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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -88.7x - -98.0x | -93.3x |
| Selected Fwd EBIT Multiple | 22.0x - 24.3x | 23.2x |
| Fair Value | ¥14.73 - ¥16.14 | ¥15.44 |
| Upside | -4.1% - 5.1% | 0.5% |
| Benchmarks | Ticker | Full Ticker |
| Zhengzhou Tiamaes Technology Co.,Ltd | 300807 | SZSE:300807 |
| Hangzhou EZVIZ Network Co., Ltd. | 688475 | SHSE:688475 |
| Shanghai W-Ibeda High Tech.Group Co.,Ltd. | 688071 | SHSE:688071 |
| Henan Carve Electronics Technology Co., Ltd. | 301182 | SZSE:301182 |
| Q Technology (Group) Company Limited | 1478 | SEHK:1478 |
| Beijing Highlander Digital Technology Co., Ltd. | 300065 | SZSE:300065 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 300807 | 688475 | 688071 | 301182 | 1478 | 300065 | ||
| SZSE:300807 | SHSE:688475 | SHSE:688071 | SZSE:301182 | SEHK:1478 | SZSE:300065 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 24.9% | NM- | NM- | -9.5% | NM- | |
| 3Y CAGR | NM- | 7.2% | NM- | NM- | -27.6% | NM- | |
| Latest Twelve Months | -65.9% | 10.0% | -12957.8% | -32.0% | 376.5% | 65.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -15.0% | 8.8% | 11.3% | 1.1% | 3.3% | -5.9% | |
| Prior Fiscal Year | -6.7% | 10.1% | 0.1% | 1.7% | 0.7% | -35.6% | |
| Latest Fiscal Year | -29.9% | 9.9% | -14.9% | -13.1% | 2.5% | -8.5% | |
| Latest Twelve Months | -39.7% | 9.9% | -14.9% | -10.7% | 2.5% | -16.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 13.72x | 4.87x | 9.24x | 4.20x | 0.42x | 19.99x | |
| EV / LTM EBITDA | -40.1x | 44.8x | -211.4x | -130.8x | 9.0x | -206.3x | |
| EV / LTM EBIT | -34.6x | 49.2x | -62.2x | -39.4x | 16.6x | -120.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -62.2x | -34.6x | 49.2x | ||||
| Historical EV / LTM EBIT | -26.2x | 159.5x | 273.9x | ||||
| Selected EV / LTM EBIT | -88.7x | -93.3x | -98.0x | ||||
| (x) LTM EBIT | (86) | (86) | (86) | ||||
| (=) Implied Enterprise Value | 7,622 | 8,024 | 8,425 | ||||
| (-) Non-shareholder Claims * | 919 | 919 | 919 | ||||
| (=) Equity Value | 8,542 | 8,943 | 9,344 | ||||
| (/) Shares Outstanding | 717.8 | 717.8 | 717.8 | ||||
| Implied Value Range | 11.90 | 12.46 | 13.02 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 11.90 | 12.46 | 13.02 | 15.36 | |||
| Upside / (Downside) | -22.5% | -18.9% | -15.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300807 | 688475 | 688071 | 301182 | 1478 | 300065 | |
| Enterprise Value | 2,445 | 26,319 | 3,881 | 3,458 | 6,837 | 10,106 | |
| (+) Cash & Short Term Investments | 52 | 4,101 | 104 | 139 | 2,921 | 938 | |
| (+) Investments & Other | 15 | 0 | 0 | 0 | 1,105 | 102 | |
| (-) Debt | (66) | (353) | (1,000) | (156) | (2,445) | (121) | |
| (-) Other Liabilities | 0 | 0 | 0 | (12) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,447 | 30,067 | 2,986 | 3,429 | 8,417 | 11,025 | |
| (/) Shares Outstanding | 68.0 | 787.5 | 84.7 | 95.8 | 1,204.5 | 717.8 | |
| Implied Stock Price | 35.97 | 38.18 | 35.24 | 35.78 | 6.99 | 15.36 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.93 | 1.00 | |
| Implied Stock Price (Trading Cur) | 35.97 | 38.18 | 35.24 | 35.78 | 7.48 | 15.36 | |
| Trading Currency | CNY | CNY | CNY | CNY | HKD | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.93 | 1.00 | |