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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.3x - 1.5x | 1.4x |
| Selected Fwd Revenue Multiple | 0.8x - 0.8x | 0.8x |
| Fair Value | €4.53 - €5.04 | €4.79 |
| Upside | 41.3% - 57.0% | 49.1% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| LI | XPEV | ZK | BYDD.Y | CJET | N3I | |||
| NasdaqGS:LI | NYSE:XPEV | NYSE:ZK | OTCPK:BYDD.Y | NasdaqGM:CJET | DB:N3I | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 247.7% | 77.5% | NM- | 43.5% | NM- | 53.1% | ||
| 3Y CAGR | 74.9% | 24.9% | 126.6% | 53.2% | -29.0% | 22.1% | ||
| Latest Twelve Months | 16.6% | 33.2% | 46.9% | 29.0% | 31.3% | 18.2% | ||
| 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 | 0.52x | 2.77x | 0.42x | 1.20x | 40.67x | 0.96x | ||
| EV / LTM EBIT | 10.8x | -16.4x | -4.9x | 20.3x | -6.6x | -2.9x | ||
| Price / LTM Sales | 1.19x | 3.37x | 0.48x | 1.36x | 1.00x | 0.89x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.42x | 1.20x | 40.67x | |||||
| Historical EV / LTM Revenue | 0.96x | 2.30x | 39.39x | |||||
| Selected EV / LTM Revenue | 1.32x | 1.39x | 1.46x | |||||
| (x) LTM Revenue | 65,732 | 65,732 | 65,732 | |||||
| (=) Implied Enterprise Value | 86,718 | 91,283 | 95,847 | |||||
| (-) Non-shareholder Claims * | (4,394) | (4,394) | (4,394) | |||||
| (=) Equity Value | 82,324 | 86,888 | 91,453 | |||||
| (/) Shares Outstanding | 2,242.5 | 2,242.5 | 2,242.5 | |||||
| Implied Value Range | 36.71 | 38.75 | 40.78 | |||||
| FX Rate: CNY/EUR | 8.3 | 8.3 | 8.3 | Market Price | ||||
| Implied Value Range (Trading Cur) | 4.42 | 4.67 | 4.91 | 3.21 | ||||
| Upside / (Downside) | 37.8% | 45.5% | 53.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LI | XPEV | ZK | BYDD.Y | CJET | N3I | |
| Enterprise Value | 76,551 | 112,965 | 31,912 | 1,115,994 | 414 | 64,119 | |
| (+) Cash & Short Term Investments | 112,806 | 32,722 | 7,783 | 143,242 | 1 | 33,843 | |
| (+) Investments & Other | 923 | 6,452 | 686 | 30,239 | 4 | 3,126 | |
| (-) Debt | (16,345) | (14,622) | (2,607) | (40,460) | (363) | (33,823) | |
| (-) 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 | 173,490 | 137,516 | 36,188 | 1,235,577 | 10 | 59,725 | |
| (/) Shares Outstanding | 1,013.3 | 950.4 | 254.2 | 1,755.3 | 5.4 | 2,242.5 | |
| Implied Stock Price | 171.22 | 144.70 | 142.36 | 703.93 | 1.93 | 26.63 | |
| FX Conversion Rate to Trading Currency | 7.30 | 7.30 | 7.30 | 7.30 | 1.00 | 8.30 | |
| Implied Stock Price (Trading Cur) | 23.44 | 19.81 | 19.49 | 96.37 | 1.93 | 3.21 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 7.30 | 7.30 | 7.30 | 7.30 | 1.00 | 8.30 | |