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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 35.3x - 39.0x | 37.1x |
| Selected Fwd EBIT Multiple | 34.1x - 37.7x | 35.9x |
| Fair Value | ¥13.94 - ¥15.28 | ¥14.61 |
| Upside | -9.4% - -0.7% | -5.1% |
| Benchmarks | Ticker | Full Ticker |
| Morimatsu International Holdings Company Limited | 2155 | SEHK:2155 |
| Rayhoo Motor Dies Co.,Ltd. | 2997 | SZSE:002997 |
| Zhangjiagang Furui Special Equipment Co., Ltd. | 300228 | SZSE:300228 |
| Ningbo Lehui International Engineering Equipment Co.,Ltd | 603076 | SHSE:603076 |
| Shanghai Chuangli Group Co., Ltd. | 603012 | SHSE:603012 |
| Sinomach Precision Industry Group Co., Ltd. | 2046 | SZSE:002046 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2155 | 2997 | 300228 | 603076 | 603012 | 2046 | ||
| SEHK:2155 | SZSE:002997 | SZSE:300228 | SHSE:603076 | SHSE:603012 | SZSE:002046 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 35.9% | 22.6% | NM- | 1.1% | -3.3% | 26.0% | |
| 3Y CAGR | 20.9% | 74.3% | 70.6% | -13.7% | -7.0% | 24.9% | |
| Latest Twelve Months | -12.0% | 124.4% | 39.1% | 18.0% | -4.4% | -11.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.8% | 9.0% | 3.3% | 4.7% | 16.4% | 6.1% | |
| Prior Fiscal Year | 12.9% | 8.1% | 8.4% | 2.1% | 14.7% | 7.6% | |
| Latest Fiscal Year | 12.1% | 14.3% | 10.2% | 2.3% | 11.0% | 8.7% | |
| Latest Twelve Months | 12.1% | 14.8% | 11.1% | 2.2% | 11.5% | 6.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.62x | 2.51x | 1.16x | 2.49x | 1.32x | 2.80x | |
| EV / LTM EBITDA | 4.3x | 13.6x | 7.4x | 47.8x | 8.6x | 21.9x | |
| EV / LTM EBIT | 5.2x | 17.0x | 10.4x | 114.5x | 11.5x | 40.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.2x | 11.5x | 114.5x | ||||
| Historical EV / LTM EBIT | 28.8x | 38.7x | 52.6x | ||||
| Selected EV / LTM EBIT | 35.3x | 37.1x | 39.0x | ||||
| (x) LTM EBIT | 189 | 189 | 189 | ||||
| (=) Implied Enterprise Value | 6,668 | 7,019 | 7,370 | ||||
| (-) Non-shareholder Claims * | 625 | 625 | 625 | ||||
| (=) Equity Value | 7,293 | 7,644 | 7,995 | ||||
| (/) Shares Outstanding | 536.3 | 536.3 | 536.3 | ||||
| Implied Value Range | 13.60 | 14.25 | 14.91 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.60 | 14.25 | 14.91 | 15.39 | |||
| Upside / (Downside) | -11.6% | -7.4% | -3.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2155 | 2997 | 300228 | 603076 | 603012 | 2046 | |
| Enterprise Value | 4,272 | 6,688 | 3,910 | 3,685 | 3,832 | 7,628 | |
| (+) Cash & Short Term Investments | 2,992 | 583 | 732 | 621 | 672 | 2,523 | |
| (+) Investments & Other | 78 | 591 | 60 | 40 | 169 | 212 | |
| (-) Debt | (296) | (257) | (158) | (691) | (951) | (956) | |
| (-) Other Liabilities | (227) | (320) | (184) | (34) | (216) | (1,154) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,819 | 7,284 | 4,359 | 3,621 | 3,506 | 8,253 | |
| (/) Shares Outstanding | 1,219.5 | 209.3 | 585.9 | 120.7 | 650.5 | 536.3 | |
| Implied Stock Price | 5.59 | 34.80 | 7.44 | 30.00 | 5.39 | 15.39 | |
| FX Conversion Rate to Trading Currency | 0.92 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.09 | 34.80 | 7.44 | 30.00 | 5.39 | 15.39 | |
| Trading Currency | HKD | CNY | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 0.92 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |