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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 1.0x - 1.1x | 1.0x |
Selected Fwd Ps Multiple | 1.0x - 1.1x | 1.0x |
Fair Value | ¥15.61 - ¥17.25 | ¥16.43 |
Upside | -2.0% - 8.3% | 3.1% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Launch Tech Company Limited | 248,800.0% | SEHK:2488 |
Aeolus Tyre Co., Ltd. | 60,046,900.0% | SHSE:600469 |
Tianneng Battery Group Co., Ltd. | 68,881,900.0% | SHSE:688819 |
Qingdao Hi-Tech Moulds & Plastics Technology Co., Ltd. | 30,102,200.0% | SZSE:301022 |
Prinx Chengshan Holdings Limited | 180,900.0% | SEHK:1809 |
YAPP Automotive Systems Co., Ltd. | 60,301,300.0% | SHSE:603013 |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
2488 | 600469 | 688819 | 301022 | 1809 | 603013 | |||
SEHK:2488 | SHSE:600469 | SHSE:688819 | SZSE:301022 | SEHK:1809 | SHSE:603013 | |||
Historical Sales Growth | ||||||||
5Y CAGR | 14.9% | 2.6% | 1.1% | 14.7% | 14.4% | -2.4% | ||
3Y CAGR | 11.9% | 6.5% | 5.2% | 4.6% | 13.3% | 0.1% | ||
Latest Twelve Months | 17.7% | 16.9% | -5.7% | NM | 10.3% | -5.9% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 6.5% | 2.7% | 4.7% | 8.4% | 7.9% | 6.2% | ||
Prior Fiscal Year | 10.6% | 6.1% | 4.8% | 4.1% | 10.4% | 5.4% | ||
Latest Fiscal Year | 18.0% | 4.2% | 3.5% | 2.3% | 12.0% | 6.2% | ||
Latest Twelve Months | 18.0% | 4.2% | 3.5% | 4.0% | 12.0% | 6.2% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 10.6x | 6.2x | 5.1x | 27.0x | 2.5x | 7.7x | ||
Price / LTM Sales | 2.2x | 0.6x | 0.5x | 3.3x | 0.4x | 1.0x | ||
LTM P/E Ratio | 12.4x | 14.3x | 15.7x | 80.8x | 3.5x | 16.3x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.4x | 0.6x | 3.3x | |||||
Historical LTM P/S Ratio | 0.8x | 1.0x | 1.0x | |||||
Selected Price / Sales Multiple | 1.0x | 1.0x | 1.1x | |||||
(x) LTM Sales | 8,076 | 8,076 | 8,076 | |||||
(=) Equity Value | 8,036 | 8,459 | 8,882 | |||||
(/) Shares Outstanding | 512.6 | 512.6 | 512.6 | |||||
Implied Value Range | 15.68 | 16.50 | 17.33 | |||||
FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 15.68 | 16.50 | 17.33 | 15.93 | ||||
Upside / (Downside) | -1.6% | 3.6% | 8.8% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | 2488 | 600469 | 688819 | 301022 | 1809 | 603013 | |
Value of Common Equity | 4,199 | 4,005 | 24,334 | 2,379 | 4,613 | 8,166 | |
(/) Shares Outstanding | 413.0 | 729.5 | 969.9 | 84.8 | 637.7 | 512.6 | |
Implied Stock Price | 10.17 | 5.49 | 25.09 | 28.07 | 7.23 | 15.93 | |
FX Conversion Rate to Trading Currency | 0.94 | 1.00 | 1.00 | 1.00 | 0.94 | 1.00 | |
Implied Stock Price (Trading Cur) | 10.82 | 5.49 | 25.09 | 28.07 | 7.70 | 15.93 | |
Trading Currency | HKD | CNY | CNY | CNY | HKD | CNY | |
FX Rate to Reporting Currency | 0.94 | 1.00 | 1.00 | 1.00 | 0.94 | 1.00 |