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 | 17.8x - 19.8x | 18.8x |
| Fair Value | ¥25.51 - ¥28.61 | ¥27.03 |
| Upside | -13.9% - -3.5% | -8.8% |
| 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 | 764 | 825 | 888 | 948 | 981 | 1,001 |
| % Growth | -19.3% | 7.9% | 7.6% | 6.8% | 3.5% | 2.0% |
| EBITDA | 135 | 148 | 172 | 194 | 201 | 205 |
| % of Revenue | 17.7% | 17.9% | 19.4% | 20.5% | 20.5% | 20.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (CNY in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 148 | 172 | 194 | 201 | 205 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (13) | (19) | (22) | (23) | (23) | |
| EBIT | 135 | 153 | 172 | 178 | 182 | |
| Pro forma Taxes | (19) | (21) | (24) | (25) | (25) | |
| NOPAT | 95 | 116 | 132 | 148 | 153 | 156 |
| Capital Expenditures | (28) | (60) | (60) | (60) | (62) | (63) |
| NWC Investment | 32 | (11) | (11) | (10) | (6) | (3) |
| (+) D&A | 25 | 13 | 19 | 22 | 23 | 23 |
| Free Cash Flow | 123 | 59 | 80 | 99 | 108 | 113 |
| % Growth | -52% | 36% | 25% | 9% | 4% | |