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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 82.9x - 91.6x | 87.2x |
| Selected Fwd EBIT Multiple | 15.7x - 17.4x | 16.6x |
| Fair Value | ¥3.02 - ¥3.31 | ¥3.16 |
| Upside | -29.2% - -22.2% | -25.7% |
| Benchmarks | Ticker | Full Ticker |
| Beijing Tongrentang Co., Ltd | 600085 | SHSE:600085 |
| Kangmei Pharmaceutical Co., Ltd. | 600518 | SHSE:600518 |
| Xiangxue Pharmaceutical Co.,Ltd. | 300147 | SZSE:300147 |
| China Traditional Chinese Medicine Holdings Co. Limited | 570 | SEHK:570 |
| Shanghai Hile Bio-Technology Co., Ltd. | 603718 | SHSE:603718 |
| Tianjin Chase Sun Pharmaceutical Co.,Ltd | 300026 | SZSE:300026 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 600085 | 600518 | 300147 | 570 | 603718 | 300026 | ||
| SHSE:600085 | SHSE:600518 | SZSE:300147 | SEHK:570 | SHSE:603718 | SZSE:300026 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.8% | NM- | NM- | -20.9% | NM- | -29.3% | |
| 3Y CAGR | 5.1% | NM- | NM- | -34.8% | -5.4% | -53.3% | |
| Latest Twelve Months | -11.2% | -264.2% | -1915.1% | -44.2% | 276.4% | -76.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.8% | -132.5% | -0.7% | 11.2% | -2.1% | 9.3% | |
| Prior Fiscal Year | 16.5% | 3.7% | 2.2% | 7.4% | -2.7% | 8.4% | |
| Latest Fiscal Year | 14.5% | -8.0% | -12.6% | 4.6% | 6.8% | 1.8% | |
| Latest Twelve Months | 14.2% | -6.7% | -16.1% | 4.6% | 16.7% | 1.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.72x | 5.25x | 4.38x | 0.72x | 16.92x | 2.10x | |
| EV / LTM EBITDA | 16.9x | -383.4x | -124.9x | 6.5x | 56.7x | 32.0x | |
| EV / LTM EBIT | 19.1x | -79.0x | -27.3x | 15.8x | 101.4x | 129.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -79.0x | 15.8x | 101.4x | ||||
| Historical EV / LTM EBIT | 17.5x | 23.2x | 64.6x | ||||
| Selected EV / LTM EBIT | 82.9x | 87.2x | 91.6x | ||||
| (x) LTM EBIT | 93 | 93 | 93 | ||||
| (=) Implied Enterprise Value | 7,668 | 8,072 | 8,475 | ||||
| (-) Non-shareholder Claims * | 578 | 578 | 578 | ||||
| (=) Equity Value | 8,246 | 8,649 | 9,053 | ||||
| (/) Shares Outstanding | 3,004.2 | 3,004.2 | 3,004.2 | ||||
| Implied Value Range | 2.74 | 2.88 | 3.01 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.74 | 2.88 | 3.01 | 4.26 | |||
| Upside / (Downside) | -35.6% | -32.4% | -29.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600085 | 600518 | 300147 | 570 | 603718 | 300026 | |
| Enterprise Value | 50,589 | 27,912 | 7,506 | 11,908 | 4,455 | 12,220 | |
| (+) Cash & Short Term Investments | 11,378 | 894 | 58 | 5,274 | 476 | 1,187 | |
| (+) Investments & Other | 95 | 1 | 124 | 11 | 0 | 235 | |
| (-) Debt | (4,194) | (147) | (2,251) | (4,016) | (14) | (689) | |
| (-) Other Liabilities | (7,987) | (35) | (392) | (2,729) | (150) | (156) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 49,880 | 28,626 | 5,046 | 10,448 | 4,767 | 12,798 | |
| (/) Shares Outstanding | 1,371.5 | 13,828.9 | 661.3 | 5,035.8 | 655.7 | 3,004.2 | |
| Implied Stock Price | 36.37 | 2.07 | 7.63 | 2.07 | 7.27 | 4.26 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.91 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 36.37 | 2.07 | 7.63 | 2.27 | 7.27 | 4.26 | |
| Trading Currency | CNY | CNY | CNY | HKD | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.91 | 1.00 | 1.00 | |