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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 4.9x - 5.4x | 5.2x |
| Selected Fwd EBIT Multiple | 2.9x - 3.2x | 3.1x |
| Fair Value | €0.050 - €0.053 | €0.052 |
| Upside | -9.3% - -4.9% | -7.1% |
| Benchmarks | Ticker | Full Ticker |
| Li Ning Company Limited | 2331 | SEHK:2331 |
| Xtep International Holdings Limited | 1368 | SEHK:1368 |
| 361 Degrees International Limited | 1361 | SEHK:1361 |
| ANTA Sports Products Limited | 2020 | SEHK:2020 |
| China Lilang Limited | 1234 | SEHK:1234 |
| Daphne International Holdings Limited | PSX | DB:PSX |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2331 | 1368 | 1361 | 2020 | 1234 | PSX | ||
| SEHK:2331 | SEHK:1368 | SEHK:1361 | SEHK:2020 | SEHK:1234 | DB:PSX | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 21.5% | 12.0% | 13.5% | 13.9% | -10.4% | NM- | |
| 3Y CAGR | -7.7% | 13.4% | 15.1% | 14.7% | 1.6% | NM- | |
| Latest Twelve Months | 13.7% | 11.5% | 16.4% | 8.2% | -9.6% | 24.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 16.2% | 11.6% | 15.2% | 23.5% | 18.7% | -8.2% | |
| Prior Fiscal Year | 12.6% | 13.4% | 15.6% | 24.6% | 17.3% | 29.5% | |
| Latest Fiscal Year | 13.8% | 14.0% | 15.2% | 23.4% | 15.2% | 30.0% | |
| Latest Twelve Months | 13.8% | 14.0% | 15.2% | 23.4% | 15.2% | 30.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.72x | 0.90x | 0.87x | 2.65x | 0.91x | 1.35x | |
| EV / LTM EBITDA | 4.0x | 5.8x | 5.5x | 10.6x | 4.8x | 3.8x | |
| EV / LTM EBIT | 5.2x | 6.4x | 5.7x | 11.3x | 6.0x | 4.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.2x | 6.0x | 11.3x | ||||
| Historical EV / LTM EBIT | -3.8x | 1.5x | 4.5x | ||||
| Selected EV / LTM EBIT | 4.9x | 5.2x | 5.4x | ||||
| (x) LTM EBIT | 97 | 97 | 97 | ||||
| (=) Implied Enterprise Value | 475 | 500 | 525 | ||||
| (-) Non-shareholder Claims * | 500 | 500 | 500 | ||||
| (=) Equity Value | 976 | 1,001 | 1,026 | ||||
| (/) Shares Outstanding | 2,196.3 | 2,196.3 | 2,196.3 | ||||
| Implied Value Range | 0.44 | 0.46 | 0.47 | ||||
| FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.05 | 0.05 | 0.06 | 0.06 | |||
| Upside / (Downside) | -4.5% | -2.0% | 0.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2331 | 1368 | 1361 | 2020 | 1234 | PSX | |
| Enterprise Value | 20,327 | 12,163 | 8,699 | 187,574 | 3,327 | 521 | |
| (+) Cash & Short Term Investments | 15,763 | 2,979 | 4,256 | 35,079 | 1,664 | 510 | |
| (+) Investments & Other | 4,572 | 2,082 | 19 | 39,375 | 498 | 1 | |
| (-) Debt | (1,936) | (3,100) | (265) | (28,120) | (1,319) | (7) | |
| (-) Other Liabilities | 0 | 0 | (454) | (5,010) | (29) | (4) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 38,726 | 14,123 | 12,255 | 228,898 | 4,140 | 1,021 | |
| (/) Shares Outstanding | 2,575.5 | 2,676.1 | 2,067.7 | 2,807.2 | 1,197.5 | 2,196.3 | |
| Implied Stock Price | 15.04 | 5.28 | 5.93 | 81.54 | 3.46 | 0.47 | |
| FX Conversion Rate to Trading Currency | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 8.38 | |
| Implied Stock Price (Trading Cur) | 16.44 | 5.77 | 6.48 | 89.15 | 3.78 | 0.06 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | EUR | |
| FX Rate to Reporting Currency | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 8.38 | |