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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -3.6x - -4.0x | -3.8x |
| Selected Fwd EBIT Multiple | -6.7x - -7.4x | -7.1x |
| Fair Value | €4.27 - €4.75 | €4.51 |
| Upside | 39.7% - 55.3% | 47.5% |
| Benchmarks | Ticker | Full Ticker |
| Li Auto Inc. | LI | NasdaqGS:LI |
| XPeng Inc. | XPEV | NYSE:XPEV |
| ZEEKR Intelligent Technology Holding Limited | ZK | NYSE:ZK |
| BYD Company Limited | BYDD.Y | OTCPK:BYDD.Y |
| Chijet Motor Company, Inc. | CJET | NasdaqGM:CJET |
| NIO Inc. | N3I | DB:N3I |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| LI | XPEV | ZK | BYDD.Y | CJET | N3I | ||
| NasdaqGS:LI | NYSE:XPEV | NYSE:ZK | OTCPK:BYDD.Y | NasdaqGM:CJET | DB:N3I | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 57.5% | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | 92.8% | NM- | NM- | |
| Latest Twelve Months | -5.2% | 36.4% | 21.0% | 32.9% | 43.9% | 3.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -10.9% | -52.5% | -19.5% | 5.0% | -791.1% | -37.4% | |
| Prior Fiscal Year | 6.0% | -35.3% | -15.8% | 5.7% | -784.8% | -40.7% | |
| Latest Fiscal Year | 4.9% | -16.9% | -8.5% | 5.9% | -932.6% | -33.3% | |
| Latest Twelve Months | 4.9% | -16.9% | -8.5% | 5.9% | -612.5% | -33.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.41x | 2.56x | 0.44x | 1.24x | 40.63x | 0.88x | |
| EV / LTM EBITDA | 6.7x | -21.1x | -6.1x | 8.9x | -11.5x | -3.1x | |
| EV / LTM EBIT | 8.4x | -15.2x | -5.2x | 20.9x | -6.6x | -2.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -15.2x | -5.2x | 20.9x | ||||
| Historical EV / LTM EBIT | -100.0x | -8.1x | -2.6x | ||||
| Selected EV / LTM EBIT | -3.6x | -3.8x | -4.0x | ||||
| (x) LTM EBIT | (21,874) | (21,874) | (21,874) | ||||
| (=) Implied Enterprise Value | 78,841 | 82,990 | 87,140 | ||||
| (-) Non-shareholder Claims * | (4,722) | (4,722) | (4,722) | ||||
| (=) Equity Value | 74,119 | 78,269 | 82,418 | ||||
| (/) Shares Outstanding | 2,102.4 | 2,102.4 | 2,102.4 | ||||
| Implied Value Range | 35.26 | 37.23 | 39.20 | ||||
| FX Rate: CNY/EUR | 8.0 | 8.0 | 8.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.38 | 4.63 | 4.88 | 3.06 | |||
| Upside / (Downside) | 43.3% | 51.3% | 59.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LI | XPEV | ZK | BYDD.Y | CJET | N3I | |
| Enterprise Value | 61,778 | 123,504 | 33,928 | 918,672 | 414 | 56,453 | |
| (+) Cash & Short Term Investments | 112,806 | 0 | 7,783 | 143,242 | 1 | 33,466 | |
| (+) Investments & Other | 923 | 0 | 686 | 30,239 | 4 | 3,126 | |
| (-) Debt | (16,345) | 0 | (2,607) | (40,460) | (363) | (33,775) | |
| (-) Other Liabilities | (445) | 0 | (1,586) | (13,437) | (46) | (7,540) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 158,716 | 123,504 | 38,205 | 1,038,255 | 10 | 51,731 | |
| (/) Shares Outstanding | 1,006.9 | 950.1 | 254.2 | 1,755.3 | 5.4 | 2,102.4 | |
| Implied Stock Price | 157.62 | 130.00 | 150.30 | 591.51 | 1.83 | 24.61 | |
| FX Conversion Rate to Trading Currency | 7.33 | 7.33 | 7.33 | 7.33 | 1.00 | 8.04 | |
| Implied Stock Price (Trading Cur) | 21.51 | 17.74 | 20.51 | 80.72 | 1.83 | 3.06 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 7.33 | 7.33 | 7.33 | 7.33 | 1.00 | 8.04 | |