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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 17.7x - 19.5x | 18.6x |
| Selected Fwd EBITDA Multiple | 22.4x - 24.7x | 23.6x |
| Fair Value | HK$ 35.94 - HK$ 40.31 | HK$ 38.12 |
| Upside | 8.7% - 22.0% | 15.3% |
| Benchmarks | Ticker | Full Ticker |
| Shanghai Junshi Biosciences Co., Ltd. | 1877 | SEHK:1877 |
| Innovent Biologics, Inc. | 1801 | SEHK:1801 |
| Akeso, Inc. | 9926 | SEHK:9926 |
| BeiGene, Ltd. | 6160 | SEHK:6160 |
| Jiangsu Hengrui Medicine Co., Ltd. | 600276 | SHSE:600276 |
| Shanghai Henlius Biotech, Inc. | 2696 | SEHK:2696 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 1877 | 1801 | 9926 | 6160 | 600276 | 2696 | ||
| SEHK:1877 | SEHK:1801 | SEHK:9926 | SEHK:6160 | SHSE:600276 | SEHK:2696 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | 4.2% | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | 20.9% | NM- | |
| Latest Twelve Months | 57.8% | 62.7% | -132.0% | 64.3% | 48.6% | 25.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -99.8% | -42.7% | -462.4% | -178.7% | 20.9% | -80.8% | |
| Prior Fiscal Year | -147.4% | -20.8% | 41.8% | -45.7% | 21.2% | 16.9% | |
| Latest Fiscal Year | -48.0% | -5.1% | -28.5% | -10.5% | 25.7% | 20.0% | |
| Latest Twelve Months | -48.0% | -5.1% | -28.5% | -10.5% | 25.7% | 20.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 13.72x | 7.26x | 32.39x | 7.05x | 10.72x | 3.43x | |
| EV / LTM EBITDA | -28.6x | -142.4x | -113.7x | -66.9x | 41.7x | 17.1x | |
| EV / LTM EBIT | -22.0x | -90.5x | -94.2x | -47.2x | 46.3x | 22.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -142.4x | -66.9x | 41.7x | ||||
| Historical EV / LTM EBITDA | -27.3x | -18.4x | 17.1x | ||||
| Selected EV / LTM EBITDA | 17.7x | 18.6x | 19.5x | ||||
| (x) LTM EBITDA | 1,146 | 1,146 | 1,146 | ||||
| (=) Implied Enterprise Value | 20,252 | 21,317 | 22,383 | ||||
| (-) Non-shareholder Claims * | (2,834) | (2,834) | (2,834) | ||||
| (=) Equity Value | 17,417 | 18,483 | 19,549 | ||||
| (/) Shares Outstanding | 543.5 | 543.5 | 543.5 | ||||
| Implied Value Range | 32.05 | 34.01 | 35.97 | ||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 34.21 | 36.31 | 38.40 | 33.05 | |||
| Upside / (Downside) | 3.5% | 9.9% | 16.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1877 | 1801 | 9926 | 6160 | 600276 | 2696 | |
| Enterprise Value | 28,189 | 68,427 | 68,350 | 25,503 | 298,400 | 19,659 | |
| (+) Cash & Short Term Investments | 2,933 | 7,884 | 7,344 | 2,627 | 25,089 | 814 | |
| (+) Investments & Other | 1,226 | 3,626 | 415 | 129 | 1,732 | 0 | |
| (-) Debt | (2,931) | (2,831) | (3,952) | (1,080) | (110) | (3,648) | |
| (-) Other Liabilities | (72) | 0 | 60 | 0 | (570) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 29,345 | 77,106 | 72,218 | 27,179 | 324,541 | 16,825 | |
| (/) Shares Outstanding | 1,936.3 | 1,638.2 | 897.6 | 1,297.0 | 6,358.6 | 543.5 | |
| Implied Stock Price | 15.16 | 47.07 | 80.46 | 20.96 | 51.04 | 30.96 | |
| FX Conversion Rate to Trading Currency | 0.94 | 0.94 | 0.94 | 0.13 | 1.00 | 0.94 | |
| Implied Stock Price (Trading Cur) | 16.18 | 50.25 | 85.90 | 162.90 | 51.04 | 33.05 | |
| Trading Currency | HKD | HKD | HKD | HKD | CNY | HKD | |
| FX Rate to Reporting Currency | 0.94 | 0.94 | 0.94 | 0.13 | 1.00 | 0.94 | |