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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.2x - 4.6x | 4.4x |
| Selected Fwd EBITDA Multiple | 3.9x - 4.3x | 4.1x |
| Fair Value | HK$ 14.69 - HK$ 15.94 | HK$ 15.31 |
| Upside | 7.8% - 17.1% | 12.4% |
| Benchmarks | Ticker | Full Ticker |
| ANTA Sports Products Limited | 2020 | SEHK:2020 |
| 361 Degrees International Limited | 1361 | SEHK:1361 |
| Ningbo Peacebird Fashion Co.,Ltd. | 603877 | SHSE:603877 |
| adidas AG | ADDD.F | OTCPK:ADDD.F |
| Sunvim Group Co.,Ltd | 2083 | SZSE:002083 |
| JNBY Design Limited | 3306 | SEHK:3306 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 2020 | 1361 | 603877 | ADDD.F | 2083 | 3306 | ||
| SEHK:2020 | SEHK:1361 | SHSE:603877 | OTCPK:ADDD.F | SZSE:002083 | SEHK:3306 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 14.3% | 12.2% | 2.3% | -10.4% | 2.3% | 14.3% | |
| 3Y CAGR | 15.4% | 14.3% | -8.5% | -9.6% | 6.6% | 11.7% | |
| Latest Twelve Months | 7.8% | 15.8% | 56.3% | 136.1% | 14.1% | 6.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 24.9% | 16.3% | 7.1% | 7.4% | 15.3% | 21.6% | |
| Prior Fiscal Year | 26.3% | 16.4% | 7.6% | 3.7% | 15.6% | 21.5% | |
| Latest Fiscal Year | 24.9% | 15.9% | 10.2% | 7.8% | 17.8% | 25.2% | |
| Latest Twelve Months | 24.9% | 15.9% | 9.9% | 7.8% | 17.8% | 25.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.69x | 0.45x | 1.08x | 1.62x | 0.93x | 0.98x | |
| EV / LTM EBITDA | 10.8x | 2.8x | 10.9x | 20.7x | 5.3x | 3.9x | |
| EV / LTM EBIT | 11.5x | 3.0x | 13.8x | 29.0x | 8.9x | 4.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.8x | 10.8x | 20.7x | ||||
| Historical EV / LTM EBITDA | 3.4x | 4.3x | 6.4x | ||||
| Selected EV / LTM EBITDA | 4.2x | 4.4x | 4.6x | ||||
| (x) LTM EBITDA | 1,350 | 1,350 | 1,350 | ||||
| (=) Implied Enterprise Value | 5,638 | 5,935 | 6,232 | ||||
| (-) Non-shareholder Claims * | 1,339 | 1,339 | 1,339 | ||||
| (=) Equity Value | 6,977 | 7,273 | 7,570 | ||||
| (/) Shares Outstanding | 516.0 | 516.0 | 516.0 | ||||
| Implied Value Range | 13.52 | 14.10 | 14.67 | ||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 14.36 | 14.97 | 15.58 | 13.62 | |||
| Upside / (Downside) | 5.4% | 9.9% | 14.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2020 | 1361 | 603877 | ADDD.F | 2083 | 3306 | |
| Enterprise Value | 189,693 | 4,504 | 7,394 | 37,503 | 5,007 | 5,279 | |
| (+) Cash & Short Term Investments | 35,079 | 4,256 | 1,960 | 2,530 | 877 | 1,860 | |
| (+) Investments & Other | 39,375 | 19 | 4 | 340 | 218 | 215 | |
| (-) Debt | (28,120) | (265) | (1,481) | (5,587) | (2,215) | (689) | |
| (-) Other Liabilities | (5,010) | (454) | (7) | (392) | 0 | (47) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 231,017 | 8,060 | 7,870 | 34,394 | 3,888 | 6,617 | |
| (/) Shares Outstanding | 2,807.2 | 2,067.7 | 473.8 | 178.5 | 908.4 | 516.0 | |
| Implied Stock Price | 82.29 | 3.90 | 16.61 | 192.63 | 4.28 | 12.82 | |
| FX Conversion Rate to Trading Currency | 0.94 | 0.94 | 1.00 | 0.88 | 1.00 | 0.94 | |
| Implied Stock Price (Trading Cur) | 87.40 | 4.14 | 16.61 | 219.00 | 4.28 | 13.62 | |
| Trading Currency | HKD | HKD | CNY | USD | CNY | HKD | |
| FX Rate to Reporting Currency | 0.94 | 0.94 | 1.00 | 0.88 | 1.00 | 0.94 | |