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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 25.5x - 28.2x | 26.9x |
| Selected Fwd EBIT Multiple | 16.4x - 18.1x | 17.2x |
| Fair Value | €0.23 - €0.30 | €0.26 |
| Upside | -23.6% - 0.3% | -11.7% |
| Benchmarks | Ticker | Full Ticker |
| Nine Dragons Paper (Holdings) Limited | 2689 | SEHK:2689 |
| Oji Holdings Corporation | 3861 | TSE:3861 |
| Greenheart Group Limited | 94 | SEHK:94 |
| Hong Wei (Asia) Holdings Company Limited | 8191 | SEHK:8191 |
| Reliance Global Holdings Limited | 723 | SEHK:723 |
| Lee & Man Paper Manufacturing Limited | LMP | DB:LMP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2689 | 3861 | 94 | 8191 | 723 | LMP | ||
| SEHK:2689 | TSE:3861 | SEHK:94 | SEHK:8191 | SEHK:723 | DB:LMP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -14.1% | -8.6% | NM- | NM- | NM- | -18.6% | |
| 3Y CAGR | -31.5% | -17.4% | NM- | NM- | NM- | -28.0% | |
| Latest Twelve Months | 749.5% | -6.8% | -16.5% | -1646.3% | -280.2% | 51.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.5% | 5.7% | -61.1% | 2.3% | 0.3% | 7.5% | |
| Prior Fiscal Year | -3.1% | 4.3% | -81.7% | 0.7% | -2.4% | 3.1% | |
| Latest Fiscal Year | 4.6% | 3.7% | -166.9% | -15.9% | -16.1% | 4.5% | |
| Latest Twelve Months | 5.0% | 3.7% | -166.9% | -15.9% | -16.1% | 4.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.22x | 0.67x | 0.09x | 1.26x | 1.91x | 1.25x | |
| EV / LTM EBITDA | 11.4x | 7.7x | -0.1x | -62.9x | -12.9x | 23.5x | |
| EV / LTM EBIT | 24.4x | 18.4x | -0.1x | -7.9x | -11.8x | 28.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -11.8x | -0.1x | 24.4x | ||||
| Historical EV / LTM EBIT | 9.3x | 24.2x | 52.9x | ||||
| Selected EV / LTM EBIT | 25.5x | 26.9x | 28.2x | ||||
| (x) LTM EBIT | 1,163 | 1,163 | 1,163 | ||||
| (=) Implied Enterprise Value | 29,704 | 31,267 | 32,830 | ||||
| (-) Non-shareholder Claims * | (20,337) | (20,337) | (20,337) | ||||
| (=) Equity Value | 9,367 | 10,930 | 12,493 | ||||
| (/) Shares Outstanding | 4,909.3 | 4,909.3 | 4,909.3 | ||||
| Implied Value Range | 1.91 | 2.23 | 2.54 | ||||
| FX Rate: HKD/EUR | 9.2 | 9.2 | 9.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.21 | 0.24 | 0.28 | 0.30 | |||
| Upside / (Downside) | -30.6% | -19.0% | -7.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2689 | 3861 | 94 | 8191 | 723 | LMP | |
| Enterprise Value | 77,437 | 1,241,997 | 5 | 395 | 328 | 33,826 | |
| (+) Cash & Short Term Investments | 11,861 | 65,863 | 20 | 8 | 65 | 1,521 | |
| (+) Investments & Other | 183 | 320,552 | 1 | 0 | 30 | 201 | |
| (-) Debt | (70,135) | (903,388) | (438) | (392) | (43) | (22,050) | |
| (-) Other Liabilities | (492) | (30,967) | 511 | 0 | 19 | (9) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 18,853 | 694,057 | 98 | 12 | 399 | 13,489 | |
| (/) Shares Outstanding | 4,692.2 | 920.5 | 1,855.0 | 57.9 | 1,093.8 | 4,909.3 | |
| Implied Stock Price | 4.02 | 754.00 | 0.05 | 0.20 | 0.37 | 2.75 | |
| FX Conversion Rate to Trading Currency | 0.91 | 1.00 | 1.00 | 1.00 | 1.00 | 9.22 | |
| Implied Stock Price (Trading Cur) | 4.40 | 754.00 | 0.05 | 0.20 | 0.37 | 0.30 | |
| Trading Currency | HKD | JPY | HKD | HKD | HKD | EUR | |
| FX Rate to Reporting Currency | 0.91 | 1.00 | 1.00 | 1.00 | 1.00 | 9.22 | |