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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17.8x - 19.6x | 18.7x |
| Selected Fwd EBIT Multiple | 13.7x - 15.1x | 14.4x |
| Fair Value | ¥45.38 - ¥48.98 | ¥47.18 |
| Upside | 1.7% - 9.8% | 5.8% |
| Benchmarks | Ticker | Full Ticker |
| Ecovacs Robotics Co., Ltd. | 603486 | SHSE:603486 |
| Minami Acoustics Limited | 301383 | SZSE:301383 |
| GoldenHome Living Co., Ltd. | 603180 | SHSE:603180 |
| Guangdong Hotata Technology Group Co.,Ltd. | 603848 | SHSE:603848 |
| Edifier Technology Co., Ltd. | 2351 | SZSE:002351 |
| Bear Electric Appliance Co.,Ltd. | 2959 | SZSE:002959 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 603486 | 301383 | 603180 | 603848 | 2351 | 2959 | ||
| SHSE:603486 | SZSE:301383 | SHSE:603180 | SHSE:603848 | SZSE:002351 | SZSE:002959 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -0.3% | 152.2% | 5.1% | 6.8% | 77.6% | 13.7% | |
| 3Y CAGR | -9.2% | 4.1% | -4.7% | 11.8% | 14.3% | -1.6% | |
| Latest Twelve Months | -53.1% | 18.3% | -1.8% | 0.0% | 22.5% | -37.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.7% | 6.1% | 7.7% | 21.3% | 13.9% | 10.2% | |
| Prior Fiscal Year | 10.7% | 4.1% | 5.5% | 17.5% | 12.3% | 10.4% | |
| Latest Fiscal Year | 3.2% | 6.5% | 6.3% | 21.5% | 16.1% | 9.4% | |
| Latest Twelve Months | 3.6% | 6.3% | 5.3% | 18.9% | 16.9% | 6.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.16x | 3.30x | 0.73x | 3.56x | 4.02x | 1.15x | |
| EV / LTM EBITDA | 37.8x | 39.9x | 8.2x | 16.8x | 22.0x | 12.8x | |
| EV / LTM EBIT | 59.5x | 52.1x | 13.8x | 18.8x | 23.8x | 18.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 13.8x | 23.8x | 59.5x | ||||
| Historical EV / LTM EBIT | 12.6x | 27.1x | 31.6x | ||||
| Selected EV / LTM EBIT | 17.8x | 18.7x | 19.6x | ||||
| (x) LTM EBIT | 286 | 286 | 286 | ||||
| (=) Implied Enterprise Value | 5,074 | 5,341 | 5,608 | ||||
| (-) Non-shareholder Claims * | 1,729 | 1,729 | 1,729 | ||||
| (=) Equity Value | 6,803 | 7,070 | 7,337 | ||||
| (/) Shares Outstanding | 155.0 | 155.0 | 155.0 | ||||
| Implied Value Range | 43.89 | 45.61 | 47.33 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 43.89 | 45.61 | 47.33 | 44.60 | |||
| Upside / (Downside) | -1.6% | 2.3% | 6.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 603486 | 301383 | 603180 | 603848 | 2351 | 2959 | |
| Enterprise Value | 32,679 | 7,062 | 2,564 | 5,839 | 11,893 | 5,184 | |
| (+) Cash & Short Term Investments | 4,199 | 736 | 1,519 | 191 | 1,671 | 2,477 | |
| (+) Investments & Other | 639 | 0 | 303 | 135 | 17 | 5 | |
| (-) Debt | (1,900) | (3) | (1,444) | (43) | (14) | (677) | |
| (-) Other Liabilities | (0) | (5) | (9) | (398) | (69) | (77) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 35,617 | 7,790 | 2,933 | 5,723 | 13,499 | 6,913 | |
| (/) Shares Outstanding | 575.3 | 162.9 | 152.6 | 403.9 | 884.0 | 155.0 | |
| Implied Stock Price | 61.91 | 47.83 | 19.22 | 14.17 | 15.27 | 44.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 61.91 | 47.83 | 19.22 | 14.17 | 15.27 | 44.60 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |