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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 54.4x - 60.1x | 57.3x |
| Selected Fwd EBIT Multiple | 28.3x - 31.3x | 29.8x |
| Fair Value | ¥35.91 - ¥39.78 | ¥37.85 |
| Upside | -4.8% - 5.4% | 0.3% |
| Benchmarks | Ticker | Full Ticker |
| PowerTECH Co., Ltd. | 301369 | SZSE:301369 |
| Beijing Huafeng Test & Control Technology Co.,Ltd. | 688200 | SHSE:688200 |
| Teradyne, Inc. | TER | NasdaqGS:TER |
| Shenzhen Xinyichang Technology Co., Ltd. | 688383 | SHSE:688383 |
| SG Micro Corp | 300661 | SZSE:300661 |
| Hangzhou Changchuan Technology Co.,Ltd | 300604 | SZSE:300604 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 301369 | 688200 | TER | 688383 | 300661 | 300604 | ||
| SZSE:301369 | SHSE:688200 | NasdaqGS:TER | SHSE:688383 | SZSE:300661 | SZSE:300604 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 22.2% | 0.7% | -23.4% | 16.0% | NM- | |
| 3Y CAGR | NM- | -13.1% | -23.2% | -51.8% | -14.4% | NM- | |
| Latest Twelve Months | -262.1% | 47.8% | 6.2% | -57.3% | 85.3% | 1666.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 19.2% | 43.3% | 26.1% | 14.7% | 18.9% | 7.5% | |
| Prior Fiscal Year | 34.4% | 31.1% | 19.3% | 6.4% | 25.6% | 16.0% | |
| Latest Fiscal Year | -6.4% | 35.0% | 19.4% | 3.0% | 5.9% | -3.3% | |
| Latest Twelve Months | -6.0% | 35.0% | 19.4% | 3.0% | 10.5% | 14.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.42x | 17.05x | 3.45x | 4.87x | 12.50x | 7.84x | |
| EV / LTM EBITDA | -230.6x | 45.5x | 14.6x | 86.3x | 97.6x | 46.9x | |
| EV / LTM EBIT | -139.6x | 48.7x | 17.7x | 161.2x | 119.5x | 52.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -139.6x | 48.7x | 161.2x | ||||
| Historical EV / LTM EBIT | -607.9x | 201.2x | 925.9x | ||||
| Selected EV / LTM EBIT | 54.4x | 57.3x | 60.1x | ||||
| (x) LTM EBIT | 462 | 462 | 462 | ||||
| (=) Implied Enterprise Value | 25,132 | 26,455 | 27,777 | ||||
| (-) Non-shareholder Claims * | (493) | (493) | (493) | ||||
| (=) Equity Value | 24,639 | 25,962 | 27,285 | ||||
| (/) Shares Outstanding | 626.8 | 626.8 | 626.8 | ||||
| Implied Value Range | 39.31 | 41.42 | 43.53 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 39.31 | 41.42 | 43.53 | 37.73 | |||
| Upside / (Downside) | 4.2% | 9.8% | 15.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 301369 | 688200 | TER | 688383 | 300661 | 300604 | |
| Enterprise Value | 2,463 | 15,438 | 9,849 | 4,555 | 39,741 | 24,141 | |
| (+) Cash & Short Term Investments | 649 | 2,212 | 600 | 194 | 2,059 | 1,036 | |
| (+) Investments & Other | 5 | 391 | 619 | 0 | 626 | 182 | |
| (-) Debt | (1) | (15) | (77) | (774) | (91) | (1,098) | |
| (-) Other Liabilities | (9) | 0 | 0 | 0 | 12 | (613) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,108 | 18,027 | 10,990 | 3,976 | 42,346 | 23,649 | |
| (/) Shares Outstanding | 69.6 | 135.3 | 161.7 | 101.8 | 472.0 | 626.8 | |
| Implied Stock Price | 44.62 | 133.27 | 67.96 | 39.05 | 89.72 | 37.73 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 44.62 | 133.27 | 67.96 | 39.05 | 89.72 | 37.73 | |
| Trading Currency | CNY | CNY | USD | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |