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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -55.3x - -61.2x | -58.3x |
| Selected Fwd EBITDA Multiple | 48.3x - 53.4x | 50.8x |
| Fair Value | ¥8.14 - ¥9.22 | ¥8.68 |
| Upside | -46.9% - -39.8% | -43.3% |
| Benchmarks | Ticker | Full Ticker |
| Winner Technology Co., Inc. | 300609 | SZSE:300609 |
| Yusys Technologies Co., Ltd. | 300674 | SZSE:300674 |
| Brilliance Technology Co., Ltd. | 300542 | SZSE:300542 |
| Shanghai Wisdom Information Technology Co., Ltd. | 301315 | SZSE:301315 |
| Taiji Computer Corporation Limited | 2368 | SZSE:002368 |
| Hengfeng Information Technology Co., Ltd. | 300605 | SZSE:300605 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 300609 | 300674 | 300542 | 301315 | 2368 | 300605 | ||
| SZSE:300609 | SZSE:300674 | SZSE:300542 | SZSE:301315 | SZSE:002368 | SZSE:300605 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | -3.4% | 4.4% | 11.8% | 3.1% | -13.9% | |
| 3Y CAGR | NM- | -11.8% | -10.1% | -13.7% | -4.8% | -24.6% | |
| Latest Twelve Months | 428.1% | -5.9% | -32.5% | 5.6% | -24.1% | -303.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 0.6% | 8.9% | 6.4% | 20.0% | 7.0% | 8.4% | |
| Prior Fiscal Year | -2.0% | 5.6% | 5.2% | 14.1% | 8.1% | 9.8% | |
| Latest Fiscal Year | 16.0% | 6.9% | 4.2% | 15.9% | 7.3% | 5.8% | |
| Latest Twelve Months | 26.2% | 6.9% | 2.9% | 15.9% | 7.3% | -10.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.30x | 3.20x | 4.25x | 10.49x | 1.87x | 10.67x | |
| EV / LTM EBITDA | 27.9x | 46.5x | 147.1x | 65.9x | 25.8x | -99.1x | |
| EV / LTM EBIT | 149.3x | 48.2x | 151.8x | 77.5x | 53.2x | -69.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 25.8x | 46.5x | 147.1x | ||||
| Historical EV / LTM EBITDA | 28.8x | 33.7x | 190.5x | ||||
| Selected EV / LTM EBITDA | -55.3x | -58.3x | -61.2x | ||||
| (x) LTM EBITDA | (29) | (29) | (29) | ||||
| (=) Implied Enterprise Value | 1,606 | 1,691 | 1,775 | ||||
| (-) Non-shareholder Claims * | (352) | (352) | (352) | ||||
| (=) Equity Value | 1,254 | 1,338 | 1,423 | ||||
| (/) Shares Outstanding | 164.6 | 164.6 | 164.6 | ||||
| Implied Value Range | 7.62 | 8.13 | 8.65 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.62 | 8.13 | 8.65 | 15.32 | |||
| Upside / (Downside) | -50.3% | -46.9% | -43.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300609 | 300674 | 300542 | 301315 | 2368 | 300605 | |
| Enterprise Value | 2,665 | 12,635 | 6,636 | 3,081 | 14,681 | 2,874 | |
| (+) Cash & Short Term Investments | 253 | 2,728 | 234 | 897 | 2,246 | 92 | |
| (+) Investments & Other | 236 | 660 | 0 | 0 | 306 | 2 | |
| (-) Debt | (87) | (39) | (396) | (0) | (2,376) | (445) | |
| (-) Other Liabilities | (56) | (37) | (7) | (0) | (361) | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,011 | 15,947 | 6,467 | 3,978 | 14,496 | 2,521 | |
| (/) Shares Outstanding | 120.1 | 687.4 | 298.6 | 88.0 | 623.2 | 164.6 | |
| Implied Stock Price | 25.07 | 23.20 | 21.66 | 45.20 | 23.26 | 15.32 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 25.07 | 23.20 | 21.66 | 45.20 | 23.26 | 15.32 | |
| 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 | |