 1.50 | 11.21 | 239.43 | 97.50 | |
| Trading Currency | USD | USD | USD | USD | USD | HKD | |
| FX Rate to Reporting Currency | 7.28 | 7.28 | 1.00 | 1.00 | 1.00 | 0.94 | |