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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.8x - 10.9x | 10.4x |
| Selected Fwd EBIT Multiple | 9.9x - 10.9x | 10.4x |
| Fair Value | $2 - $2.33 | $2.17 |
| Upside | -9.3% - 5.4% | -2.0% |
| Benchmarks | Ticker | Full Ticker |
| HUYA Inc. | HUYA | NYSE:HUYA |
| DouYu International Holdings Limited | DOYU | NasdaqGS:DOYU |
| Sohu.com Limited | SOHU | NasdaqGS:SOHU |
| NetEase, Inc. | NTES | NasdaqGS:NTES |
| Baidu, Inc. | BIDU | NasdaqGS:BIDU |
| iQIYI, Inc. | IQ | NasdaqGS:IQ |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HUYA | DOYU | SOHU | NTES | BIDU | IQ | ||
| NYSE:HUYA | NasdaqGS:DOYU | NasdaqGS:SOHU | NasdaqGS:NTES | NasdaqGS:BIDU | NasdaqGS:IQ | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 16.5% | 25.9% | NM- | |
| 3Y CAGR | NM- | NM- | NM- | 21.7% | 26.5% | NM- | |
| Latest Twelve Months | 53.7% | -281.5% | -25.3% | 6.8% | -2.7% | -44.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -1.6% | -3.6% | 0.4% | 22.3% | 13.3% | -4.8% | |
| Prior Fiscal Year | -5.9% | -2.7% | -14.5% | 26.8% | 16.2% | 10.2% | |
| Latest Fiscal Year | -3.1% | -13.2% | -18.3% | 28.1% | 16.0% | 6.2% | |
| Latest Twelve Months | -3.1% | -13.2% | -18.3% | 28.1% | 16.0% | 6.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.05x | -0.53x | -0.75x | 3.22x | 0.56x | 0.78x | |
| EV / LTM EBITDA | -3.6x | 4.9x | 5.3x | 10.6x | 2.1x | 12.6x | |
| EV / LTM EBIT | -1.7x | 4.0x | 4.1x | 11.5x | 3.5x | 12.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -1.7x | 4.0x | 11.5x | ||||
| Historical EV / LTM EBIT | -389.0x | -8.2x | 13.3x | ||||
| Selected EV / LTM EBIT | 9.8x | 10.4x | 10.9x | ||||
| (x) LTM EBIT | 1,811 | 1,811 | 1,811 | ||||
| (=) Implied Enterprise Value | 17,820 | 18,758 | 19,696 | ||||
| (-) Non-shareholder Claims * | (7,572) | (7,572) | (7,572) | ||||
| (=) Equity Value | 10,248 | 11,186 | 12,124 | ||||
| (/) Shares Outstanding | 959.7 | 959.7 | 959.7 | ||||
| Implied Value Range | 10.68 | 11.66 | 12.63 | ||||
| FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.47 | 1.61 | 1.74 | 2.21 | |||
| Upside / (Downside) | -33.4% | -27.3% | -21.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HUYA | DOYU | SOHU | NTES | BIDU | IQ | |
| Enterprise Value | (1,624) | (3,114) | (490) | 358,344 | 74,329 | 22,963 | |
| (+) Cash & Short Term Investments | 5,264 | 4,088 | 904 | 137,581 | 127,440 | 4,471 | |
| (+) Investments & Other | 1,911 | 817 | 43 | 3,025 | 140,256 | 2,108 | |
| (-) Debt | (49) | (16) | (40) | (12,233) | (79,324) | (14,143) | |
| (-) Other Liabilities | 0 | 0 | (0) | (3,809) | (19,992) | (8) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,502 | 1,775 | 416 | 482,909 | 242,709 | 15,391 | |
| (/) Shares Outstanding | 227.7 | 31.6 | 30.1 | 667.2 | 350.7 | 959.7 | |
| Implied Stock Price | 24.17 | 56.10 | 13.85 | 723.80 | 692.16 | 16.04 | |
| FX Conversion Rate to Trading Currency | 7.26 | 7.26 | 1.00 | 7.26 | 7.26 | 7.26 | |
| Implied Stock Price (Trading Cur) | 3.33 | 7.73 | 13.85 | 99.74 | 95.38 | 2.21 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 7.26 | 7.26 | 1.00 | 7.26 | 7.26 | 7.26 | |