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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 3.7x - 4.0x | 3.9x |
| Selected Fwd Ps Multiple | 3.3x - 3.6x | 3.4x |
| Fair Value | ¥22.78 - ¥25.18 | ¥23.98 |
| Upside | -24.5% - -16.5% | -20.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Solbar Ningbo Protein Technology Co., Ltd. | 60,323,100.0% | SHSE:603231 |
| Juewei Food Co., Ltd. | 60,351,700.0% | SHSE:603517 |
| ShanDongDenghai Seeds Co.,Ltd | 204,100.0% | SZSE:002041 |
| Zhe Jiang Li Zi Yuan Food Co.,Ltd. | 60,533,700.0% | SHSE:605337 |
| Qingdao Richen Food Co.,Ltd. | 60,375,500.0% | SHSE:603755 |
| Panda Dairy Corporation | 30,089,800.0% | SZSE:300898 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| 603231 | 603517 | 2041 | 605337 | 603755 | 300898 | |||
| SHSE:603231 | SHSE:603517 | SZSE:002041 | SHSE:605337 | SHSE:603755 | SZSE:300898 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 7.9% | 3.9% | 8.6% | 12.4% | 8.6% | 4.8% | ||
| 3Y CAGR | -0.6% | -1.5% | 4.2% | 9.1% | 10.9% | -3.7% | ||
| Latest Twelve Months | -10.1% | -15.0% | -22.7% | -0.3% | 14.5% | -18.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 8.3% | 8.5% | 14.9% | 17.4% | 22.6% | 10.5% | ||
| Prior Fiscal Year | 8.3% | 4.7% | 16.5% | 15.7% | 16.5% | 11.5% | ||
| Latest Fiscal Year | 7.8% | 3.6% | 4.5% | 16.8% | 15.7% | 13.4% | ||
| Latest Twelve Months | 8.3% | 3.0% | 4.3% | 14.6% | 17.7% | 12.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 13.0x | 8.3x | -1117.6x | 18.0x | 29.5x | 26.9x | ||
| Price / LTM Sales | 2.1x | 1.6x | 7.7x | 3.6x | 6.7x | 5.0x | ||
| LTM P/E Ratio | 24.7x | 53.3x | 178.1x | 24.7x | 37.9x | 41.8x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.6x | 3.6x | 7.7x | |||||
| Historical LTM P/S Ratio | 3.1x | 4.0x | 9.3x | |||||
| Selected Price / Sales Multiple | 3.7x | 3.9x | 4.0x | |||||
| (x) LTM Sales | 749 | 749 | 749 | |||||
| (=) Equity Value | 2,743 | 2,887 | 3,032 | |||||
| (/) Shares Outstanding | 124.0 | 124.0 | 124.0 | |||||
| Implied Value Range | 22.12 | 23.28 | 24.45 | |||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 22.12 | 23.28 | 24.45 | 30.15 | ||||
| Upside / (Downside) | -26.6% | -22.8% | -18.9% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 603231 | 603517 | 2041 | 605337 | 603755 | 300898 | |
| Value of Common Equity | 3,205 | 9,702 | 9,099 | 5,068 | 2,622 | 3,739 | |
| (/) Shares Outstanding | 191.5 | 606.0 | 880.0 | 387.5 | 97.2 | 124.0 | |
| Implied Stock Price | 16.74 | 16.01 | 10.34 | 13.08 | 26.98 | 30.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 16.74 | 16.01 | 10.34 | 13.08 | 26.98 | 30.15 | |
| 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 | |