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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -26.4x - -29.2x | -27.8x |
| Selected Fwd EBIT Multiple | 11.2x - 12.3x | 11.7x |
| Fair Value | ¥6.09 - ¥7.04 | ¥6.57 |
| Upside | -6.0% - 8.7% | 1.4% |
| Benchmarks | Ticker | Full Ticker |
| Xinjiang Western Animal Husbandry Co., Ltd | 300106 | SZSE:300106 |
| Jiujiuwang Food International Limited | 1927 | SEHK:1927 |
| Shandong Delisi Food Co., Ltd. | 2330 | SZSE:002330 |
| COFCO Joycome Foods Limited | 1610 | SEHK:1610 |
| China Youran Dairy Group Limited | 9858 | SEHK:9858 |
| Shanghai Xuerong Biotechnology Co.,Ltd. | 300511 | SZSE:300511 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 300106 | 1927 | 2330 | 1610 | 9858 | 300511 | ||
| SZSE:300106 | SEHK:1927 | SZSE:002330 | SEHK:1610 | SEHK:9858 | SZSE:300511 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -27.8% | NM- | -5.9% | 31.9% | NM- | |
| 3Y CAGR | NM- | -39.1% | NM- | -26.7% | 9.5% | NM- | |
| Latest Twelve Months | -640.4% | -50.7% | 46.5% | 183.9% | 40.8% | 46.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 0.4% | 12.1% | 0.4% | 12.0% | 18.7% | -0.3% | |
| Prior Fiscal Year | -1.4% | 8.3% | -1.8% | -6.0% | 16.4% | -4.5% | |
| Latest Fiscal Year | -13.0% | 4.6% | -1.3% | 5.3% | 21.5% | -7.5% | |
| Latest Twelve Months | -15.9% | 4.6% | -1.2% | 5.3% | 21.5% | -8.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.66x | 1.03x | 0.98x | 0.72x | 1.65x | 2.59x | |
| EV / LTM EBITDA | -23.7x | 11.7x | 92.3x | 7.4x | 6.9x | 25.2x | |
| EV / LTM EBIT | -16.8x | 22.5x | -79.8x | 13.4x | 7.7x | -29.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -79.8x | 7.7x | 22.5x | ||||
| Historical EV / LTM EBIT | -3060.3x | -74.9x | 17.7x | ||||
| Selected EV / LTM EBIT | -26.4x | -27.8x | -29.2x | ||||
| (x) LTM EBIT | (177) | (177) | (177) | ||||
| (=) Implied Enterprise Value | 4,665 | 4,911 | 5,156 | ||||
| (-) Non-shareholder Claims * | (1,599) | (1,599) | (1,599) | ||||
| (=) Equity Value | 3,066 | 3,312 | 3,558 | ||||
| (/) Shares Outstanding | 551.1 | 551.1 | 551.1 | ||||
| Implied Value Range | 5.56 | 6.01 | 6.46 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.56 | 6.01 | 6.46 | 6.48 | |||
| Upside / (Downside) | -14.1% | -7.3% | -0.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300106 | 1927 | 2330 | 1610 | 9858 | 300511 | |
| Enterprise Value | 2,367 | 328 | 2,871 | 11,655 | 33,495 | 5,170 | |
| (+) Cash & Short Term Investments | 239 | 34 | 638 | 1,081 | 1,668 | 45 | |
| (+) Investments & Other | 27 | 0 | 5 | 125 | 907 | 11 | |
| (-) Debt | (211) | (279) | (697) | (6,599) | (26,493) | (1,765) | |
| (-) Other Liabilities | (123) | 0 | 13 | (210) | (865) | 110 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,299 | 84 | 2,829 | 6,052 | 8,712 | 3,571 | |
| (/) Shares Outstanding | 211.3 | 792.0 | 627.3 | 4,582.0 | 3,892.7 | 551.1 | |
| Implied Stock Price | 10.88 | 0.11 | 4.51 | 1.32 | 2.24 | 6.48 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.92 | 1.00 | 0.92 | 0.92 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.88 | 0.12 | 4.51 | 1.44 | 2.44 | 6.48 | |
| Trading Currency | CNY | HKD | CNY | HKD | HKD | CNY | |
| FX Rate to Reporting Currency | 1.00 | 0.92 | 1.00 | 0.92 | 0.92 | 1.00 | |