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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 18.6x - 20.5x | 19.5x |
| Selected Fwd EBITDA Multiple | 10.3x - 11.4x | 10.9x |
| Fair Value | ¥20.68 - ¥22.62 | ¥21.65 |
| Upside | -16.2% - -8.3% | -12.2% |
| Benchmarks | Ticker | Full Ticker |
| Ningbo Dechang Electrical Machinery Made Co., Ltd. | 605555 | SHSE:605555 |
| Guangdong Topstrong Living Innovation and Integration Co., Ltd. | 300749 | SZSE:300749 |
| Suofeiya Home Collection Co., Ltd. | 2572 | SZSE:002572 |
| Guangdong Piano Customized Furniture Co., Ltd. | 2853 | SZSE:002853 |
| Jason Furniture (Hangzhou) Co.,Ltd. | 603816 | SHSE:603816 |
| DBG Technology Co., Ltd. | 300735 | SZSE:300735 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 605555 | 300749 | 2572 | 2853 | 603816 | 300735 | ||
| SHSE:605555 | SZSE:300749 | SZSE:002572 | SZSE:002853 | SHSE:603816 | SZSE:300735 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 11.1% | -4.3% | 6.9% | -5.2% | 16.7% | 16.3% | |
| 3Y CAGR | -7.0% | 21.6% | 5.4% | -24.1% | 15.1% | 18.9% | |
| Latest Twelve Months | 51.3% | -68.5% | -0.3% | -64.3% | 0.7% | 8.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.3% | 4.1% | 17.1% | 3.0% | 12.5% | 18.1% | |
| Prior Fiscal Year | 9.4% | 6.3% | 15.2% | 13.7% | 12.0% | 16.4% | |
| Latest Fiscal Year | 12.2% | 2.5% | 17.3% | 9.8% | 13.3% | 15.3% | |
| Latest Twelve Months | 11.5% | 2.5% | 17.6% | 6.3% | 13.1% | 11.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.65x | 1.25x | 1.41x | 1.98x | 0.95x | 2.37x | |
| EV / LTM EBITDA | 14.3x | 30.9x | 8.0x | 31.5x | 7.2x | 21.5x | |
| EV / LTM EBIT | 17.6x | -116.9x | 10.4x | -221.2x | 8.7x | 40.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.2x | 14.3x | 31.5x | ||||
| Historical EV / LTM EBITDA | 6.9x | 19.7x | 22.3x | ||||
| Selected EV / LTM EBITDA | 18.6x | 19.5x | 20.5x | ||||
| (x) LTM EBITDA | 787 | 787 | 787 | ||||
| (=) Implied Enterprise Value | 14,606 | 15,375 | 16,143 | ||||
| (-) Non-shareholder Claims * | 1,684 | 1,684 | 1,684 | ||||
| (=) Equity Value | 16,290 | 17,058 | 17,827 | ||||
| (/) Shares Outstanding | 767.5 | 767.5 | 767.5 | ||||
| Implied Value Range | 21.23 | 22.23 | 23.23 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 21.23 | 22.23 | 23.23 | 24.67 | |||
| Upside / (Downside) | -14.0% | -9.9% | -5.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 605555 | 300749 | 2572 | 2853 | 603816 | 300735 | |
| Enterprise Value | 6,179 | 1,388 | 15,703 | 2,258 | 17,798 | 17,250 | |
| (+) Cash & Short Term Investments | 1,198 | 283 | 2,910 | 406 | 2,272 | 2,691 | |
| (+) Investments & Other | 0 | 48 | 855 | 47 | 383 | 0 | |
| (-) Debt | (127) | (142) | (3,218) | (2) | (1,437) | (574) | |
| (-) Other Liabilities | 0 | (3) | (302) | 7 | (200) | (434) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,250 | 1,574 | 15,948 | 2,716 | 18,815 | 18,933 | |
| (/) Shares Outstanding | 372.4 | 205.2 | 963.0 | 182.9 | 812.1 | 767.5 | |
| Implied Stock Price | 19.47 | 7.67 | 16.56 | 14.85 | 23.17 | 24.67 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 19.47 | 7.67 | 16.56 | 14.85 | 23.17 | 24.67 | |
| 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 | |