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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 44.3x - 49.0x | 46.7x |
| Selected Fwd EBIT Multiple | 26.2x - 29.0x | 27.6x |
| Fair Value | ¥12.51 - ¥13.90 | ¥13.20 |
| Upside | -17.4% - -8.2% | -12.8% |
| Benchmarks | Ticker | Full Ticker |
| Citic Pacific Special Steel Group Co., Ltd | 708 | SZSE:000708 |
| Shanjin International Gold Co., Ltd. | 975 | SZSE:000975 |
| Zhe Jiang Hai Liang Co., Ltd | 2203 | SZSE:002203 |
| Sino-Platinum Metals Co.,Ltd | 600459 | SHSE:600459 |
| Fushun Special Steel Co.,LTD. | 600399 | SHSE:600399 |
| Shanghai Zhongzhou Special Alloy Materials Co., Ltd. | 300963 | SZSE:300963 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 708 | 975 | 2203 | 600459 | 600399 | 300963 | ||
| SZSE:000708 | SZSE:000975 | SZSE:002203 | SHSE:600459 | SHSE:600399 | SZSE:300963 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -1.6% | 22.1% | NM- | 15.9% | -7.9% | 4.3% | |
| 3Y CAGR | -14.4% | 21.3% | NM- | 13.8% | -37.0% | 8.0% | |
| Latest Twelve Months | -3.3% | 53.4% | -40.2% | 88.6% | -104.0% | 35.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.3% | 21.8% | 1.9% | 1.6% | 7.0% | 9.2% | |
| Prior Fiscal Year | 6.0% | 24.8% | 2.2% | 1.1% | 4.3% | 7.5% | |
| Latest Fiscal Year | 5.9% | 23.9% | 1.4% | 1.9% | 2.5% | 10.1% | |
| Latest Twelve Months | 6.1% | 23.6% | 1.2% | 1.9% | -0.2% | 10.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.85x | 3.60x | 0.44x | 0.23x | 1.34x | 5.01x | |
| EV / LTM EBITDA | 7.8x | 13.3x | 19.4x | 10.7x | 17.1x | 40.2x | |
| EV / LTM EBIT | 13.9x | 15.3x | 35.1x | 12.2x | 53.9x | 48.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.2x | 15.3x | 53.9x | ||||
| Historical EV / LTM EBIT | 29.9x | 33.0x | 67.6x | ||||
| Selected EV / LTM EBIT | 44.3x | 46.7x | 49.0x | ||||
| (x) LTM EBIT | 107 | 107 | 107 | ||||
| (=) Implied Enterprise Value | 4,737 | 4,987 | 5,236 | ||||
| (-) Non-shareholder Claims * | (253) | (253) | (253) | ||||
| (=) Equity Value | 4,484 | 4,734 | 4,983 | ||||
| (/) Shares Outstanding | 327.6 | 327.6 | 327.6 | ||||
| Implied Value Range | 13.69 | 14.45 | 15.21 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.69 | 14.45 | 15.21 | 15.14 | |||
| Upside / (Downside) | -9.6% | -4.6% | 0.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 708 | 975 | 2203 | 600459 | 600399 | 300963 | |
| Enterprise Value | 90,143 | 54,530 | 37,692 | 10,966 | 11,393 | 5,213 | |
| (+) Cash & Short Term Investments | 6,389 | 4,591 | 5,653 | 2,887 | 1,446 | 65 | |
| (+) Investments & Other | 871 | 21 | 2,135 | 73 | 41 | 0 | |
| (-) Debt | (35,739) | (1,004) | (24,592) | (3,617) | (3,088) | (319) | |
| (-) Other Liabilities | (2,561) | (1,909) | (2,555) | (289) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 59,102 | 56,229 | 18,333 | 10,021 | 9,791 | 4,960 | |
| (/) Shares Outstanding | 5,047.2 | 2,776.7 | 1,917.7 | 760.3 | 1,962.1 | 327.6 | |
| Implied Stock Price | 11.71 | 20.25 | 9.56 | 13.18 | 4.99 | 15.14 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11.71 | 20.25 | 9.56 | 13.18 | 4.99 | 15.14 | |
| 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 | |