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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.8x - 0.8x | 0.8x |
| Selected Fwd Revenue Multiple | 0.7x - 0.8x | 0.8x |
| Fair Value | HK$ 0.032 - HK$ 0.035 | HK$ 0.033 |
| Upside | 38.6% - 51.5% | 45.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Grand Power Logistics Group Limited | 8489 | SEHK:8489 |
| Asia-express Logistics Holdings Limited | 8620 | SEHK:8620 |
| YTO International Express and Supply Chain Technology Limited | 6123 | SEHK:6123 |
| China Ocean Group Development Limited | 8047 | SEHK:8047 |
| Wan Leader International Limited | 8482 | SEHK:8482 |
| Unitas Holdings Limited | 8020 | SEHK:8020 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 8489 | 8620 | 6123 | 8047 | 8482 | 8020 | |||
| SEHK:8489 | SEHK:8620 | SEHK:6123 | SEHK:8047 | SEHK:8482 | SEHK:8020 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 24.5% | 0.3% | 6.4% | -16.1% | -0.6% | -1.5% | ||
| 3Y CAGR | 5.8% | -2.0% | -11.0% | -13.8% | -17.5% | 130.8% | ||
| Latest Twelve Months | 28.2% | 2.9% | 0.6% | 6.3% | 18.2% | 49.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 0.3% | -2.2% | 2.8% | -37.7% | -7.1% | -33.5% | ||
| Prior Fiscal Year | 0.0% | -6.3% | 1.9% | -10.7% | -12.2% | -0.6% | ||
| Latest Fiscal Year | -0.2% | -0.5% | -0.5% | -8.4% | -13.4% | -0.1% | ||
| Latest Twelve Months | -0.2% | -1.5% | -0.5% | -12.2% | -14.3% | -0.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.06x | 0.19x | -0.04x | 1.12x | 0.11x | 0.46x | ||
| EV / LTM EBIT | -30.5x | -12.2x | 8.0x | -9.2x | -0.8x | -57.4x | ||
| Price / LTM Sales | 0.04x | 0.12x | 0.08x | 0.50x | 0.13x | 0.55x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -0.04x | 0.11x | 1.12x | |||||
| Historical EV / LTM Revenue | 0.10x | 1.47x | 9.77x | |||||
| Selected EV / LTM Revenue | 0.76x | 0.80x | 0.84x | |||||
| (x) LTM Revenue | 109 | 109 | 109 | |||||
| (=) Implied Enterprise Value | 83 | 88 | 92 | |||||
| (-) Non-shareholder Claims * | 10 | 10 | 10 | |||||
| (=) Equity Value | 93 | 97 | 102 | |||||
| (/) Shares Outstanding | 2,613.0 | 2,613.0 | 2,613.0 | |||||
| Implied Value Range | 0.04 | 0.04 | 0.04 | |||||
| FX Rate: HKD/HKD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.04 | 0.04 | 0.04 | 0.02 | ||||
| Upside / (Downside) | 54.8% | 62.1% | 69.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 8489 | 8620 | 6123 | 8047 | 8482 | 8020 | |
| Enterprise Value | 60 | 66 | (210) | 362 | 21 | 50 | |
| (+) Cash & Short Term Investments | 34 | 10 | 672 | 0 | 7 | 17 | |
| (+) Investments & Other | 0 | 1 | 2 | 0 | 0 | 0 | |
| (-) Debt | (48) | (33) | (37) | (160) | (4) | (7) | |
| (-) Other Liabilities | 0 | 0 | (5) | (39) | 0 | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 46 | 43 | 422 | 163 | 23 | 60 | |
| (/) Shares Outstanding | 300.0 | 528.0 | 418.0 | 7,083.7 | 149.7 | 2,613.0 | |
| Implied Stock Price | 0.15 | 0.08 | 1.01 | 0.02 | 0.16 | 0.02 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.15 | 0.08 | 1.01 | 0.02 | 0.16 | 0.02 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | HKD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |