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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 62.7x - 69.3x | 66.0x |
| Selected Fwd EBITDA Multiple | 43.9x - 48.5x | 46.2x |
| Fair Value | ¥13.06 - ¥14.01 | ¥13.53 |
| Upside | -22.9% - -17.3% | -20.1% |
| Benchmarks | Ticker | Full Ticker |
| Suzhou TFC Optical Communication Co., Ltd. | 300394 | SZSE:300394 |
| Skyworth Digital Co., Ltd. | 810 | SZSE:000810 |
| Chengdu Jiafaantai Education Technology Co.,Ltd. | 300559 | SZSE:300559 |
| Sumavision Technologies Co.,Ltd. | 300079 | SZSE:300079 |
| Shenzhen Sunway Communication Co., Ltd. | 300136 | SZSE:300136 |
| Qingdao Eastsoft Communication Technology Co.,Ltd | 300183 | SZSE:300183 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 300394 | 810 | 300559 | 300079 | 300136 | 300183 | ||
| SZSE:300394 | SZSE:000810 | SZSE:300559 | SZSE:300079 | SZSE:300136 | SZSE:300183 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 52.0% | -17.9% | -22.9% | -22.2% | -4.7% | -16.5% | |
| 3Y CAGR | 62.0% | -4.6% | -10.4% | -40.3% | -3.7% | -22.0% | |
| Latest Twelve Months | 78.5% | -73.9% | -59.4% | 227.5% | -20.1% | -12.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 40.4% | 5.2% | 24.8% | 10.9% | 14.6% | 14.9% | |
| Prior Fiscal Year | 44.2% | 5.6% | 24.6% | -4.1% | 12.2% | 7.5% | |
| Latest Fiscal Year | 47.1% | 3.4% | 14.0% | 5.5% | 13.2% | 6.3% | |
| Latest Twelve Months | 47.1% | 1.9% | 14.0% | 5.5% | 10.2% | 6.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 11.55x | 1.26x | 7.97x | 7.79x | 2.44x | 5.78x | |
| EV / LTM EBITDA | 24.5x | 66.7x | 56.8x | 141.0x | 23.8x | 91.0x | |
| EV / LTM EBIT | 26.7x | 171.2x | 104.5x | -99.8x | 55.1x | 198.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 23.8x | 56.8x | 141.0x | ||||
| Historical EV / LTM EBITDA | 19.4x | 42.6x | 91.0x | ||||
| Selected EV / LTM EBITDA | 62.7x | 66.0x | 69.3x | ||||
| (x) LTM EBITDA | 65 | 65 | 65 | ||||
| (=) Implied Enterprise Value | 4,102 | 4,318 | 4,533 | ||||
| (-) Non-shareholder Claims * | 1,882 | 1,882 | 1,882 | ||||
| (=) Equity Value | 5,984 | 6,200 | 6,416 | ||||
| (/) Shares Outstanding | 462.6 | 462.6 | 462.6 | ||||
| Implied Value Range | 12.94 | 13.40 | 13.87 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.94 | 13.40 | 13.87 | 16.94 | |||
| Upside / (Downside) | -23.6% | -20.9% | -18.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300394 | 810 | 300559 | 300079 | 300136 | 300183 | |
| Enterprise Value | 37,878 | 10,284 | 3,460 | 5,209 | 20,378 | 5,954 | |
| (+) Cash & Short Term Investments | 2,329 | 3,241 | 659 | 2,267 | 1,469 | 1,863 | |
| (+) Investments & Other | 9 | 256 | 66 | 718 | 617 | 25 | |
| (-) Debt | (46) | (877) | (20) | 0 | (3,041) | (3) | |
| (-) Other Liabilities | (6) | 20 | (18) | (2) | (31) | (2) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 40,163 | 12,923 | 4,147 | 8,191 | 19,392 | 7,837 | |
| (/) Shares Outstanding | 554.0 | 1,141.6 | 399.5 | 1,424.5 | 952.5 | 462.6 | |
| Implied Stock Price | 72.50 | 11.32 | 10.38 | 5.75 | 20.36 | 16.94 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 72.50 | 11.32 | 10.38 | 5.75 | 20.36 | 16.94 | |
| 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 | |