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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 365.2 M - 528.9 M | 418.4 M |
| Discount Rate | 9.5% - 7.5% | 8.5% |
| Fair Value | ¥7.74 - ¥12.98 | ¥9.50 |
| Upside | -34.2% - 10.3% | -19.2% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-24 | ||
| (CNY in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 2,737 | 3,024 | 3,304 | 3,379 | 3,525 | 3,525 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 349 | 360 | 408 | 461 | 530 | 530 | |
| (+) Net Interest Expense | (12) | (13) | (7) | (17) | (13) | (13) | |
| (+) Other Non Operating Exp. | 5 | 1 | (2) | 12 | (6) | (6) | |
| (+) D&A | 110 | 121 | 126 | 150 | 152 | 152 | |
| (+) Non-recurring Items | (19) | (23) | (32) | 6 | (10) | (10) | |
| Adjusted EBITDA | 433 | 447 | 493 | 613 | 652 | 652 | |
| (-) D&A | (110) | (121) | (126) | (150) | (152) | (152) | |
| Adjusted EBIT | 323 | 326 | 366 | 463 | 500 | 500 | |
| % of Revenue | 11.8% | 10.8% | 11.1% | 13.7% | 14.2% | 14.2% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 10.8% | 11.8% | 14.2% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (CNY in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 3,844 | 4,923 | 7,052 | 6,310 | |||
| (+) Cash & Short Term Investments | 1,795 | 1,795 | 1,795 | 1,795 | |||
| (+) Investments & Other | 104 | 104 | 104 | 104 | |||
| (-) Debt | (953) | (953) | (953) | (953) | |||
| (-) Other Liabilities | (47) | (47) | (47) | (47) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 4,743 | 5,821 | 7,951 | 7,209 | |||
| (/) Shares Outstanding | 612.5 | 612.5 | 612.5 | 612.5 | |||
| Implied Stock Price (CNY) | 7.74 | 9.50 | 12.98 | 11.77 | |||
| FX Rate: CNY/CNY | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (CNY) | 7.74 | 9.50 | 12.98 | 11.77 | |||
| Upside / (Downside) | -34.21% | -19.25% | 10.29% | ||||
| Stock Price | 11.77 | ||||||
| Stock Price Close | 11.77 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | CNY | ||||||
| Trading Currency | CNY | ||||||
| FX Rate: CNY/CNY | 1.00 | ||||||
| Market Cap | 7,209.0 | ||||||
| Shares Outstanding | 612.5 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||