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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.3x - 10.3x | 9.8x |
| Selected Fwd EBIT Multiple | 5.5x - 6.1x | 5.8x |
| Fair Value | HK$ 97.45 - HK$ 101.91 | HK$ 99.68 |
| Upside | 20.0% - 25.5% | 22.8% |
| Benchmarks | Ticker | Full Ticker |
| NIO Inc. | NIO | NYSE:NIO |
| XPeng Inc. | XPEV | NYSE:XPEV |
| Chijet Motor Company, Inc. | CJET | NasdaqGM:CJET |
| Rivian Automotive, Inc. | RIVN | NasdaqGS:RIVN |
| Tesla, Inc. | TSLA | NasdaqGS:TSLA |
| Li Auto Inc. | 2015 | SEHK:2015 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NIO | XPEV | CJET | RIVN | TSLA | 2015 | ||
| NYSE:NIO | NYSE:XPEV | NasdaqGM:CJET | NasdaqGS:RIVN | NasdaqGS:TSLA | SEHK:2015 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | 149.0% | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | 5.5% | NM- | |
| Latest Twelve Months | 3.4% | 36.4% | 43.9% | 18.3% | -13.9% | -5.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -37.4% | -52.5% | -791.1% | -16201.0% | 10.0% | -10.9% | |
| Prior Fiscal Year | -40.7% | -35.3% | -784.8% | -129.4% | 9.2% | 6.0% | |
| Latest Fiscal Year | -33.3% | -16.9% | -932.6% | -94.3% | 7.8% | 4.9% | |
| Latest Twelve Months | -33.3% | -16.9% | -612.5% | -94.3% | 7.8% | 4.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.81x | 2.39x | 40.62x | 1.98x | 7.08x | 0.38x | |
| EV / LTM EBITDA | -2.9x | -19.7x | -11.5x | -2.7x | 53.1x | 6.2x | |
| EV / LTM EBIT | -2.4x | -14.2x | -6.6x | -2.1x | 90.3x | 7.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -14.2x | -2.4x | 90.3x | ||||
| Historical EV / LTM EBIT | -150.9x | -28.2x | 45.5x | ||||
| Selected EV / LTM EBIT | 9.3x | 9.8x | 10.3x | ||||
| (x) LTM EBIT | 7,019 | 7,019 | 7,019 | ||||
| (=) Implied Enterprise Value | 65,188 | 68,619 | 72,050 | ||||
| (-) Non-shareholder Claims * | 96,938 | 96,938 | 96,938 | ||||
| (=) Equity Value | 162,127 | 165,558 | 168,989 | ||||
| (/) Shares Outstanding | 1,857.3 | 1,857.3 | 1,857.3 | ||||
| Implied Value Range | 87.29 | 89.14 | 90.99 | ||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 92.16 | 94.11 | 96.06 | 81.20 | |||
| Upside / (Downside) | 13.5% | 15.9% | 18.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NIO | XPEV | CJET | RIVN | TSLA | 2015 | |
| Enterprise Value | 56,470 | 114,680 | 414 | 9,521 | 691,443 | 45,904 | |
| (+) Cash & Short Term Investments | 33,466 | 0 | 1 | 7,700 | 36,563 | 112,806 | |
| (+) Investments & Other | 3,126 | 0 | 4 | 0 | 0 | 923 | |
| (-) Debt | (33,775) | 0 | (363) | (5,005) | (13,623) | (16,345) | |
| (-) Other Liabilities | (7,540) | 0 | (46) | (4) | (767) | (445) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 51,748 | 114,680 | 10 | 12,212 | 713,616 | 142,842 | |
| (/) Shares Outstanding | 2,242.5 | 950.4 | 5.4 | 1,130.7 | 3,216.5 | 1,857.3 | |
| Implied Stock Price | 23.08 | 120.67 | 1.81 | 10.80 | 221.86 | 76.91 | |
| FX Conversion Rate to Trading Currency | 7.35 | 7.35 | 1.00 | 1.00 | 1.00 | 0.95 | |
| Implied Stock Price (Trading Cur) | 3.14 | 16.42 | 1.81 | 10.80 | 221.86 | 81.20 | |
| Trading Currency | USD | USD | USD | USD | USD | HKD | |
| FX Rate to Reporting Currency | 7.35 | 7.35 | 1.00 | 1.00 | 1.00 | 0.95 | |