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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 30.2x - 33.4x | 31.8x |
| Selected Fwd EBIT Multiple | 19.0x - 21.0x | 20.0x |
| Fair Value | ¥27.25 - ¥29.73 | ¥28.49 |
| Upside | -11.1% - -3.0% | -7.0% |
| Benchmarks | Ticker | Full Ticker |
| Solbar Ningbo Protein Technology Co., Ltd. | 603231 | SHSE:603231 |
| Juewei Food Co., Ltd. | 603517 | SHSE:603517 |
| ShanDongDenghai Seeds Co.,Ltd | 2041 | SZSE:002041 |
| Zhe Jiang Li Zi Yuan Food Co.,Ltd. | 605337 | SHSE:605337 |
| Qingdao Richen Food Co.,Ltd. | 603755 | SHSE:603755 |
| Panda Dairy Corporation | 300898 | SZSE:300898 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 603231 | 603517 | 2041 | 605337 | 603755 | 300898 | ||
| SHSE:603231 | SHSE:603517 | SZSE:002041 | SHSE:605337 | SHSE:603755 | SZSE:300898 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.6% | -6.9% | NM- | 2.3% | -3.4% | 9.2% | |
| 3Y CAGR | -9.1% | -12.8% | NM- | -4.3% | -1.6% | 8.4% | |
| Latest Twelve Months | -26.7% | -18.6% | -145.0% | 2.5% | 22.1% | -16.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.9% | 13.1% | 7.2% | 18.3% | 21.6% | 10.4% | |
| Prior Fiscal Year | 9.4% | 9.6% | 11.7% | 18.1% | 17.8% | 11.3% | |
| Latest Fiscal Year | 7.4% | 11.0% | -4.4% | 17.7% | 18.8% | 14.5% | |
| Latest Twelve Months | 8.0% | 10.3% | -6.3% | 18.6% | 19.8% | 12.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.64x | 1.18x | 5.25x | 3.27x | 6.11x | 4.16x | |
| EV / LTM EBITDA | 13.3x | 8.6x | -1064.5x | 12.8x | 28.8x | 25.6x | |
| EV / LTM EBIT | 20.6x | 11.5x | -83.9x | 17.6x | 30.9x | 32.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -83.9x | 17.6x | 30.9x | ||||
| Historical EV / LTM EBIT | 25.4x | 37.7x | 87.7x | ||||
| Selected EV / LTM EBIT | 30.2x | 31.8x | 33.4x | ||||
| (x) LTM EBIT | 97 | 97 | 97 | ||||
| (=) Implied Enterprise Value | 2,928 | 3,082 | 3,236 | ||||
| (-) Non-shareholder Claims * | 463 | 463 | 463 | ||||
| (=) Equity Value | 3,390 | 3,544 | 3,699 | ||||
| (/) Shares Outstanding | 124.0 | 124.0 | 124.0 | ||||
| Implied Value Range | 27.34 | 28.58 | 29.83 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 27.34 | 28.58 | 29.83 | 30.65 | |||
| Upside / (Downside) | -10.8% | -6.7% | -2.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 603231 | 603517 | 2041 | 605337 | 603755 | 300898 | |
| Enterprise Value | 2,541 | 7,132 | 6,172 | 4,736 | 2,532 | 3,338 | |
| (+) Cash & Short Term Investments | 735 | 1,055 | 3,000 | 795 | 145 | 484 | |
| (+) Investments & Other | 13 | 2,576 | 0 | 100 | 100 | 8 | |
| (-) Debt | (24) | (858) | (26) | (625) | (235) | (21) | |
| (-) Other Liabilities | 0 | 56 | (354) | 0 | 0 | (9) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,264 | 9,963 | 8,791 | 5,006 | 2,542 | 3,801 | |
| (/) Shares Outstanding | 191.5 | 606.0 | 880.0 | 387.5 | 97.2 | 124.0 | |
| Implied Stock Price | 17.05 | 16.44 | 9.99 | 12.92 | 26.15 | 30.65 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 17.05 | 16.44 | 9.99 | 12.92 | 26.15 | 30.65 | |
| 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 | |