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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.3x - 5.9x | 5.6x |
| Selected Fwd EBITDA Multiple | 6.1x - 6.7x | 6.4x |
| Fair Value | HK$ 0.099 - HK$ 0.10 | HK$ 0.10 |
| Upside | 0.6% - 5.0% | 2.8% |
| Benchmarks | Ticker | Full Ticker |
| Jinke Property Group Co., Ltd. | 656 | SZSE:000656 |
| Zhenro Properties Group Limited | 6158 | SEHK:6158 |
| Sino-Ocean Group Holding Limited | 3377 | SEHK:3377 |
| Xinming China Holdings Limited | 2699 | SEHK:2699 |
| Shimao Services Holdings Limited | 873 | SEHK:873 |
| Sundy Service Group Co. Ltd | 9608 | SEHK:9608 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 656 | 6158 | 3377 | 2699 | 873 | 9608 | ||
| SZSE:000656 | SEHK:6158 | SEHK:3377 | SEHK:2699 | SEHK:873 | SEHK:9608 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | 29.0% | -13.5% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | -10.8% | -30.6% | |
| Latest Twelve Months | 71.7% | 31.7% | 94.6% | NM | 343.6% | 105.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -2.0% | -3.6% | -2.5% | -352.4% | 13.5% | 15.3% | |
| Prior Fiscal Year | -36.1% | -40.1% | -19.4% | -1841.5% | 2.8% | 10.1% | |
| Latest Fiscal Year | -1.7% | -13.4% | -28.8% | -26.0% | 8.4% | 5.5% | |
| Latest Twelve Months | -9.7% | -13.7% | -3.5% | -14.4% | 7.1% | 8.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.42x | 1.31x | 2.27x | 5.23x | -0.17x | 0.62x | |
| EV / LTM EBITDA | -14.7x | -9.5x | -65.2x | -36.2x | -2.3x | 7.4x | |
| EV / LTM EBIT | -14.3x | -9.5x | -57.2x | -36.2x | -5.0x | 13.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -65.2x | -14.7x | -2.3x | ||||
| Historical EV / LTM EBITDA | 1.0x | 1.1x | 28.8x | ||||
| Selected EV / LTM EBITDA | 5.3x | 5.6x | 5.9x | ||||
| (x) LTM EBITDA | 20 | 20 | 20 | ||||
| (=) Implied Enterprise Value | 109 | 114 | 120 | ||||
| (-) Non-shareholder Claims * | 208 | 208 | 208 | ||||
| (=) Equity Value | 317 | 322 | 328 | ||||
| (/) Shares Outstanding | 3,840.0 | 3,840.0 | 3,840.0 | ||||
| Implied Value Range | 0.08 | 0.08 | 0.09 | ||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.09 | 0.09 | 0.09 | 0.10 | |||
| Upside / (Downside) | -9.9% | -8.2% | -6.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 656 | 6158 | 3377 | 2699 | 873 | 9608 | |
| Enterprise Value | 59,140 | 58,744 | 88,073 | 1,399 | (1,467) | 143 | |
| (+) Cash & Short Term Investments | 3,504 | 3,870 | 2,333 | 1 | 4,534 | 156 | |
| (+) Investments & Other | 21,789 | 8,531 | 22,940 | 0 | 59 | 58 | |
| (-) Debt | (61,174) | (61,471) | (98,656) | (1,641) | (345) | 0 | |
| (-) Other Liabilities | (15,741) | (9,481) | (13,142) | 266 | (662) | (6) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,518 | 192 | 1,550 | 25 | 2,119 | 351 | |
| (/) Shares Outstanding | 5,294.4 | 4,367.8 | 7,616.1 | 1,878.6 | 2,468.2 | 3,840.0 | |
| Implied Stock Price | 1.42 | 0.04 | 0.20 | 0.01 | 0.86 | 0.09 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | |
| Implied Stock Price (Trading Cur) | 1.42 | 0.05 | 0.22 | 0.01 | 0.92 | 0.10 | |
| Trading Currency | CNY | HKD | HKD | HKD | HKD | HKD | |
| FX Rate to Reporting Currency | 1.00 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | |