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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 32.2x - 35.6x | 33.9x |
| Selected Fwd EBITDA Multiple | 16.4x - 18.1x | 17.2x |
| Fair Value | ¥19.09 - ¥21.35 | ¥20.22 |
| Upside | -34.7% - -27.0% | -30.8% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 2976 | ZJK | 600243 | 300173 | 300345 | 688678 | ||
| SZSE:002976 | NasdaqCM:ZJK | SHSE:600243 | SZSE:300173 | SZSE:300345 | SHSE:688678 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -2.7% | NM- | NM- | NM- | NM- | -1.0% | |
| 3Y CAGR | 9.9% | NM- | NM- | 32.1% | NM- | -5.4% | |
| Latest Twelve Months | -77.0% | NM | 41.3% | 138.0% | -711.3% | -26.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.1% | 24.4% | -24.0% | -1.9% | -5.5% | 22.1% | |
| Prior Fiscal Year | 10.4% | 26.6% | -20.1% | -11.5% | -14.1% | 19.5% | |
| Latest Fiscal Year | 6.7% | 24.3% | -18.6% | 7.4% | -16.8% | 11.1% | |
| Latest Twelve Months | 2.2% | 28.1% | -23.8% | 5.3% | -33.8% | 11.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.92x | 8.61x | 4.64x | 5.71x | 2.76x | 5.93x | |
| EV / LTM EBITDA | 85.3x | 30.7x | -19.5x | 108.4x | -8.2x | 53.6x | |
| EV / LTM EBIT | -162.7x | 33.5x | -16.5x | 170.3x | -6.9x | 193.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -19.5x | 30.7x | 108.4x | ||||
| Historical EV / LTM EBITDA | 17.3x | 24.2x | 53.6x | ||||
| Selected EV / LTM EBITDA | 32.2x | 33.9x | 35.6x | ||||
| (x) LTM EBITDA | 142 | 142 | 142 | ||||
| (=) Implied Enterprise Value | 4,584 | 4,825 | 5,067 | ||||
| (-) Non-shareholder Claims * | (587) | (587) | (587) | ||||
| (=) Equity Value | 3,997 | 4,238 | 4,479 | ||||
| (/) Shares Outstanding | 241.2 | 241.2 | 241.2 | ||||
| Implied Value Range | 16.57 | 17.57 | 18.57 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 16.57 | 17.57 | 18.57 | 29.24 | |||
| Upside / (Downside) | -43.3% | -39.9% | -36.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2976 | ZJK | 600243 | 300173 | 300345 | 688678 | |
| Enterprise Value | 3,039 | 309 | 1,233 | 5,384 | 2,974 | 7,639 | |
| (+) 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 | 2,621 | 320 | 1,334 | 4,452 | 3,086 | 7,052 | |
| (/) Shares Outstanding | 121.2 | 61.4 | 438.9 | 734.7 | 577.8 | 241.2 | |
| Implied Stock Price | 21.63 | 5.21 | 3.04 | 6.06 | 5.34 | 29.24 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 21.63 | 5.21 | 3.04 | 6.06 | 5.34 | 29.24 | |
| 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 | |