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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -50.6x - -56.0x | -53.3x |
| Selected Fwd EBITDA Multiple | 8.9x - 9.8x | 9.4x |
| Fair Value | ¥12.34 - ¥13.63 | ¥12.98 |
| Upside | -35.6% - -28.9% | -32.2% |
| Benchmarks | Ticker | Full Ticker |
| Zhejiang VIE Science & Technology Co., Ltd. | 2590 | SZSE:002590 |
| Chengdu Xiling Power Science & Technology Incorporated Company | 300733 | SZSE:300733 |
| Xiangyang Changyuandonggu Industry Co., Ltd. | 603950 | SHSE:603950 |
| Zhejiang Founder Motor Co., Ltd. | 2196 | SZSE:002196 |
| Shenzhen Dawei Innovation Technology Co., Ltd. | 2213 | SZSE:002213 |
| Fulin Precision Co., Ltd. | 300432 | SZSE:300432 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 2590 | 300733 | 603950 | 2196 | 2213 | 300432 | ||
| SZSE:002590 | SZSE:300733 | SHSE:603950 | SZSE:002196 | SZSE:002213 | SZSE:300432 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 6.0% | -4.4% | 7.7% | 5.6% | NM- | NM- | |
| 3Y CAGR | 8.4% | 7.8% | 2.9% | NM- | NM- | NM- | |
| Latest Twelve Months | 105.4% | 4.9% | 22.0% | 306.8% | -2140.6% | -146.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.4% | 14.2% | 27.6% | -2.8% | 0.6% | 13.0% | |
| Prior Fiscal Year | 4.1% | 16.9% | 27.0% | -5.2% | 3.4% | 13.7% | |
| Latest Fiscal Year | 7.3% | 6.1% | 25.3% | 4.0% | -6.5% | -8.5% | |
| Latest Twelve Months | 9.7% | 9.8% | 25.3% | 2.3% | -6.6% | -3.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.46x | 3.18x | 4.47x | 1.75x | 3.30x | 3.12x | |
| EV / LTM EBITDA | 15.0x | 32.5x | 17.7x | 75.8x | -49.9x | -92.9x | |
| EV / LTM EBIT | 25.9x | 281.1x | 36.5x | -96.9x | -47.9x | -41.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -49.9x | 17.7x | 75.8x | ||||
| Historical EV / LTM EBITDA | -8.6x | 20.0x | 47.1x | ||||
| Selected EV / LTM EBITDA | -50.6x | -53.3x | -56.0x | ||||
| (x) LTM EBITDA | (250) | (250) | (250) | ||||
| (=) Implied Enterprise Value | 12,676 | 13,344 | 14,011 | ||||
| (-) Non-shareholder Claims * | 130 | 130 | 130 | ||||
| (=) Equity Value | 12,806 | 13,473 | 14,141 | ||||
| (/) Shares Outstanding | 1,221.3 | 1,221.3 | 1,221.3 | ||||
| Implied Value Range | 10.49 | 11.03 | 11.58 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.49 | 11.03 | 11.58 | 19.16 | |||
| Upside / (Downside) | -45.3% | -42.4% | -39.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2590 | 300733 | 603950 | 2196 | 2213 | 300432 | |
| Enterprise Value | 6,228 | 5,271 | 8,555 | 4,706 | 3,334 | 23,269 | |
| (+) Cash & Short Term Investments | 1,127 | 193 | 340 | 381 | 159 | 1,090 | |
| (+) Investments & Other | 150 | 0 | 33 | 70 | 5 | 334 | |
| (-) Debt | (654) | (434) | (742) | (876) | (29) | (1,236) | |
| (-) Other Liabilities | (93) | (35) | (26) | (2) | (4) | (58) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,758 | 4,995 | 8,159 | 4,279 | 3,465 | 23,399 | |
| (/) Shares Outstanding | 519.1 | 303.1 | 323.1 | 495.9 | 237.2 | 1,221.3 | |
| Implied Stock Price | 13.02 | 16.48 | 25.25 | 8.63 | 14.61 | 19.16 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13.02 | 16.48 | 25.25 | 8.63 | 14.61 | 19.16 | |
| 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 | |