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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.1x - 1.2x | 1.1x |
| Selected Fwd Revenue Multiple | 0.9x - 0.9x | 0.9x |
| Fair Value | ¥33.31 - ¥36.03 | ¥34.67 |
| Upside | -25.5% - -19.4% | -22.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Yadea Group Holdings Ltd. | 1585 | SEHK:1585 |
| Luyuan Group Holding (Cayman) Limited | 2451 | SEHK:2451 |
| Niu Technologies | NIU | NasdaqGM:NIU |
| EZGO Technologies Ltd. | EZGO | NasdaqCM:EZGO |
| Lobo EV Technologies Ltd. | LOBO | NasdaqCM:LOBO |
| AIMA Technology Group CO., LTD | 603529 | SHSE:603529 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 1585 | 2451 | NIU | EZGO | LOBO | 603529 | |||
| SEHK:1585 | SEHK:2451 | NasdaqGM:NIU | NasdaqCM:EZGO | NasdaqCM:LOBO | SHSE:603529 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 18.7% | NM- | 9.6% | 72.8% | NM- | 18.5% | ||
| 3Y CAGR | 1.5% | 28.8% | -3.9% | -3.4% | 18.8% | 17.7% | ||
| Latest Twelve Months | -18.8% | NM | 24.0% | 32.7% | -7.1% | 0.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 6.2% | 1.2% | -0.2% | -18.7% | 8.2% | 6.1% | ||
| Prior Fiscal Year | 7.7% | 1.2% | -12.0% | -30.1% | 8.3% | 8.5% | ||
| Latest Fiscal Year | 4.9% | 1.2% | -7.6% | -20.0% | 5.3% | 8.0% | ||
| Latest Twelve Months | 4.9% | 0.9% | -7.6% | -20.0% | 1.5% | 8.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.20x | 0.33x | 0.53x | 0.67x | 0.54x | 1.54x | ||
| EV / LTM EBIT | 24.6x | 35.4x | -7.0x | -3.4x | 36.7x | 18.5x | ||
| Price / LTM Sales | 1.51x | 0.51x | 0.74x | 0.10x | 0.45x | 1.84x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.33x | 0.54x | 1.20x | |||||
| Historical EV / LTM Revenue | 0.55x | 0.82x | 0.90x | |||||
| Selected EV / LTM Revenue | 1.05x | 1.11x | 1.16x | |||||
| (x) LTM Revenue | 21,045 | 21,045 | 21,045 | |||||
| (=) Implied Enterprise Value | 22,107 | 23,270 | 24,434 | |||||
| (-) Non-shareholder Claims * | 6,394 | 6,394 | 6,394 | |||||
| (=) Equity Value | 28,500 | 29,664 | 30,828 | |||||
| (/) Shares Outstanding | 861.7 | 861.7 | 861.7 | |||||
| Implied Value Range | 33.07 | 34.42 | 35.77 | |||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 33.07 | 34.42 | 35.77 | 44.70 | ||||
| Upside / (Downside) | -26.0% | -23.0% | -20.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1585 | 2451 | NIU | EZGO | LOBO | 603529 | |
| Enterprise Value | 34,170 | 1,682 | 1,743 | (2) | 11 | 32,125 | |
| (+) Cash & Short Term Investments | 10,424 | 1,912 | 904 | 5 | 1 | 8,226 | |
| (+) Investments & Other | 86 | 31 | 0 | 16 | 0 | 166 | |
| (-) Debt | (1,589) | (973) | (200) | (15) | (3) | (1,888) | |
| (-) Other Liabilities | (0) | 0 | 0 | (2) | (0) | (111) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 43,090 | 2,652 | 2,447 | 2 | 9 | 38,519 | |
| (/) Shares Outstanding | 3,042.0 | 410.2 | 77.6 | 5.7 | 8.6 | 861.7 | |
| Implied Stock Price | 14.17 | 6.47 | 31.53 | 0.38 | 1.01 | 44.70 | |
| FX Conversion Rate to Trading Currency | 0.93 | 0.93 | 7.27 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15.16 | 6.92 | 4.34 | 0.38 | 1.01 | 44.70 | |
| Trading Currency | HKD | HKD | USD | USD | USD | CNY | |
| FX Rate to Reporting Currency | 0.93 | 0.93 | 7.27 | 1.00 | 1.00 | 1.00 | |