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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.3x - 10.3x | 9.8x |
| Selected Fwd EBITDA Multiple | 7.8x - 8.7x | 8.2x |
| Fair Value | HK$ 8.29 - HK$ 9.17 | HK$ 8.73 |
| Upside | -27.0% - -19.3% | -23.2% |
| Benchmarks | Ticker | Full Ticker |
| Regeneron Pharmaceuticals, Inc. | REGN | NasdaqGS:REGN |
| Twist Bioscience Corporation | TWST | NasdaqGS:TWST |
| CANbridge Pharmaceuticals Inc. | 1228 | SEHK:1228 |
| Guanhao Biotech Co.,Ltd. | 300238 | SZSE:300238 |
| Keymed Biosciences Inc. | 2162 | SEHK:2162 |
| Biocytogen Pharmaceuticals (Beijing) Co., Ltd. | 2315 | SEHK:2315 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| REGN | TWST | 1228 | 300238 | 2162 | 2315 | ||
| NasdaqGS:REGN | NasdaqGS:TWST | SEHK:1228 | SZSE:300238 | SEHK:2162 | SEHK:2315 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 13.8% | NM- | NM- | 0.2% | NM- | NM- | |
| 3Y CAGR | -20.7% | NM- | NM- | -4.5% | NM- | NM- | |
| Latest Twelve Months | -0.6% | 21.5% | 7.3% | 189.5% | -41.6% | 310.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 43.6% | -98.4% | -995.9% | 6.7% | -296.3% | -54.1% | |
| Prior Fiscal Year | 35.5% | -72.8% | -344.8% | -8.4% | -114.6% | -21.2% | |
| Latest Fiscal Year | 32.6% | -47.0% | -386.2% | 15.0% | -134.2% | 32.6% | |
| Latest Twelve Months | 32.6% | -41.3% | -386.2% | 7.7% | -134.2% | 32.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.12x | 6.57x | 2.32x | 8.28x | 21.47x | 4.61x | |
| EV / LTM EBITDA | 9.6x | -15.9x | -0.6x | 107.3x | -16.0x | 14.2x | |
| EV / LTM EBIT | 10.7x | -13.3x | -0.6x | 328.5x | -14.7x | 30.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -16.0x | -0.6x | 107.3x | ||||
| Historical EV / LTM EBITDA | -19.3x | -16.5x | 14.2x | ||||
| Selected EV / LTM EBITDA | 9.3x | 9.8x | 10.3x | ||||
| (x) LTM EBITDA | 319 | 319 | 319 | ||||
| (=) Implied Enterprise Value | 2,979 | 3,136 | 3,293 | ||||
| (-) Non-shareholder Claims * | (12) | (12) | (12) | ||||
| (=) Equity Value | 2,967 | 3,124 | 3,281 | ||||
| (/) Shares Outstanding | 399.4 | 399.4 | 399.4 | ||||
| Implied Value Range | 7.43 | 7.82 | 8.21 | ||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.89 | 8.31 | 8.73 | 11.36 | |||
| Upside / (Downside) | -30.5% | -26.9% | -23.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | REGN | TWST | 1228 | 300238 | 2162 | 2315 | |
| Enterprise Value | 44,577 | 2,168 | 184 | 3,090 | 9,193 | 4,283 | |
| (+) Cash & Short Term Investments | 9,013 | 271 | 11 | 107 | 2,156 | 404 | |
| (+) Investments & Other | 9,060 | 0 | 0 | 34 | 210 | 159 | |
| (-) Debt | (2,939) | (83) | (136) | (98) | (753) | (570) | |
| (-) Other Liabilities | 0 | 0 | 0 | 75 | (1) | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 59,710 | 2,356 | 59 | 3,208 | 10,805 | 4,271 | |
| (/) Shares Outstanding | 107.0 | 59.7 | 424.8 | 265.2 | 275.6 | 399.4 | |
| Implied Stock Price | 557.91 | 39.50 | 0.14 | 12.10 | 39.21 | 10.69 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.94 | 1.00 | 0.94 | 0.94 | |
| Implied Stock Price (Trading Cur) | 557.91 | 39.50 | 0.15 | 12.10 | 41.65 | 11.36 | |
| Trading Currency | USD | USD | HKD | CNY | HKD | HKD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.94 | 1.00 | 0.94 | 0.94 | |