Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 28.1x - 30.1x | 29.1x |
| Fair Value | ¥11.71 - ¥12.97 | ¥12.33 |
| Upside | -21.6% - -13.3% | -17.5% |
| Select Revenue and EBITDA Forecast | ||||||
| (CNY in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 622 | 622 | 622 | 622 | 622 | 622 |
| % Growth | -6.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 87 | 96 | 96 | 96 | 96 | 96 |
| % of Revenue | 14.0% | 15.5% | 15.5% | 15.5% | 15.5% | 15.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (CNY in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 96 | 96 | 96 | 96 | 96 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (30) | (30) | (30) | (30) | (30) | |
| EBIT | 66 | 66 | 66 | 66 | 66 | |
| Pro forma Taxes | (7) | (7) | (7) | (7) | (7) | |
| NOPAT | 50 | 59 | 59 | 59 | 59 | 59 |
| Capital Expenditures | (41) | (46) | (58) | (58) | (58) | (58) |
| NWC Investment | 19 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 31 | 30 | 30 | 30 | 30 | 30 |
| Free Cash Flow | 59 | 43 | 31 | 31 | 31 | 31 |
| % Growth | -27% | -27% | 0% | 0% | 0% | |