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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 109.2x - 120.7x | 114.9x |
| Selected Fwd EBIT Multiple | 26.9x - 29.7x | 28.3x |
| Fair Value | ¥16.10 - ¥18.05 | ¥17.08 |
| Upside | -40.7% - -33.5% | -37.1% |
| Benchmarks | Ticker | Full Ticker |
| Suzhou Cheersson Precision Industry Group Co., Ltd. | 2976 | SZSE:002976 |
| ZJK Industrial Co., Ltd. | ZJK | NasdaqCM:ZJK |
| Qinghai Huading Industrial Co., Ltd. | 600243 | SHSE:600243 |
| Funeng Oriental Equipment Technology Co., Ltd. | 300173 | SZSE:300173 |
| Hunan Huamin Holdings Co., Ltd. | 300345 | SZSE:300345 |
| Freewon China Co.,Ltd. | 688678 | SHSE:688678 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2976 | ZJK | 600243 | 300173 | 300345 | 688678 | ||
| SZSE:002976 | NasdaqCM:ZJK | SHSE:600243 | SZSE:300173 | SZSE:300345 | SHSE:688678 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -11.2% | NM- | NM- | NM- | NM- | -20.9% | |
| 3Y CAGR | 1.5% | NM- | NM- | 37.4% | NM- | -31.2% | |
| Latest Twelve Months | -116.8% | NM | 41.7% | 120.5% | -666.2% | -56.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.5% | 22.2% | -29.9% | -3.9% | -11.6% | 14.2% | |
| Prior Fiscal Year | 7.2% | 24.9% | -25.7% | -13.1% | -18.6% | 9.1% | |
| Latest Fiscal Year | 3.7% | 21.6% | -24.0% | 6.1% | -20.5% | 3.1% | |
| Latest Twelve Months | -1.2% | 25.7% | -28.1% | 3.4% | -40.1% | 3.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.86x | 9.55x | 5.43x | 5.73x | 2.73x | 5.61x | |
| EV / LTM EBITDA | 82.7x | 34.0x | -22.8x | 108.8x | -8.1x | 50.7x | |
| EV / LTM EBIT | -157.8x | 37.1x | -19.3x | 171.0x | -6.8x | 182.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -157.8x | -6.8x | 171.0x | ||||
| Historical EV / LTM EBIT | 25.4x | 38.1x | 182.6x | ||||
| Selected EV / LTM EBIT | 109.2x | 114.9x | 120.7x | ||||
| (x) LTM EBIT | 40 | 40 | 40 | ||||
| (=) Implied Enterprise Value | 4,312 | 4,539 | 4,766 | ||||
| (-) Non-shareholder Claims * | (587) | (587) | (587) | ||||
| (=) Equity Value | 3,725 | 3,952 | 4,179 | ||||
| (/) Shares Outstanding | 241.2 | 241.2 | 241.2 | ||||
| Implied Value Range | 15.45 | 16.39 | 17.33 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.45 | 16.39 | 17.33 | 27.15 | |||
| Upside / (Downside) | -43.1% | -39.6% | -36.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2976 | ZJK | 600243 | 300173 | 300345 | 688678 | |
| Enterprise Value | 2,988 | 343 | 1,308 | 5,340 | 2,904 | 7,135 | |
| (+) Cash & Short Term Investments | 99 | 9 | 146 | 140 | 239 | 599 | |
| (+) Investments & Other | 40 | 4 | 15 | 142 | 0 | 0 | |
| (-) Debt | (430) | (1) | (67) | (1,098) | (165) | (1,187) | |
| (-) Other Liabilities | (127) | 0 | 7 | (115) | 38 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,570 | 354 | 1,409 | 4,408 | 3,016 | 6,548 | |
| (/) Shares Outstanding | 121.2 | 61.4 | 438.9 | 734.7 | 577.8 | 241.2 | |
| Implied Stock Price | 21.21 | 5.76 | 3.21 | 6.00 | 5.22 | 27.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 21.21 | 5.76 | 3.21 | 6.00 | 5.22 | 27.15 | |
| Trading Currency | CNY | USD | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |