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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 31.886 M - 69.13 M | 44.99 M |
| Discount Rate | 13.5% - 11.5% | 12.5% |
| Fair Value | HK$ 0 - HK$ 0.80 | HK$ 0.22 |
| Upside | -100.0% - 165.5% | -25.9% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-19 | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Jun-24 | ||
| (CNY in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 347 | 369 | 495 | 449 | 541 | 572 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 22 | 10 | 15 | 12 | 33 | 42 | |
| (+) Net Interest Expense | 1 | 6 | 7 | 9 | 10 | 9 | |
| (+) Other Non Operating Exp. | 0 | 3 | 2 | (1) | (1) | (0) | |
| (+) D&A | 14 | 15 | 18 | 26 | 33 | 33 | |
| (+) Non-recurring Items | 0 | 1 | 0 | 0 | 0 | ||
| Adjusted EBITDA | 38 | 34 | 42 | 46 | 75 | 84 | |
| (-) D&A | (14) | (15) | (18) | (26) | (33) | (33) | |
| Adjusted EBIT | 24 | 19 | 24 | 20 | 42 | 51 | |
| % of Revenue | 6.9% | 5.2% | 4.9% | 4.5% | 7.7% | 8.8% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 4.5% | 5.2% | 7.7% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (CNY in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 236 | 360 | 601 | 393 | |||
| (+) Cash & Short Term Investments | 69 | 69 | 69 | 69 | |||
| (+) Investments & Other | 0 | 0 | 0 | 0 | |||
| (-) Debt | (335) | (335) | (335) | (335) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | (30) | 93 | 335 | 126 | |||
| (/) Shares Outstanding | 450.0 | 450.0 | 450.0 | 450.0 | |||
| Implied Stock Price (CNY) | 0.00 | 0.21 | 0.74 | 0.28 | |||
| FX Rate: CNY/HKD | 0.93 | 0.93 | 0.93 | 0.93 | |||
| Implied Stock Price (HKD) | 0.00 | 0.22 | 0.80 | 0.30 | |||
| Upside / (Downside) | -100.00% | -25.91% | 165.51% | ||||
| Stock Price | 0.30 | ||||||
| Stock Price Close | 0.30 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | CNY | ||||||
| Trading Currency | HKD | ||||||
| FX Rate: CNY/HKD | 0.93 | ||||||
| Market Cap | 135.0 | ||||||
| Shares Outstanding | 450.0 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||