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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 68.6x - 75.8x | 72.2x |
| Selected Fwd EBITDA Multiple | 34.7x - 38.4x | 36.5x |
| Fair Value | ¥53.60 - ¥59.33 | ¥56.47 |
| Upside | 23.2% - 36.4% | 29.8% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 301369 | 688200 | TER | 688383 | 300661 | 300604 | ||
| SZSE:301369 | SHSE:688200 | NasdaqGS:TER | SHSE:688383 | SZSE:300661 | SZSE:300604 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 24.5% | 0.5% | -14.4% | 22.4% | NM- | |
| 3Y CAGR | NM- | -10.1% | -20.6% | -41.6% | -5.8% | NM- | |
| Latest Twelve Months | -166.8% | 51.1% | 6.5% | -41.8% | 66.4% | 738.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 20.9% | 45.0% | 30.0% | 16.5% | 20.5% | 9.7% | |
| Prior Fiscal Year | 35.6% | 34.1% | 23.4% | 8.7% | 27.2% | 17.2% | |
| Latest Fiscal Year | -3.9% | 39.3% | 23.7% | 5.6% | 8.3% | -0.7% | |
| Latest Twelve Months | -3.7% | 39.3% | 23.7% | 5.6% | 12.8% | 16.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 10.91x | 18.45x | 4.57x | 5.81x | 12.38x | 9.01x | |
| EV / LTM EBITDA | -298.8x | 46.9x | 19.3x | 102.8x | 96.7x | 53.9x | |
| EV / LTM EBIT | -180.9x | 50.4x | 23.5x | 192.1x | 118.4x | 60.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -298.8x | 46.9x | 102.8x | ||||
| Historical EV / LTM EBITDA | -830.5x | 175.6x | 391.5x | ||||
| Selected EV / LTM EBITDA | 68.6x | 72.2x | 75.8x | ||||
| (x) LTM EBITDA | 519 | 519 | 519 | ||||
| (=) Implied Enterprise Value | 35,555 | 37,426 | 39,298 | ||||
| (-) Non-shareholder Claims * | (493) | (493) | (493) | ||||
| (=) Equity Value | 35,062 | 36,934 | 38,805 | ||||
| (/) Shares Outstanding | 626.8 | 626.8 | 626.8 | ||||
| Implied Value Range | 55.94 | 58.93 | 61.91 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 55.94 | 58.93 | 61.91 | 43.50 | |||
| Upside / (Downside) | 28.6% | 35.5% | 42.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 301369 | 688200 | TER | 688383 | 300661 | 300604 | |
| Enterprise Value | 3,194 | 16,601 | 13,010 | 5,426 | 39,363 | 27,758 | |
| (+) Cash & Short Term Investments | 649 | 2,169 | 600 | 194 | 2,059 | 1,036 | |
| (+) Investments & Other | 5 | 317 | 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 | 3,838 | 19,072 | 14,152 | 4,846 | 41,969 | 27,265 | |
| (/) Shares Outstanding | 69.6 | 135.3 | 161.7 | 101.8 | 472.0 | 626.8 | |
| Implied Stock Price | 55.11 | 141.00 | 87.51 | 47.60 | 88.92 | 43.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 55.11 | 141.00 | 87.51 | 47.60 | 88.92 | 43.50 | |
| 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 | |