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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 36.1x - 39.9x | 38.0x |
| Selected Fwd EBITDA Multiple | 22.7x - 25.0x | 23.9x |
| Fair Value | ¥22.82 - ¥24.67 | ¥23.75 |
| Upside | -0.1% - 8.0% | 3.9% |
| Benchmarks | Ticker | Full Ticker |
| BlueFocus Intelligent Communications Group Co., Ltd. | 300058 | SZSE:300058 |
| Wasu Media Holding Co.,Ltd | 156 | SZSE:000156 |
| Northern United Publishing & Media (Group) Company Limited | 601999 | SHSE:601999 |
| Astro-century Education&Technology Co.,Ltd | 300654 | SZSE:300654 |
| Chengdu B-ray Media Co.,Ltd. | 600880 | SHSE:600880 |
| Easy Click Worldwide Network Technology Co., Ltd. | 301171 | SZSE:301171 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 300058 | 156 | 601999 | 300654 | 600880 | 301171 | ||
| SZSE:300058 | SZSE:000156 | SHSE:601999 | SZSE:300654 | SHSE:600880 | SZSE:301171 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -48.0% | -5.9% | 14.8% | 6.5% | NM- | 3.6% | |
| 3Y CAGR | -67.2% | -9.1% | 34.5% | 22.6% | 4.6% | -7.0% | |
| Latest Twelve Months | -418.4% | -22.5% | 315.7% | 11.8% | -42.7% | 34.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 1.5% | 15.4% | 1.9% | 10.1% | 14.5% | 10.2% | |
| Prior Fiscal Year | 0.4% | 13.6% | 2.0% | 10.9% | 16.2% | 9.2% | |
| Latest Fiscal Year | 0.1% | 10.9% | 8.1% | 10.9% | 14.1% | 11.9% | |
| Latest Twelve Months | -0.4% | 10.9% | 8.1% | 11.1% | 10.5% | 9.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.25x | 0.73x | 0.92x | 5.69x | 8.16x | 3.55x | |
| EV / LTM EBITDA | -58.9x | 6.7x | 38.7x | 51.0x | 77.9x | 36.7x | |
| EV / LTM EBIT | -65.4x | 36.5x | 94.4x | 58.0x | 196.6x | 37.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -58.9x | 38.7x | 77.9x | ||||
| Historical EV / LTM EBITDA | 21.7x | 32.7x | 43.7x | ||||
| Selected EV / LTM EBITDA | 36.1x | 38.0x | 39.9x | ||||
| (x) LTM EBITDA | 224 | 224 | 224 | ||||
| (=) Implied Enterprise Value | 8,078 | 8,503 | 8,928 | ||||
| (-) Non-shareholder Claims * | 2,481 | 2,481 | 2,481 | ||||
| (=) Equity Value | 10,559 | 10,984 | 11,409 | ||||
| (/) Shares Outstanding | 471.9 | 471.9 | 471.9 | ||||
| Implied Value Range | 22.38 | 23.28 | 24.18 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 22.38 | 23.28 | 24.18 | 22.85 | |||
| Upside / (Downside) | -2.1% | 1.9% | 5.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300058 | 156 | 601999 | 300654 | 600880 | 301171 | |
| Enterprise Value | 15,534 | 6,896 | 1,744 | 2,968 | 3,987 | 8,302 | |
| (+) Cash & Short Term Investments | 3,869 | 8,095 | 1,336 | 606 | 433 | 2,910 | |
| (+) Investments & Other | 3,301 | 2,008 | 395 | 24 | 624 | 225 | |
| (-) Debt | (2,420) | (1,778) | (149) | (2) | (177) | (644) | |
| (-) Other Liabilities | 6 | (392) | (20) | (15) | (210) | (9) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 20,290 | 14,829 | 3,305 | 3,581 | 4,658 | 10,783 | |
| (/) Shares Outstanding | 2,526.8 | 1,961.5 | 550.9 | 366.1 | 1,093.3 | 471.9 | |
| Implied Stock Price | 8.03 | 7.56 | 6.00 | 9.78 | 4.26 | 22.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8.03 | 7.56 | 6.00 | 9.78 | 4.26 | 22.85 | |
| 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 | |