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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -6.3x - -7.0x | -6.7x |
| Selected Fwd EBIT Multiple | -14.4x - -16.0x | -15.2x |
| Fair Value | $0.35 - $0.38 | $0.36 |
| Upside | -32.6% - -26.7% | -29.6% |
| Benchmarks | Ticker | Full Ticker |
| BeiGene, Ltd. | 6160 | SEHK:6160 |
| Keymed Biosciences Inc. | 2162 | SEHK:2162 |
| JW (Cayman) Therapeutics Co. Ltd | 2126 | SEHK:2126 |
| Staidson (Beijing) BioPharmaceuticals Co., Ltd. | 300204 | SZSE:300204 |
| Shanghai Kehua Bio-Engineering Co.,Ltd | 2022 | SZSE:002022 |
| CStone Pharmaceuticals | CSPH.F | OTCPK:CSPH.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 6160 | 2162 | 2126 | 300204 | 2022 | CSPH.F | ||
| SEHK:6160 | SEHK:2162 | SEHK:2126 | SZSE:300204 | SZSE:002022 | OTCPK:CSPH.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 52.9% | -36.9% | 24.5% | 90.9% | -1856.3% | 54.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -183.9% | -334.0% | 9333.8% | -46.7% | 18.9% | 16073.0% | |
| Prior Fiscal Year | -49.2% | -129.2% | -478.5% | -102.6% | 30.4% | -189.5% | |
| Latest Fiscal Year | -14.9% | -146.2% | -327.9% | -10.5% | -5.8% | -130.6% | |
| Latest Twelve Months | -14.9% | -146.2% | -290.4% | -10.5% | -18.1% | -77.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.74x | 107.81x | 1.58x | 8.23x | 1.67x | 7.98x | |
| EV / LTM EBITDA | -63.9x | -11.6x | -0.6x | -17.2x | -22.8x | -10.7x | |
| EV / LTM EBIT | -45.1x | -10.6x | -0.5x | -14.5x | -9.2x | -10.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -45.1x | -10.6x | -0.5x | ||||
| Historical EV / LTM EBIT | -5.1x | -3.7x | -2.6x | ||||
| Selected EV / LTM EBIT | -6.3x | -6.7x | -7.0x | ||||
| (x) LTM EBIT | (355) | (355) | (355) | ||||
| (=) Implied Enterprise Value | 2,254 | 2,373 | 2,491 | ||||
| (-) Non-shareholder Claims * | 536 | 536 | 536 | ||||
| (=) Equity Value | 2,790 | 2,908 | 3,027 | ||||
| (/) Shares Outstanding | 1,276.6 | 1,276.6 | 1,276.6 | ||||
| Implied Value Range | 2.19 | 2.28 | 2.37 | ||||
| FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.30 | 0.31 | 0.33 | 0.52 | |||
| Upside / (Downside) | -41.9% | -39.4% | -36.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6160 | 2162 | 2126 | 300204 | 2022 | CSPH.F | |
| Enterprise Value | 23,781 | 8,665 | 240 | 2,847 | 3,109 | 4,264 | |
| (+) Cash & Short Term Investments | 2,627 | 2,156 | 869 | 54 | 1,024 | 858 | |
| (+) Investments & Other | 129 | 210 | 0 | 514 | 27 | 13 | |
| (-) Debt | (1,080) | (753) | (381) | (30) | (433) | (335) | |
| (-) Other Liabilities | 0 | (1) | 0 | 12 | (822) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 25,457 | 10,277 | 729 | 3,397 | 2,904 | 4,800 | |
| (/) Shares Outstanding | 1,297.0 | 275.6 | 404.6 | 477.8 | 501.6 | 1,276.6 | |
| Implied Stock Price | 19.63 | 37.29 | 1.80 | 7.11 | 5.79 | 3.76 | |
| FX Conversion Rate to Trading Currency | 0.13 | 0.93 | 0.93 | 1.00 | 1.00 | 7.26 | |
| Implied Stock Price (Trading Cur) | 152.60 | 39.95 | 1.93 | 7.11 | 5.79 | 0.52 | |
| Trading Currency | HKD | HKD | HKD | CNY | CNY | USD | |
| FX Rate to Reporting Currency | 0.13 | 0.93 | 0.93 | 1.00 | 1.00 | 7.26 | |