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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.2x - 3.5x | 3.4x |
| Selected Fwd Revenue Multiple | 2.7x - 3.0x | 2.8x |
| Fair Value | HK$ 0.27 - HK$ 0.28 | HK$ 0.27 |
| Upside | 54.4% - 60.9% | 57.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Boston Scientific Corporation | BSX | NYSE:BSX |
| Shenzhen YHLO Biotech Co., Ltd. | 688575 | SHSE:688575 |
| Qingdao Haier Biomedical Co.,Ltd | 688139 | SHSE:688139 |
| LifeTech Scientific Corporation | 1302 | SEHK:1302 |
| Angelalign Technology Inc. | 6699 | SEHK:6699 |
| Rainmed Medical Limited | 2297 | SEHK:2297 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| BSX | 688575 | 688139 | 1302 | 6699 | 2297 | |||
| NYSE:BSX | SHSE:688575 | SHSE:688139 | SEHK:1302 | SEHK:6699 | SEHK:2297 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 9.3% | 17.8% | 17.7% | 17.9% | 23.7% | NM- | ||
| 3Y CAGR | 12.1% | 19.1% | 2.4% | 25.4% | 10.3% | -21.1% | ||
| Latest Twelve Months | 17.6% | -3.0% | 0.1% | 2.9% | -81.8% | -45.6% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 15.4% | 20.5% | 18.8% | 26.7% | 12.5% | -190.5% | ||
| Prior Fiscal Year | 17.0% | 10.5% | 13.7% | 25.9% | -1.0% | -179.7% | ||
| Latest Fiscal Year | 17.9% | 15.4% | 17.6% | 16.0% | -0.1% | -249.9% | ||
| Latest Twelve Months | 17.9% | 15.4% | 17.6% | 16.0% | -0.1% | -249.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 9.45x | 4.84x | 4.10x | 4.20x | 2.71x | 0.51x | ||
| EV / LTM EBIT | 52.7x | 31.4x | 23.3x | 26.3x | -1810.9x | -0.2x | ||
| Price / LTM Sales | 8.79x | 4.74x | 4.80x | 5.44x | 4.47x | 4.93x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 2.71x | 4.20x | 9.45x | |||||
| Historical EV / LTM Revenue | 0.51x | 0.55x | 12.58x | |||||
| Selected EV / LTM Revenue | 3.19x | 3.36x | 3.53x | |||||
| (x) LTM Revenue | 40 | 40 | 40 | |||||
| (=) Implied Enterprise Value | 127 | 134 | 141 | |||||
| (-) Non-shareholder Claims * | 177 | 177 | 177 | |||||
| (=) Equity Value | 304 | 311 | 318 | |||||
| (/) Shares Outstanding | 1,167.8 | 1,167.8 | 1,167.8 | |||||
| Implied Value Range | 0.26 | 0.27 | 0.27 | |||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.28 | 0.28 | 0.29 | 0.17 | ||||
| Upside / (Downside) | 59.9% | 63.4% | 66.9% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BSX | 688575 | 688139 | 1302 | 6699 | 2297 | |
| Enterprise Value | 158,473 | 9,683 | 9,044 | 5,276 | 740 | 13 | |
| (+) Cash & Short Term Investments | 414 | 578 | 1,850 | 1,182 | 437 | 206 | |
| (+) Investments & Other | 555 | 0 | 0 | 422 | 58 | 0 | |
| (-) Debt | (11,228) | (846) | (28) | (5) | (14) | (26) | |
| (-) Other Liabilities | (233) | 0 | 0 | 19 | (6) | (3) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 147,981 | 9,415 | 10,866 | 6,894 | 1,214 | 190 | |
| (/) Shares Outstanding | 1,479.1 | 570.3 | 315.7 | 4,630.6 | 170.0 | 1,167.8 | |
| Implied Stock Price | 100.05 | 16.51 | 34.42 | 1.49 | 7.14 | 0.16 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.94 | 0.13 | 0.94 | |
| Implied Stock Price (Trading Cur) | 100.05 | 16.51 | 34.42 | 1.59 | 55.55 | 0.17 | |
| Trading Currency | USD | CNY | CNY | HKD | HKD | HKD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.94 | 0.13 | 0.94 | |