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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -13.3x - -14.7x | -14.0x |
Selected Fwd EBIT Multiple | -58.7x - -64.8x | -61.8x |
Fair Value | €0.68 - €0.73 | €0.70 |
Upside | -0.4% - 7.4% | 3.5% |
Benchmarks | Ticker | Full Ticker |
Dingdang Health Technology Group Ltd. | 9886 | SEHK:9886 |
Zhongbai Holdings Group Co.,Ltd. | 759 | SZSE:000759 |
Shanghai Laiyifen Co.,Ltd | 603777 | SHSE:603777 |
Ping An Healthcare and Technology Company Limited | 1833 | SEHK:1833 |
East Buy Holding Limited | 1797 | SEHK:1797 |
Sipai Health Technology Co., Ltd. | AX1 | DB:AX1 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
9886 | 759 | 603777 | 1833 | 1797 | AX1 | ||
SEHK:9886 | SZSE:000759 | SHSE:603777 | SEHK:1833 | SEHK:1797 | DB:AX1 | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
Latest Twelve Months | 22.7% | -127.4% | -996.6% | 78.5% | -121.0% | 3.2% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -8.7% | -0.9% | -0.8% | -15.7% | -10.6% | -11.8% | |
Prior Fiscal Year | -5.7% | -1.5% | 0.4% | -14.6% | 24.7% | -6.0% | |
Latest Fiscal Year | -4.6% | -3.7% | -1.9% | -3.1% | 4.5% | -6.0% | |
Latest Twelve Months | -4.6% | -4.6% | -3.2% | -3.1% | -1.8% | -6.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | -0.08x | 0.78x | 1.04x | 1.48x | 2.04x | 0.74x | |
EV / LTM EBITDA | 2.1x | -25.5x | -66.9x | -65.1x | -138.0x | -13.1x | |
EV / LTM EBIT | 1.7x | -16.8x | -32.7x | -48.5x | -114.0x | -12.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -114.0x | -32.7x | 1.7x | ||||
Historical EV / LTM EBIT | -29.9x | -12.4x | -8.9x | ||||
Selected EV / LTM EBIT | -13.3x | -14.0x | -14.7x | ||||
(x) LTM EBIT | (274) | (274) | (274) | ||||
(=) Implied Enterprise Value | 3,653 | 3,845 | 4,037 | ||||
(-) Non-shareholder Claims * | 1,074 | 1,074 | 1,074 | ||||
(=) Equity Value | 4,726 | 4,919 | 5,111 | ||||
(/) Shares Outstanding | 750.1 | 750.1 | 750.1 | ||||
Implied Value Range | 6.30 | 6.56 | 6.81 | ||||
FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | |||
Implied Value Range (Trading Cur) | 0.75 | 0.78 | 0.81 | 0.68 | |||
Upside / (Downside) | 10.8% | 15.3% | 19.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 9886 | 759 | 603777 | 1833 | 1797 | AX1 | |
Enterprise Value | (454) | 7,563 | 3,492 | 6,829 | 12,762 | 3,193 | |
(+) Cash & Short Term Investments | 1,218 | 892 | 1,126 | 11,569 | 4,792 | 920 | |
(+) Investments & Other | 60 | 86 | 178 | 1,558 | 165 | 175 | |
(-) Debt | (153) | (3,493) | (455) | (56) | (65) | (45) | |
(-) Other Liabilities | (20) | (41) | (10) | 10 | (1) | 24 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 651 | 5,008 | 4,332 | 19,910 | 17,653 | 4,266 | |
(/) Shares Outstanding | 1,319.5 | 658.9 | 331.2 | 2,161.4 | 1,046.4 | 750.1 | |
Implied Stock Price | 0.49 | 7.60 | 13.08 | 9.21 | 16.87 | 5.69 | |
FX Conversion Rate to Trading Currency | 0.91 | 1.00 | 1.00 | 0.91 | 0.91 | 8.36 | |
Implied Stock Price (Trading Cur) | 0.54 | 7.60 | 13.08 | 10.08 | 18.46 | 0.68 | |
Trading Currency | HKD | CNY | CNY | HKD | HKD | EUR | |
FX Rate to Reporting Currency | 0.91 | 1.00 | 1.00 | 0.91 | 0.91 | 8.36 |