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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -52.1x - -57.6x | -54.8x |
| Selected Fwd EBIT Multiple | -269.0x - -297.3x | -283.2x |
| Fair Value | ¥4.66 - ¥5.11 | ¥4.88 |
| Upside | -45.9% - -40.7% | -43.3% |
| Benchmarks | Ticker | Full Ticker |
| HARBIN GLORIA PHARMACEUTICALS Co., LTD | 2437 | SZSE:002437 |
| Zhaoke Ophthalmology Limited | 6622 | SEHK:6622 |
| Hebei Changshan Biochemical Pharmaceutical Co., Ltd. | 300255 | SZSE:300255 |
| Jiangsu Jibeier Pharmaceutical Co., Ltd. | 688566 | SHSE:688566 |
| Hunan Nucien Pharmaceutical Co., Ltd. | 688189 | SHSE:688189 |
| Tus-Pharmaceutical Group Co., Ltd. | 590 | SZSE:000590 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2437 | 6622 | 300255 | 688566 | 688189 | 590 | ||
| SZSE:002437 | SEHK:6622 | SZSE:300255 | SHSE:688566 | SHSE:688189 | SZSE:000590 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -19.3% | NM- | NM- | 15.1% | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | 33.7% | NM- | NM- | |
| Latest Twelve Months | 6.5% | 37.2% | -264.6% | 10.3% | -1976.1% | -237.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.9% | -2609.5% | -11.0% | 24.2% | -12.6% | 4.0% | |
| Prior Fiscal Year | 2.8% | -2419.8% | 4.6% | 26.8% | 2.8% | 3.5% | |
| Latest Fiscal Year | 6.5% | -411.0% | -81.2% | 28.4% | -143.0% | -5.7% | |
| Latest Twelve Months | 5.6% | -411.0% | -89.3% | 28.4% | -143.0% | -5.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.05x | 0.69x | 19.26x | 4.24x | 5.21x | 5.73x | |
| EV / LTM EBITDA | 22.7x | -0.2x | -23.8x | 14.3x | -4.0x | 291.7x | |
| EV / LTM EBIT | 36.7x | -0.2x | -21.6x | 15.0x | -3.6x | -100.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -21.6x | -0.2x | 36.7x | ||||
| Historical EV / LTM EBIT | -100.4x | 62.8x | 2795.1x | ||||
| Selected EV / LTM EBIT | -52.1x | -54.8x | -57.6x | ||||
| (x) LTM EBIT | (20) | (20) | (20) | ||||
| (=) Implied Enterprise Value | 1,020 | 1,074 | 1,127 | ||||
| (-) Non-shareholder Claims * | 96 | 96 | 96 | ||||
| (=) Equity Value | 1,116 | 1,170 | 1,223 | ||||
| (/) Shares Outstanding | 239.5 | 239.5 | 239.5 | ||||
| Implied Value Range | 4.66 | 4.88 | 5.11 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.66 | 4.88 | 5.11 | 8.61 | |||
| Upside / (Downside) | -45.9% | -43.3% | -40.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2437 | 6622 | 300255 | 688566 | 688189 | 590 | |
| Enterprise Value | 4,988 | 42 | 20,316 | 3,797 | 1,453 | 1,966 | |
| (+) Cash & Short Term Investments | 469 | 1,191 | 314 | 961 | 389 | 177 | |
| (+) Investments & Other | 288 | 0 | 0 | 0 | 0 | 20 | |
| (-) Debt | (48) | (239) | (2,342) | (3) | (66) | (98) | |
| (-) Other Liabilities | (21) | 0 | 47 | 0 | 0 | (3) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,677 | 994 | 18,335 | 4,754 | 1,776 | 2,062 | |
| (/) Shares Outstanding | 2,279.7 | 546.1 | 919.1 | 199.4 | 272.8 | 239.5 | |
| Implied Stock Price | 2.49 | 1.82 | 19.95 | 23.84 | 6.51 | 8.61 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.93 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.49 | 1.95 | 19.95 | 23.84 | 6.51 | 8.61 | |
| Trading Currency | CNY | HKD | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 0.93 | 1.00 | 1.00 | 1.00 | 1.00 | |