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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.3x - 9.2x | 8.7x |
| Selected Fwd EBITDA Multiple | 6.8x - 7.5x | 7.2x |
| Fair Value | HK$ 6.83 - HK$ 7.36 | HK$ 7.10 |
| Upside | 25.1% - 34.8% | 30.0% |
| Benchmarks | Ticker | Full Ticker |
| A-Living Smart City Services Co., Ltd. | 3319 | SEHK:3319 |
| Country Garden Services Holdings Company Limited | 6098 | SEHK:6098 |
| Shimao Services Holdings Limited | 873 | SEHK:873 |
| Evergrande Property Services Group Limited | 6666 | SEHK:6666 |
| China Overseas Grand Oceans Group Limited | 81 | SEHK:81 |
| China Overseas Property Holdings Limited | 2669 | SEHK:2669 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 3319 | 6098 | 873 | 6666 | 81 | 2669 | ||
| SEHK:3319 | SEHK:6098 | SEHK:873 | SEHK:6666 | SEHK:81 | SEHK:2669 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -2.1% | 18.5% | 6.9% | 6.6% | -17.3% | 30.3% | |
| 3Y CAGR | -22.2% | -9.6% | -20.6% | 77.4% | -32.9% | 31.6% | |
| Latest Twelve Months | -247.6% | 20.5% | 8.3% | -25.9% | -46.2% | 8.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 16.6% | 17.1% | 12.7% | 17.2% | 15.8% | 13.4% | |
| Prior Fiscal Year | 11.8% | 9.0% | 8.4% | 19.7% | 9.8% | 13.4% | |
| Latest Fiscal Year | -19.4% | 10.5% | 9.5% | 14.3% | 6.5% | 13.5% | |
| Latest Twelve Months | -19.4% | 10.5% | 9.5% | 14.3% | 6.5% | 13.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.04x | 0.18x | -0.19x | 0.38x | 0.52x | 0.78x | |
| EV / LTM EBITDA | -0.2x | 1.7x | -2.0x | 2.7x | 8.1x | 5.8x | |
| EV / LTM EBIT | -0.2x | 2.5x | -3.4x | 3.0x | 8.3x | 5.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -2.0x | 1.7x | 8.1x | ||||
| Historical EV / LTM EBITDA | 5.8x | 12.4x | 20.4x | ||||
| Selected EV / LTM EBITDA | 8.3x | 8.7x | 9.2x | ||||
| (x) LTM EBITDA | 1,900 | 1,900 | 1,900 | ||||
| (=) Implied Enterprise Value | 15,784 | 16,615 | 17,446 | ||||
| (-) Non-shareholder Claims * | 5,589 | 5,589 | 5,589 | ||||
| (=) Equity Value | 21,373 | 22,204 | 23,035 | ||||
| (/) Shares Outstanding | 3,284.0 | 3,284.0 | 3,284.0 | ||||
| Implied Value Range | 6.51 | 6.76 | 7.01 | ||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.95 | 7.22 | 7.49 | 5.46 | |||
| Upside / (Downside) | 27.2% | 32.2% | 37.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3319 | 6098 | 873 | 6666 | 81 | 2669 | |
| Enterprise Value | (653) | 7,982 | (2,068) | 4,860 | 24,112 | 11,209 | |
| (+) Cash & Short Term Investments | 5,310 | 18,238 | 3,903 | 3,201 | 27,291 | 5,803 | |
| (+) Investments & Other | 1,118 | 1,090 | 508 | 53 | 931 | 21 | |
| (-) Debt | (507) | (2,800) | (44) | (95) | (40,143) | (172) | |
| (-) Other Liabilities | (1,743) | (2,462) | (380) | (423) | (6,155) | (64) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,525 | 22,048 | 1,919 | 7,596 | 6,035 | 16,798 | |
| (/) Shares Outstanding | 1,420.0 | 3,343.0 | 2,468.2 | 10,810.8 | 3,559.4 | 3,284.0 | |
| Implied Stock Price | 2.48 | 6.60 | 0.78 | 0.70 | 1.70 | 5.12 | |
| FX Conversion Rate to Trading Currency | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | |
| Implied Stock Price (Trading Cur) | 2.65 | 7.04 | 0.83 | 0.75 | 1.81 | 5.46 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | HKD | |
| FX Rate to Reporting Currency | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | |