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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.7x - 4.1x | 3.9x |
| Selected Fwd Revenue Multiple | 2.7x - 3.0x | 2.8x |
| Fair Value | ¥5.20 - ¥5.79 | ¥5.49 |
| Upside | 9.2% - 21.6% | 15.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Shanghai Metersbonwe Fashion and Accessories Co., Ltd. | 2269 | SZSE:002269 |
| Shandong Ruyi Woolen Garment Group Co., Ltd. | 2193 | SZSE:002193 |
| Shanghai Challenge Textile Co.,Ltd. | 2486 | SZSE:002486 |
| Hunan Mendale Hometextile Co.,Ltd | 2397 | SZSE:002397 |
| XiDeLang Holdings Ltd | XDL | KLSE:XDL |
| Guangdong Wanlima Industry Co. ,Ltd | 300591 | SZSE:300591 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 2269 | 2193 | 2486 | 2397 | XDL | 300591 | |||
| SZSE:002269 | SZSE:002193 | SZSE:002486 | SZSE:002397 | KLSE:XDL | SZSE:300591 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -29.3% | -22.0% | 2.4% | -1.4% | 2.9% | -2.3% | ||
| 3Y CAGR | -29.2% | -21.3% | -5.5% | -1.0% | 12.9% | 21.6% | ||
| Latest Twelve Months | -20.3% | 26.6% | 3.0% | -10.0% | 21.0% | 23.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -23.8% | -13.5% | 3.2% | -3.1% | -13.6% | -21.8% | ||
| Prior Fiscal Year | -45.5% | -13.8% | 5.0% | -18.9% | -5.1% | -39.0% | ||
| Latest Fiscal Year | -13.3% | -43.4% | 3.2% | 2.5% | -6.1% | -11.7% | ||
| Latest Twelve Months | -16.4% | -38.8% | 2.0% | 1.7% | -6.1% | -22.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 4.60x | 3.48x | 1.05x | 1.64x | -0.73x | 3.42x | ||
| EV / LTM EBIT | -28.1x | -9.0x | 53.3x | 95.1x | 11.9x | -15.0x | ||
| Price / LTM Sales | 4.36x | 3.36x | 1.48x | 1.54x | 0.13x | 3.18x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -0.73x | 1.64x | 4.60x | |||||
| Historical EV / LTM Revenue | 3.05x | 5.06x | 9.50x | |||||
| Selected EV / LTM Revenue | 3.67x | 3.86x | 4.05x | |||||
| (x) LTM Revenue | 622 | 622 | 622 | |||||
| (=) Implied Enterprise Value | 2,280 | 2,400 | 2,520 | |||||
| (-) Non-shareholder Claims * | (151) | (151) | (151) | |||||
| (=) Equity Value | 2,129 | 2,249 | 2,369 | |||||
| (/) Shares Outstanding | 405.7 | 405.7 | 405.7 | |||||
| Implied Value Range | 5.25 | 5.54 | 5.84 | |||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 5.25 | 5.54 | 5.84 | 4.76 | ||||
| Upside / (Downside) | 10.2% | 16.5% | 22.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2269 | 2193 | 2486 | 2397 | XDL | 300591 | |
| Enterprise Value | 4,753 | 1,485 | 1,175 | 3,102 | (398) | 2,082 | |
| (+) Cash & Short Term Investments | 107 | 11 | 347 | 346 | 467 | 67 | |
| (+) Investments & Other | 207 | 1,097 | 164 | 14 | 0 | 0 | |
| (-) Debt | (569) | (1,159) | (26) | (541) | 0 | (202) | |
| (-) Other Liabilities | 0 | 0 | (4) | 2 | 0 | (16) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,497 | 1,434 | 1,656 | 2,924 | 69 | 1,931 | |
| (/) Shares Outstanding | 2,512.5 | 261.7 | 828.1 | 747.8 | 2,116.2 | 405.7 | |
| Implied Stock Price | 1.79 | 5.48 | 2.00 | 3.91 | 0.03 | 4.76 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.64 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.79 | 5.48 | 2.00 | 3.91 | 0.02 | 4.76 | |
| Trading Currency | CNY | CNY | CNY | CNY | MYR | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.64 | 1.00 | |