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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.0x - 12.1x | 11.6x |
| Selected Fwd EBITDA Multiple | 8.1x - 9.0x | 8.5x |
| Fair Value | ¥15.42 - ¥16.66 | ¥16.04 |
| Upside | 26.5% - 36.7% | 31.6% |
| Benchmarks | Ticker | Full Ticker |
| ChengDu Hi-Tech Development Co., Ltd. | 628 | SZSE:000628 |
| A-Living Smart City Services Co., Ltd. | 3319 | SEHK:3319 |
| Onewo Inc. | 2602 | SEHK:2602 |
| Suzhou New District Hi-Tech Industrial Co.,Ltd | 600736 | SHSE:600736 |
| Powerlong Commercial Management Holdings Limited | 9909 | SEHK:9909 |
| China Merchants Property Operation & Service Co., Ltd. | 1914 | SZSE:001914 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 628 | 3319 | 2602 | 600736 | 9909 | 1914 | ||
| SZSE:000628 | SEHK:3319 | SEHK:2602 | SHSE:600736 | SEHK:9909 | SZSE:001914 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.6% | -2.1% | 11.4% | -17.9% | 2.3% | 12.3% | |
| 3Y CAGR | -8.0% | -22.2% | 2.6% | -6.6% | -14.5% | 13.4% | |
| Latest Twelve Months | -51.4% | -247.6% | -13.6% | -32.4% | -37.6% | 17.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.7% | 16.6% | 8.6% | 9.1% | 26.2% | 7.7% | |
| Prior Fiscal Year | 5.0% | 11.8% | 8.9% | 11.4% | 26.3% | 6.4% | |
| Latest Fiscal Year | 2.7% | -19.4% | 7.0% | 6.7% | 16.5% | 6.8% | |
| Latest Twelve Months | 2.7% | -19.4% | 7.0% | 8.7% | 16.5% | 6.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.65x | 0.03x | 0.24x | 5.33x | -0.56x | 0.53x | |
| EV / LTM EBITDA | 97.3x | -0.2x | 3.4x | 61.3x | -3.4x | 7.7x | |
| EV / LTM EBIT | 123.8x | -0.1x | 5.3x | 153.9x | -4.2x | 8.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -3.4x | 3.4x | 97.3x | ||||
| Historical EV / LTM EBITDA | 7.7x | 20.0x | 28.1x | ||||
| Selected EV / LTM EBITDA | 11.0x | 11.6x | 12.1x | ||||
| (x) LTM EBITDA | 1,174 | 1,174 | 1,174 | ||||
| (=) Implied Enterprise Value | 12,894 | 13,573 | 14,252 | ||||
| (-) Non-shareholder Claims * | 3,875 | 3,875 | 3,875 | ||||
| (=) Equity Value | 16,769 | 17,448 | 18,127 | ||||
| (/) Shares Outstanding | 1,059.4 | 1,059.4 | 1,059.4 | ||||
| Implied Value Range | 15.83 | 16.47 | 17.11 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.83 | 16.47 | 17.11 | 12.19 | |||
| Upside / (Downside) | 29.9% | 35.1% | 40.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 628 | 3319 | 2602 | 600736 | 9909 | 1914 | |
| Enterprise Value | 18,875 | (702) | 8,643 | 44,519 | (1,550) | 9,039 | |
| (+) Cash & Short Term Investments | 597 | 5,310 | 14,125 | 4,910 | 4,132 | 4,669 | |
| (+) Investments & Other | 0 | 1,118 | 2,961 | 6,126 | 61 | 305 | |
| (-) Debt | (3,042) | (507) | (336) | (40,672) | (1,271) | (948) | |
| (-) Other Liabilities | 0 | (1,743) | (737) | (8,355) | (9) | (151) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 16,430 | 3,476 | 24,656 | 6,528 | 1,363 | 12,913 | |
| (/) Shares Outstanding | 352.3 | 1,420.0 | 1,160.0 | 1,151.3 | 642.9 | 1,059.4 | |
| Implied Stock Price | 46.64 | 2.45 | 21.25 | 5.67 | 2.12 | 12.19 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.93 | 0.93 | 1.00 | 0.93 | 1.00 | |
| Implied Stock Price (Trading Cur) | 46.64 | 2.62 | 22.75 | 5.67 | 2.27 | 12.19 | |
| Trading Currency | CNY | HKD | HKD | CNY | HKD | CNY | |
| FX Rate to Reporting Currency | 1.00 | 0.93 | 0.93 | 1.00 | 0.93 | 1.00 | |