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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -53.3x - -58.9x | -56.1x |
| Selected Fwd EBIT Multiple | 46.2x - 51.1x | 48.6x |
| Fair Value | ¥23.02 - ¥24.79 | ¥23.90 |
| Upside | -42.8% - -38.4% | -40.6% |
| Benchmarks | Ticker | Full Ticker |
| China United Network Communications Limited | 600050 | SHSE:600050 |
| Beijing Bewinner Communications Co., Ltd. | 2148 | SZSE:002148 |
| China Mobile Limited | 600941 | SHSE:600941 |
| Yinsheng Digifavor Company Limited | 3773 | SEHK:3773 |
| Okinawa Cellular Telephone Company | 9436 | TSE:9436 |
| Wuxi Online Offline Communication Information Technology Co., Ltd. | 300959 | SZSE:300959 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 600050 | 2148 | 600941 | 3773 | 9436 | 300959 | ||
| SHSE:600050 | SZSE:002148 | SHSE:600941 | SEHK:3773 | TSE:9436 | SZSE:300959 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 0.1% | NM- | 4.4% | NM- | 5.6% | -60.5% | |
| 3Y CAGR | -2.0% | -19.9% | 6.2% | 10.2% | 5.6% | -81.2% | |
| Latest Twelve Months | -18.7% | -27.3% | 3.4% | 74.8% | 3.1% | -195.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.2% | 2.5% | 14.4% | 26.1% | 20.6% | 4.9% | |
| Prior Fiscal Year | 4.2% | 6.1% | 13.8% | 21.9% | 20.6% | 2.1% | |
| Latest Fiscal Year | 3.4% | 4.2% | 13.9% | 27.5% | 21.8% | 0.0% | |
| Latest Twelve Months | 3.3% | 4.2% | 13.9% | 27.5% | 20.8% | -1.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.72x | 10.45x | 0.86x | 5.93x | 2.39x | 2.15x | |
| EV / LTM EBITDA | 4.0x | 117.0x | 3.1x | 20.7x | 8.3x | -187.2x | |
| EV / LTM EBIT | 21.8x | 249.8x | 6.2x | 21.6x | 11.5x | -120.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.2x | 21.6x | 249.8x | ||||
| Historical EV / LTM EBIT | 31.9x | 39.4x | 102.3x | ||||
| Selected EV / LTM EBIT | -53.3x | -56.1x | -58.9x | ||||
| (x) LTM EBIT | (22) | (22) | (22) | ||||
| (=) Implied Enterprise Value | 1,170 | 1,232 | 1,293 | ||||
| (-) Non-shareholder Claims * | 502 | 502 | 502 | ||||
| (=) Equity Value | 1,672 | 1,733 | 1,795 | ||||
| (/) Shares Outstanding | 80.4 | 80.4 | 80.4 | ||||
| Implied Value Range | 20.80 | 21.57 | 22.33 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 20.80 | 21.57 | 22.33 | 40.26 | |||
| Upside / (Downside) | -48.3% | -46.4% | -44.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600050 | 2148 | 600941 | 3773 | 9436 | 300959 | |
| Enterprise Value | 285,924 | 2,888 | 736,059 | 709 | 194,708 | 2,734 | |
| (+) Cash & Short Term Investments | 50,802 | 574 | 395,469 | 51 | 3,086 | 433 | |
| (+) Investments & Other | 78,230 | 189 | 475,008 | 0 | 3,099 | 129 | |
| (-) Debt | (38,944) | (1) | (88,442) | (123) | (12) | (53) | |
| (-) Other Liabilities | (207,184) | (11) | (4,507) | 3 | (2,570) | (7) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 168,828 | 3,639 | 1,513,587 | 639 | 198,311 | 3,236 | |
| (/) Shares Outstanding | 31,264.4 | 558.1 | 13,405.3 | 415.0 | 47.0 | 80.4 | |
| Implied Stock Price | 5.40 | 6.52 | 112.91 | 1.54 | 4,220.00 | 40.26 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.94 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.40 | 6.52 | 112.91 | 1.64 | 4,220.00 | 40.26 | |
| Trading Currency | CNY | CNY | CNY | HKD | JPY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.94 | 1.00 | 1.00 | |