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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.8x - 7.5x | 7.1x |
| Selected Fwd EBITDA Multiple | 5.5x - 6.1x | 5.8x |
| Fair Value | HK$ 5.53 - HK$ 5.88 | HK$ 5.70 |
| Upside | 30.1% - 38.3% | 34.2% |
| Benchmarks | Ticker | Full Ticker |
| Poly Property Services Co., Ltd. | 6049 | SEHK:6049 |
| A-Living Smart City Services Co., Ltd. | 3319 | SEHK:3319 |
| Country Garden Services Holdings Company Limited | 6098 | SEHK:6098 |
| Evergrande Property Services Group Limited | 6666 | SEHK:6666 |
| Hevol Services Group Co. Limited | 6093 | SEHK:6093 |
| Greentown Service Group Co. Ltd. | 2869 | SEHK:2869 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 6049 | 3319 | 6098 | 6666 | 6093 | 2869 | ||
| SEHK:6049 | SEHK:3319 | SEHK:6098 | SEHK:6666 | SEHK:6093 | SEHK:2869 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 31.0% | -2.1% | 18.5% | 47.5% | 25.2% | 14.9% | |
| 3Y CAGR | 33.2% | -22.2% | -9.6% | -10.7% | 22.8% | 4.5% | |
| Latest Twelve Months | 17.3% | -247.6% | 20.5% | -1.7% | -10.4% | 3.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.6% | 16.6% | 17.1% | 17.5% | 14.3% | 8.5% | |
| Prior Fiscal Year | 10.4% | 11.8% | 9.0% | 18.6% | 11.5% | 7.8% | |
| Latest Fiscal Year | 11.9% | -19.4% | 10.5% | 19.7% | 9.9% | 7.8% | |
| Latest Twelve Months | 12.1% | -19.4% | 10.5% | 16.9% | 8.7% | 7.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.35x | 0.03x | 0.17x | 0.46x | 0.45x | 0.34x | |
| EV / LTM EBITDA | 2.9x | -0.2x | 1.6x | 2.8x | 5.1x | 4.3x | |
| EV / LTM EBIT | 3.0x | -0.1x | 2.4x | 3.1x | 6.9x | 5.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -0.2x | 2.8x | 5.1x | ||||
| Historical EV / LTM EBITDA | 3.2x | 8.5x | 22.0x | ||||
| Selected EV / LTM EBITDA | 6.8x | 7.1x | 7.5x | ||||
| (x) LTM EBITDA | 1,402 | 1,402 | 1,402 | ||||
| (=) Implied Enterprise Value | 9,505 | 10,005 | 10,505 | ||||
| (-) Non-shareholder Claims * | 6,490 | 6,490 | 6,490 | ||||
| (=) Equity Value | 15,995 | 16,495 | 16,995 | ||||
| (/) Shares Outstanding | 3,143.6 | 3,143.6 | 3,143.6 | ||||
| Implied Value Range | 5.09 | 5.25 | 5.41 | ||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.45 | 5.62 | 5.79 | 4.25 | |||
| Upside / (Downside) | 28.2% | 32.2% | 36.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6049 | 3319 | 6098 | 6666 | 6093 | 2869 | |
| Enterprise Value | 5,547 | (717) | 7,440 | 5,796 | 578 | 5,984 | |
| (+) Cash & Short Term Investments | 10,788 | 5,310 | 18,238 | 2,452 | 257 | 5,788 | |
| (+) Investments & Other | 20 | 1,118 | 1,090 | 50 | 0 | 2,260 | |
| (-) Debt | (119) | (507) | (2,800) | (103) | (69) | (804) | |
| (-) Other Liabilities | (168) | (1,743) | (2,462) | (424) | (70) | (754) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 16,068 | 3,460 | 21,506 | 7,772 | 695 | 12,474 | |
| (/) Shares Outstanding | 549.8 | 1,420.0 | 3,343.0 | 10,810.8 | 560.0 | 3,143.6 | |
| Implied Stock Price | 29.22 | 2.44 | 6.43 | 0.72 | 1.24 | 3.97 | |
| FX Conversion Rate to Trading Currency | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | |
| Implied Stock Price (Trading Cur) | 31.30 | 2.61 | 6.89 | 0.77 | 1.33 | 4.25 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | HKD | |
| FX Rate to Reporting Currency | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | |