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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.4x - 12.6x | 12.0x |
| Selected Fwd EBITDA Multiple | 9.9x - 11.0x | 10.4x |
| Fair Value | HK$ 9.27 - HK$ 10.53 | HK$ 9.90 |
| Upside | -4.7% - 8.2% | 1.8% |
| Benchmarks | Ticker | Full Ticker |
| Giordano International Limited | 709 | SEHK:709 |
| Sa Sa International Holdings Limited | 178 | SEHK:178 |
| International Housewares Retail Company Limited | 1373 | SEHK:1373 |
| Glorious Sun Enterprises Limited | 393 | SEHK:393 |
| Luk Fook Holdings (International) Limited | 590 | SEHK:590 |
| Chow Tai Fook Jewellery Group Limited | 1929 | SEHK:1929 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 709 | 178 | 1373 | 393 | 590 | 1929 | ||
| SEHK:709 | SEHK:178 | SEHK:1373 | SEHK:393 | SEHK:590 | SEHK:1929 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -3.2% | -12.2% | 0.9% | 15.3% | 0.2% | 6.7% | |
| 3Y CAGR | 16.3% | NM- | -8.7% | 59.8% | 16.3% | 3.7% | |
| Latest Twelve Months | -20.7% | -17.4% | -24.6% | 287.4% | -30.2% | 0.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.5% | -3.1% | 8.3% | 7.8% | 13.7% | 10.6% | |
| Prior Fiscal Year | 13.9% | 0.3% | 8.2% | 6.4% | 13.9% | 9.2% | |
| Latest Fiscal Year | 10.9% | 8.1% | 6.4% | 22.5% | 13.4% | 9.5% | |
| Latest Twelve Months | 10.9% | 6.2% | 5.8% | 22.5% | 10.5% | 10.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.40x | 0.55x | 0.31x | 0.74x | 0.68x | 1.26x | |
| EV / LTM EBITDA | 3.6x | 8.9x | 5.4x | 3.3x | 6.5x | 11.8x | |
| EV / LTM EBIT | 4.1x | 11.8x | 7.1x | 3.4x | 7.5x | 13.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.3x | 5.4x | 8.9x | ||||
| Historical EV / LTM EBITDA | 11.9x | 15.8x | 19.2x | ||||
| Selected EV / LTM EBITDA | 11.4x | 12.0x | 12.6x | ||||
| (x) LTM EBITDA | 10,488 | 10,488 | 10,488 | ||||
| (=) Implied Enterprise Value | 119,963 | 126,277 | 132,591 | ||||
| (-) Non-shareholder Claims * | (26,733) | (26,733) | (26,733) | ||||
| (=) Equity Value | 93,230 | 99,544 | 105,857 | ||||
| (/) Shares Outstanding | 9,987.3 | 9,987.3 | 9,987.3 | ||||
| Implied Value Range | 9.33 | 9.97 | 10.60 | ||||
| FX Rate: HKD/HKD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.33 | 9.97 | 10.60 | 9.73 | |||
| Upside / (Downside) | -4.1% | 2.4% | 8.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 709 | 178 | 1373 | 393 | 590 | 1929 | |
| Enterprise Value | 1,555 | 2,288 | 821 | (1,031) | 9,099 | 123,910 | |
| (+) Cash & Short Term Investments | 836 | 355 | 401 | 1,265 | 1,934 | 3,839 | |
| (+) Investments & Other | 445 | 0 | 7 | 1,708 | 0 | 105 | |
| (-) Debt | (354) | (688) | (524) | (20) | (2,042) | (29,641) | |
| (-) Other Liabilities | (122) | 0 | (2) | (13) | 50 | (1,036) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,360 | 1,955 | 704 | 1,908 | 9,041 | 97,177 | |
| (/) Shares Outstanding | 1,616.2 | 3,103.2 | 717.9 | 1,502.7 | 587.1 | 9,987.3 | |
| Implied Stock Price | 1.46 | 0.63 | 0.98 | 1.27 | 15.40 | 9.73 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.46 | 0.63 | 0.98 | 1.27 | 15.40 | 9.73 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | HKD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |