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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 45.7x - 50.5x | 48.1x |
| Selected Fwd EBIT Multiple | 21.6x - 23.8x | 22.7x |
| Fair Value | ¥56.20 - ¥60.97 | ¥58.58 |
| Upside | 25.9% - 36.5% | 31.2% |
| Benchmarks | Ticker | Full Ticker |
| WuXi AppTec Co., Ltd. | 603259 | SHSE:603259 |
| Beijing Sun-Novo Pharmaceutical Research Co., Ltd. | 688621 | SHSE:688621 |
| IQVIA Holdings Inc. | IQV | NYSE:IQV |
| Frontage Holdings Corporation | 1521 | SEHK:1521 |
| R&G PharmaStudies Co., Ltd. | 301333 | SZSE:301333 |
| Hangzhou Tigermed Consulting Co., Ltd | 300347 | SZSE:300347 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 603259 | 688621 | IQV | 1521 | 301333 | 300347 | ||
| SHSE:603259 | SHSE:688621 | NYSE:IQV | SEHK:1521 | SZSE:301333 | SZSE:300347 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 36.2% | 26.9% | 21.1% | -11.5% | 5.2% | 7.2% | |
| 3Y CAGR | 40.6% | 13.7% | 16.4% | -32.2% | 3.5% | -9.1% | |
| Latest Twelve Months | 40.4% | -42.2% | 8.5% | -61.0% | -2.1% | -47.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 23.3% | 22.4% | 11.6% | 10.5% | 16.8% | 23.7% | |
| Prior Fiscal Year | 25.4% | 20.8% | 13.8% | 7.8% | 18.2% | 22.9% | |
| Latest Fiscal Year | 31.9% | 16.3% | 14.8% | 3.1% | 16.3% | 15.3% | |
| Latest Twelve Months | 33.2% | 11.8% | 14.7% | 3.1% | 16.7% | 13.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.59x | 4.65x | 2.56x | 1.54x | 3.40x | 4.08x | |
| EV / LTM EBITDA | 9.1x | 32.5x | 13.6x | 11.1x | 19.7x | 25.1x | |
| EV / LTM EBIT | 10.8x | 39.3x | 17.4x | 49.9x | 20.3x | 31.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.8x | 20.3x | 49.9x | ||||
| Historical EV / LTM EBIT | 17.7x | 40.5x | 158.2x | ||||
| Selected EV / LTM EBIT | 45.7x | 48.1x | 50.5x | ||||
| (x) LTM EBIT | 848 | 848 | 848 | ||||
| (=) Implied Enterprise Value | 38,776 | 40,817 | 42,858 | ||||
| (-) Non-shareholder Claims * | 9,290 | 9,290 | 9,290 | ||||
| (=) Equity Value | 48,067 | 50,107 | 52,148 | ||||
| (/) Shares Outstanding | 855.1 | 855.1 | 855.1 | ||||
| Implied Value Range | 56.21 | 58.60 | 60.98 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 56.21 | 58.60 | 60.98 | 44.65 | |||
| Upside / (Downside) | 25.9% | 31.2% | 36.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 603259 | 688621 | IQV | 1521 | 301333 | 300347 | |
| Enterprise Value | 143,301 | 4,916 | 39,297 | 385 | 2,515 | 28,892 | |
| (+) Cash & Short Term Investments | 26,489 | 671 | 1,876 | 44 | 1,707 | 1,675 | |
| (+) Investments & Other | 10,818 | 56 | 383 | 10 | 33 | 14,046 | |
| (-) Debt | (9,943) | (619) | (14,538) | (154) | (7) | (3,051) | |
| (-) Other Liabilities | (446) | 0 | (8) | (1) | (4) | (3,379) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 170,218 | 5,024 | 27,010 | 283 | 4,245 | 38,182 | |
| (/) Shares Outstanding | 2,865.1 | 109.3 | 173.0 | 2,023.6 | 95.1 | 855.1 | |
| Implied Stock Price | 59.41 | 45.97 | 156.13 | 0.14 | 44.62 | 44.65 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.13 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 59.41 | 45.97 | 156.13 | 1.09 | 44.62 | 44.65 | |
| Trading Currency | CNY | CNY | USD | HKD | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.13 | 1.00 | 1.00 | |