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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 40.0x - 44.2x | 42.1x |
Selected Fwd Revenue Multiple | 24.8x - 27.4x | 26.1x |
Fair Value | $0 - $0.0081 | $0.0027 |
Upside | -100.0% - 194.2% | -0.2% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Suning.com Co., Ltd. | 2024 | SZSE:002024 |
Cybernaut International Holdings Company Limited | 1020 | SEHK:1020 |
Trans-China Automotive Holdings Limited | VI2 | Catalist:VI2 |
PDD Holdings Inc. | PDD | NasdaqGS:PDD |
Beijing Digital Telecom Co., Ltd. | 6188 | SEHK:6188 |
GOME Retail Holdings Limited | GMEL.F | OTCPK:GMEL.F |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
2024 | 1020 | VI2 | PDD | 6188 | GMEL.F | |||
SZSE:002024 | SEHK:1020 | Catalist:VI2 | NasdaqGS:PDD | SEHK:6188 | OTCPK:GMEL.F | |||
Historical Revenue Growth | ||||||||
5Y CAGR | -23.1% | -14.0% | -7.5% | 67.2% | 2.8% | -60.1% | ||
3Y CAGR | -37.2% | -26.9% | -17.3% | 61.2% | 8.2% | -75.5% | ||
Latest Twelve Months | -19.4% | 76.0% | -26.1% | 59.0% | 6.6% | -93.0% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | -7.8% | -16.4% | 0.8% | 8.6% | -6.0% | -116.4% | ||
Prior Fiscal Year | -16.6% | -31.8% | -0.9% | 23.7% | -1.3% | -29.3% | ||
Latest Fiscal Year | -1.1% | -5.6% | -2.7% | 27.5% | -1.5% | -503.4% | ||
Latest Twelve Months | 0.9% | -3.6% | -2.7% | 27.5% | -1.5% | -797.6% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 0.55x | 3.77x | 0.27x | 2.37x | 0.42x | 43.24x | ||
EV / LTM EBIT | 60.2x | -104.7x | -10.0x | 8.6x | -28.6x | -5.4x | ||
Price / LTM Sales | 0.40x | 1.94x | 0.06x | 3.19x | 0.02x | 1.98x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.27x | 0.55x | 3.77x | |||||
Historical EV / LTM Revenue | 0.60x | 0.84x | 6.09x | |||||
Selected EV / LTM Revenue | 40.03x | 42.14x | 44.25x | |||||
(x) LTM Revenue | 401 | 401 | 401 | |||||
(=) Implied Enterprise Value | 16,066 | 16,912 | 17,757 | |||||
(-) Non-shareholder Claims * | (16,478) | (16,478) | (16,478) | |||||
(=) Equity Value | 0 | 434 | 1,279 | |||||
(/) Shares Outstanding | 21,764.3 | 21,764.3 | 21,764.3 | |||||
Implied Value Range | 0.00 | 0.02 | 0.06 | |||||
FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | Market Price | ||||
Implied Value Range (Trading Cur) | 0.00 | 0.00 | 0.01 | 0.00 | ||||
Upside / (Downside) | -100.0% | -0.2% | 194.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 2024 | 1020 | VI2 | PDD | 6188 | GMEL.F | |
Enterprise Value | 28,530 | 459 | 687 | 933,681 | 7,269 | 16,913 | |
(+) Cash & Short Term Investments | 27,100 | 67 | 34 | 331,560 | 647 | 236 | |
(+) Investments & Other | 16,295 | 0 | 0 | 0 | 85 | 2,280 | |
(-) Debt | (52,413) | (223) | (580) | (10,607) | (7,605) | (23,282) | |
(-) Other Liabilities | 1,289 | 4 | 0 | 0 | 26 | 4,288 | |
(-) Preferred Stock | 0 | (70) | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 20,801 | 236 | 141 | 1,254,634 | 422 | 435 | |
(/) Shares Outstanding | 9,163.3 | 4,081.4 | 589.6 | 1,388.8 | 886.5 | 21,764.3 | |
Implied Stock Price | 2.27 | 0.06 | 0.24 | 903.41 | 0.48 | 0.02 | |
FX Conversion Rate to Trading Currency | 1.00 | 0.93 | 5.42 | 7.26 | 0.93 | 7.26 | |
Implied Stock Price (Trading Cur) | 2.27 | 0.06 | 0.04 | 124.36 | 0.51 | 0.00 | |
Trading Currency | CNY | HKD | SGD | USD | HKD | USD | |
FX Rate to Reporting Currency | 1.00 | 0.93 | 5.42 | 7.26 | 0.93 | 7.26 |