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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 44.2x - 48.9x | 46.6x |
| Selected Fwd EBIT Multiple | 10.3x - 11.3x | 10.8x |
| Fair Value | ¥21.24 - ¥22.94 | ¥22.09 |
| Upside | 19.3% - 28.9% | 24.1% |
| Benchmarks | Ticker | Full Ticker |
| Zhejiang Tony Electronic Co., Ltd | 603595 | SHSE:603595 |
| State Grid Yingda Co.,Ltd. | 600517 | SHSE:600517 |
| Beijing AriTime Intelligent Control Co., Ltd. | 600560 | SHSE:600560 |
| Shijiazhuang Shangtai Technology Co., Ltd. | 1301 | SZSE:001301 |
| Genbyte Technology Inc. | 3028 | SZSE:003028 |
| Zhejiang HangKe Technology Incorporated Company | 688006 | SHSE:688006 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 603595 | 600517 | 600560 | 1301 | 3028 | 688006 | ||
| SHSE:603595 | SHSE:600517 | SHSE:600560 | SZSE:001301 | SZSE:003028 | SHSE:688006 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 13.3% | 23.3% | 57.3% | 6.4% | -0.6% | |
| 3Y CAGR | NM- | 2.2% | 11.7% | 14.5% | -9.5% | -2.9% | |
| Latest Twelve Months | 68.9% | -0.4% | 25.8% | 65.4% | -20.7% | -70.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -5.7% | 25.7% | 5.3% | 26.7% | 15.5% | 15.1% | |
| Prior Fiscal Year | -38.4% | 26.4% | 5.1% | 19.1% | 15.2% | 18.7% | |
| Latest Fiscal Year | -6.7% | 24.6% | 7.3% | 20.4% | 12.1% | 8.4% | |
| Latest Twelve Months | -9.5% | 24.3% | 7.5% | 20.2% | 11.0% | 7.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.14x | 0.99x | 4.93x | 2.75x | 2.67x | 2.73x | |
| EV / LTM EBITDA | 117.7x | 3.9x | 56.1x | 11.1x | 22.1x | 24.4x | |
| EV / LTM EBIT | -32.9x | 4.1x | 66.1x | 13.6x | 24.4x | 38.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -32.9x | 13.6x | 66.1x | ||||
| Historical EV / LTM EBIT | 13.7x | 39.0x | 143.3x | ||||
| Selected EV / LTM EBIT | 44.2x | 46.6x | 48.9x | ||||
| (x) LTM EBIT | 197 | 197 | 197 | ||||
| (=) Implied Enterprise Value | 8,701 | 9,159 | 9,617 | ||||
| (-) Non-shareholder Claims * | 3,079 | 3,079 | 3,079 | ||||
| (=) Equity Value | 11,781 | 12,239 | 12,697 | ||||
| (/) Shares Outstanding | 603.7 | 603.7 | 603.7 | ||||
| Implied Value Range | 19.52 | 20.27 | 21.03 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 19.52 | 20.27 | 21.03 | 17.80 | |||
| Upside / (Downside) | 9.6% | 13.9% | 18.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 603595 | 600517 | 600560 | 1301 | 3028 | 688006 | |
| Enterprise Value | 6,273 | 11,341 | 3,469 | 16,489 | 3,808 | 7,666 | |
| (+) Cash & Short Term Investments | 63 | 24,081 | 116 | 535 | 1,183 | 3,079 | |
| (+) Investments & Other | 0 | 3,875 | 20 | 0 | 8 | 0 | |
| (-) Debt | (1,686) | (6,992) | (68) | (3,259) | (162) | 0 | |
| (-) Other Liabilities | (184) | (3,999) | (41) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,465 | 28,306 | 3,496 | 13,764 | 4,838 | 10,745 | |
| (/) Shares Outstanding | 232.4 | 5,718.4 | 223.6 | 260.8 | 110.0 | 603.7 | |
| Implied Stock Price | 19.21 | 4.95 | 15.63 | 52.77 | 43.99 | 17.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 19.21 | 4.95 | 15.63 | 52.77 | 43.99 | 17.80 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |