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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 4.3x - 4.8x | 4.6x |
| Selected Fwd Revenue Multiple | 3.4x - 3.8x | 3.6x |
| Fair Value | ¥21.13 - ¥23.61 | ¥22.37 |
| Upside | -11.6% - -1.3% | -6.5% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 2976 | ZJK | 600243 | 300173 | 300345 | 688678 | |||
| SZSE:002976 | NasdaqCM:ZJK | SHSE:600243 | SZSE:300173 | SZSE:300345 | SHSE:688678 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 21.6% | NM- | -14.2% | 33.7% | 62.2% | 23.7% | ||
| 3Y CAGR | 39.2% | NM- | -17.6% | 34.6% | 99.0% | 20.9% | ||
| Latest Twelve Months | -1.6% | NM | -32.7% | -21.3% | 16.9% | 29.6% | ||
| 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 | 1.89x | 7.86x | 3.95x | 5.55x | 2.68x | 4.99x | ||
| EV / LTM EBIT | -160.3x | 30.6x | -14.1x | 165.4x | -6.7x | 162.4x | ||
| Price / LTM Sales | 1.63x | 8.16x | 4.33x | 4.57x | 2.78x | 4.49x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.89x | 3.95x | 7.86x | |||||
| Historical EV / LTM Revenue | 3.54x | 4.27x | 7.50x | |||||
| Selected EV / LTM Revenue | 4.33x | 4.56x | 4.78x | |||||
| (x) LTM Revenue | 1,285 | 1,285 | 1,285 | |||||
| (=) Implied Enterprise Value | 5,560 | 5,853 | 6,145 | |||||
| (-) Non-shareholder Claims * | (587) | (587) | (587) | |||||
| (=) Equity Value | 4,973 | 5,265 | 5,558 | |||||
| (/) Shares Outstanding | 241.2 | 241.2 | 241.2 | |||||
| Implied Value Range | 20.62 | 21.83 | 23.05 | |||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 20.62 | 21.83 | 23.05 | 23.91 | ||||
| Upside / (Downside) | -13.8% | -8.7% | -3.6% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2976 | ZJK | 600243 | 300173 | 300345 | 688678 | |
| Enterprise Value | 2,994 | 282 | 1,067 | 5,281 | 2,870 | 6,354 | |
| (+) 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 | 2,576 | 293 | 1,167 | 4,350 | 2,982 | 5,766 | |
| (/) Shares Outstanding | 121.2 | 61.4 | 438.9 | 734.7 | 577.8 | 241.2 | |
| Implied Stock Price | 21.26 | 4.77 | 2.66 | 5.92 | 5.16 | 23.91 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 21.26 | 4.77 | 2.66 | 5.92 | 5.16 | 23.91 | |
| 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 | |