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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.1x - 5.6x | 5.3x |
| Selected Fwd EBITDA Multiple | 0.6x - 0.7x | 0.7x |
| Fair Value | $0.11 - $0.12 | $0.12 |
| Upside | -1.6% - 11.7% | 5.1% |
| Benchmarks | Ticker | Full Ticker |
| Zhang Jia Jie Tourism Group Co., Ltd | 430 | SZSE:000430 |
| Xi'an Tourism Co., Ltd. | 610 | SZSE:000610 |
| Huatian Hotel Group Co.,Ltd. | 428 | SZSE:000428 |
| Shenzhen Quanxinhao Co., Ltd. | 7 | SZSE:000007 |
| Dalian Sunasia Tourism Holding CO.,LTD | 600593 | SHSE:600593 |
| Xiabuxiabu Catering Management (China) Holdings Co., Ltd. | XIAX.F | OTCPK:XIAX.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 430 | 610 | 428 | 7 | 600593 | XIAX.F | ||
| SZSE:000430 | SZSE:000610 | SZSE:000428 | SZSE:000007 | SHSE:600593 | OTCPK:XIAX.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -8.5% | NM- | NM- | NM- | 8.6% | -21.1% | |
| 3Y CAGR | NM- | NM- | NM- | 18.6% | NM- | -18.6% | |
| Latest Twelve Months | 58.9% | -11.0% | -84.2% | 18.5% | 21.1% | -34.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -10.6% | -17.1% | -10.6% | 7.7% | 11.3% | 7.2% | |
| Prior Fiscal Year | -66.2% | -28.7% | -30.1% | 5.8% | -14.4% | 7.1% | |
| Latest Fiscal Year | 18.4% | -11.6% | -4.0% | 9.9% | 47.2% | 5.8% | |
| Latest Twelve Months | 20.3% | -16.8% | -10.9% | 10.0% | 45.5% | 5.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 12.23x | 9.23x | 7.16x | 9.16x | 9.82x | 0.21x | |
| EV / LTM EBITDA | 60.2x | -54.9x | -65.4x | 91.5x | 21.6x | 3.5x | |
| EV / LTM EBIT | -90.4x | -36.9x | -27.1x | 120.1x | 28.6x | -8.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -65.4x | 21.6x | 91.5x | ||||
| Historical EV / LTM EBITDA | 3.5x | 8.8x | 52.3x | ||||
| Selected EV / LTM EBITDA | 5.1x | 5.3x | 5.6x | ||||
| (x) LTM EBITDA | 277 | 277 | 277 | ||||
| (=) Implied Enterprise Value | 1,405 | 1,479 | 1,553 | ||||
| (-) Non-shareholder Claims * | (305) | (305) | (305) | ||||
| (=) Equity Value | 1,100 | 1,174 | 1,248 | ||||
| (/) Shares Outstanding | 1,394.5 | 1,394.5 | 1,394.5 | ||||
| Implied Value Range | 0.79 | 0.84 | 0.89 | ||||
| FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.11 | 0.12 | 0.12 | 0.11 | |||
| Upside / (Downside) | -1.6% | 5.1% | 11.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 430 | 610 | 428 | 7 | 600593 | XIAX.F | |
| Enterprise Value | 4,901 | 4,171 | 4,537 | 1,976 | 4,896 | 1,423 | |
| (+) Cash & Short Term Investments | 64 | 117 | 124 | 122 | 160 | 824 | |
| (+) Investments & Other | 32 | 97 | 504 | 14 | 428 | 233 | |
| (-) Debt | (1,286) | (1,252) | (2,064) | (50) | (639) | (1,291) | |
| (-) Other Liabilities | 0 | 25 | 496 | (11) | (158) | (71) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,712 | 3,158 | 3,597 | 2,051 | 4,687 | 1,117 | |
| (/) Shares Outstanding | 404.8 | 236.7 | 1,018.9 | 346.4 | 128.8 | 1,394.5 | |
| Implied Stock Price | 9.17 | 13.34 | 3.53 | 5.92 | 36.39 | 0.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.28 | |
| Implied Stock Price (Trading Cur) | 9.17 | 13.34 | 3.53 | 5.92 | 36.39 | 0.11 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.28 | |