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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.6x - 4.0x | 3.8x |
| Selected Fwd Revenue Multiple | 3.0x - 3.3x | 3.1x |
| Fair Value | ¥1.44 - ¥1.89 | ¥1.67 |
| Upside | 7.6% - 41.3% | 24.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Hynar Water Group Co., Ltd. | 300961 | SZSE:300961 |
| Anhui Bossco Environmental Protection Technology Co.,Ltd. | 300422 | SZSE:300422 |
| Guangzhou S.P.I Design Co., Ltd. | 300844 | SZSE:300844 |
| Guangdong Feinan Resources Recycling Co., Ltd | 301500 | SZSE:301500 |
| Science Environmental Protection Co., Ltd. | 688480 | SHSE:688480 |
| Shandong Meichen Science & Technology Co.,Ltd. | 300237 | SZSE:300237 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 300961 | 300422 | 300844 | 301500 | 688480 | 300237 | |||
| SZSE:300961 | SZSE:300422 | SZSE:300844 | SZSE:301500 | SHSE:688480 | SZSE:300237 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 3.6% | -6.0% | 3.0% | 16.9% | 16.5% | -13.2% | ||
| 3Y CAGR | -5.8% | -17.8% | -12.1% | 21.5% | 34.1% | -18.1% | ||
| Latest Twelve Months | -2.3% | -4.3% | 28.5% | 32.6% | 14.7% | 24.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 11.8% | -2.7% | -8.5% | 6.0% | 11.6% | -22.5% | ||
| Prior Fiscal Year | 5.2% | -12.3% | -52.7% | 4.1% | 9.5% | -72.6% | ||
| Latest Fiscal Year | 2.9% | -0.8% | -30.5% | 2.3% | 21.6% | -45.3% | ||
| Latest Twelve Months | 7.7% | -4.4% | -6.4% | 4.3% | 21.6% | -39.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 8.59x | 3.35x | 7.20x | 1.13x | 3.28x | 3.51x | ||
| EV / LTM EBIT | 112.1x | -76.9x | -111.9x | 26.2x | 15.2x | -9.0x | ||
| Price / LTM Sales | 6.27x | 1.24x | 8.25x | 0.72x | 3.49x | 1.11x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.13x | 3.35x | 8.59x | |||||
| Historical EV / LTM Revenue | 2.08x | 3.28x | 5.58x | |||||
| Selected EV / LTM Revenue | 3.64x | 3.83x | 4.02x | |||||
| (x) LTM Revenue | 1,738 | 1,738 | 1,738 | |||||
| (=) Implied Enterprise Value | 6,319 | 6,652 | 6,984 | |||||
| (-) Non-shareholder Claims * | (4,112) | (4,112) | (4,112) | |||||
| (=) Equity Value | 2,208 | 2,540 | 2,873 | |||||
| (/) Shares Outstanding | 1,441.9 | 1,441.9 | 1,441.9 | |||||
| Implied Value Range | 1.53 | 1.76 | 1.99 | |||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.53 | 1.76 | 1.99 | 1.34 | ||||
| Upside / (Downside) | 14.3% | 31.5% | 48.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300961 | 300422 | 300844 | 301500 | 688480 | 300237 | |
| Enterprise Value | 3,825 | 6,081 | 2,928 | 12,882 | 3,002 | 6,044 | |
| (+) Cash & Short Term Investments | 76 | 228 | 449 | 1,082 | 333 | 81 | |
| (+) Investments & Other | 2 | 374 | 0 | 51 | 0 | 57 | |
| (-) Debt | (1,086) | (4,270) | (22) | (5,535) | (100) | (4,106) | |
| (-) Other Liabilities | (23) | (172) | (1) | (233) | 0 | (143) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,794 | 2,242 | 3,355 | 8,247 | 3,235 | 1,932 | |
| (/) Shares Outstanding | 177.3 | 533.9 | 64.6 | 402.1 | 95.3 | 1,441.9 | |
| Implied Stock Price | 15.76 | 4.20 | 51.90 | 20.51 | 33.94 | 1.34 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15.76 | 4.20 | 51.90 | 20.51 | 33.94 | 1.34 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |