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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.5x - 10.5x | 10.0x |
| Selected Fwd EBIT Multiple | 6.9x - 7.6x | 7.3x |
| Fair Value | ¥1.68 - ¥1.95 | ¥1.81 |
| Upside | -13.8% - -0.2% | -7.0% |
| Benchmarks | Ticker | Full Ticker |
| GOME Retail Holdings Limited | 493 | SEHK:493 |
| Jowell Global Ltd. | JWEL | NasdaqCM:JWEL |
| Alibaba Group Holding Limited | 9988 | SEHK:9988 |
| ATRenew Inc. | RERE | NYSE:RERE |
| Vipshop Holdings Limited | VIPS | NYSE:VIPS |
| Suning.com Co., Ltd. | 2024 | SZSE:002024 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 493 | JWEL | 9988 | RERE | VIPS | 2024 | ||
| SEHK:493 | NasdaqCM:JWEL | SEHK:9988 | NYSE:RERE | NYSE:VIPS | SZSE:002024 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 9.7% | NM- | 10.3% | NM- | |
| 3Y CAGR | NM- | NM- | 16.3% | NM- | 18.0% | NM- | |
| Latest Twelve Months | -53.4% | 25.7% | 9.3% | 197.3% | -13.8% | 605.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -215.6% | -2.3% | 14.0% | -5.7% | 6.6% | -7.2% | |
| Prior Fiscal Year | -503.4% | -6.8% | 14.7% | -1.3% | 8.1% | -1.1% | |
| Latest Fiscal Year | -1054.3% | -6.1% | 15.2% | 0.2% | 8.3% | 4.0% | |
| Latest Twelve Months | -1054.3% | -6.1% | 15.2% | 0.8% | 7.9% | 4.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 35.65x | 0.04x | 1.14x | 0.17x | 0.27x | 0.45x | |
| EV / LTM EBITDA | -3.6x | -0.8x | 5.8x | 7.6x | 2.8x | 7.6x | |
| EV / LTM EBIT | -3.4x | -0.7x | 7.5x | 20.7x | 3.3x | 11.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -3.4x | 3.3x | 20.7x | ||||
| Historical EV / LTM EBIT | -33.6x | -2.2x | 53.5x | ||||
| Selected EV / LTM EBIT | 9.5x | 10.0x | 10.5x | ||||
| (x) LTM EBIT | 2,346 | 2,346 | 2,346 | ||||
| (=) Implied Enterprise Value | 22,191 | 23,359 | 24,527 | ||||
| (-) Non-shareholder Claims * | (7,675) | (7,675) | (7,675) | ||||
| (=) Equity Value | 14,517 | 15,685 | 16,852 | ||||
| (/) Shares Outstanding | 9,204.4 | 9,204.4 | 9,204.4 | ||||
| Implied Value Range | 1.58 | 1.70 | 1.83 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.58 | 1.70 | 1.83 | 1.95 | |||
| Upside / (Downside) | -19.1% | -12.6% | -6.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 493 | JWEL | 9988 | RERE | VIPS | 2024 | |
| Enterprise Value | 17,462 | 6 | 1,091,204 | 3,060 | 28,117 | 25,623 | |
| (+) Cash & Short Term Investments | 293 | 0 | 428,093 | 2,387 | 28,562 | 27,400 | |
| (+) Investments & Other | 1,950 | 0 | 566,987 | 523 | 5,572 | 14,415 | |
| (-) Debt | (23,220) | 0 | (248,110) | (357) | (5,087) | (50,758) | |
| (-) Other Liabilities | 4,377 | 0 | (80,248) | 0 | (1,604) | 1,268 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 863 | 6 | 1,757,926 | 5,613 | 55,560 | 17,949 | |
| (/) Shares Outstanding | 47,310.1 | 2.2 | 18,146.8 | 223.3 | 514.9 | 9,204.4 | |
| Implied Stock Price | 0.02 | 2.60 | 96.87 | 25.13 | 107.91 | 1.95 | |
| FX Conversion Rate to Trading Currency | 0.91 | 1.00 | 0.91 | 7.16 | 7.16 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.02 | 2.60 | 106.20 | 3.51 | 15.07 | 1.95 | |
| Trading Currency | HKD | USD | HKD | USD | USD | CNY | |
| FX Rate to Reporting Currency | 0.91 | 1.00 | 0.91 | 7.16 | 7.16 | 1.00 | |