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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.9x - 14.3x | 13.6x |
| Selected Fwd EBITDA Multiple | 10.0x - 11.0x | 10.5x |
| Fair Value | $5.01 - $5.48 | $5.24 |
| Upside | -31.8% - -25.4% | -28.6% |
| Benchmarks | Ticker | Full Ticker |
| Hangzhou Tigermed Consulting Co., Ltd | 300347 | SZSE:300347 |
| Pharmaron Beijing Co., Ltd. | 300759 | SZSE:300759 |
| Viva Biotech Holdings | 1873 | SEHK:1873 |
| Beijing Sun-Novo Pharmaceutical Research Co., Ltd. | 688621 | SHSE:688621 |
| Zhejiang Jiuzhou Pharmaceutical Co., Ltd | 603456 | SHSE:603456 |
| WuXi AppTec Co., Ltd. | WUXI.F | OTCPK:WUXI.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 300347 | 300759 | 1873 | 688621 | 603456 | WUXI.F | ||
| SZSE:300347 | SZSE:300759 | SEHK:1873 | SHSE:688621 | SHSE:603456 | OTCPK:WUXI.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 9.9% | 22.7% | 43.3% | 33.8% | 22.0% | 34.8% | |
| 3Y CAGR | -5.9% | 11.7% | 5.0% | 25.7% | 8.6% | 38.9% | |
| Latest Twelve Months | -35.2% | 6.2% | 9.5% | -6.5% | -14.7% | 22.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 26.6% | 23.2% | 19.7% | 25.4% | 25.8% | 27.5% | |
| Prior Fiscal Year | 25.4% | 21.1% | 18.1% | 23.1% | 26.8% | 30.7% | |
| Latest Fiscal Year | 18.4% | 21.0% | 21.5% | 18.7% | 21.5% | 38.4% | |
| Latest Twelve Months | 18.4% | 21.0% | 21.5% | 18.7% | 22.3% | 38.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.97x | 3.20x | 1.09x | 4.44x | 1.73x | 3.37x | |
| EV / LTM EBITDA | 21.6x | 15.2x | 5.1x | 23.7x | 6.6x | 8.8x | |
| EV / LTM EBIT | 25.9x | 22.9x | 9.5x | 27.1x | 9.5x | 10.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.1x | 15.2x | 23.7x | ||||
| Historical EV / LTM EBITDA | 8.8x | 24.8x | 82.6x | ||||
| Selected EV / LTM EBITDA | 12.9x | 13.6x | 14.3x | ||||
| (x) LTM EBITDA | 14,546 | 14,546 | 14,546 | ||||
| (=) Implied Enterprise Value | 188,057 | 197,955 | 207,852 | ||||
| (-) Non-shareholder Claims * | 22,631 | 22,631 | 22,631 | ||||
| (=) Equity Value | 210,688 | 220,585 | 230,483 | ||||
| (/) Shares Outstanding | 5,655.8 | 5,655.8 | 5,655.8 | ||||
| Implied Value Range | 37.25 | 39.00 | 40.75 | ||||
| FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.08 | 5.32 | 5.56 | 7.34 | |||
| Upside / (Downside) | -30.7% | -27.5% | -24.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300347 | 300759 | 1873 | 688621 | 603456 | WUXI.F | |
| Enterprise Value | 28,717 | 42,430 | 2,179 | 4,765 | 10,007 | 281,531 | |
| (+) Cash & Short Term Investments | 2,145 | 3,068 | 942 | 616 | 2,758 | 20,317 | |
| (+) Investments & Other | 13,539 | 883 | 989 | 106 | 205 | 11,269 | |
| (-) Debt | (2,834) | (5,975) | (1,284) | (456) | (418) | (8,502) | |
| (-) Other Liabilities | (3,394) | (604) | (14) | (2) | (73) | (453) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 38,174 | 39,802 | 2,811 | 5,029 | 12,479 | 304,162 | |
| (/) Shares Outstanding | 855.1 | 1,770.5 | 2,081.7 | 112.0 | 889.4 | 5,655.8 | |
| Implied Stock Price | 44.64 | 22.48 | 1.35 | 44.90 | 14.03 | 53.78 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.94 | 1.00 | 1.00 | 7.33 | |
| Implied Stock Price (Trading Cur) | 44.64 | 22.48 | 1.43 | 44.90 | 14.03 | 7.34 | |
| Trading Currency | CNY | CNY | HKD | CNY | CNY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.94 | 1.00 | 1.00 | 7.33 | |