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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 17.7x - 19.6x | 18.6x |
| Selected Fwd EBITDA Multiple | 10.0x - 11.0x | 10.5x |
| Fair Value | ¥21.10 - ¥23.23 | ¥22.16 |
| Upside | 7.6% - 18.5% | 13.0% |
| Benchmarks | Ticker | Full Ticker |
| Ecovacs Robotics Co., Ltd. | 603486 | SHSE:603486 |
| Edifier Technology Co., Ltd. | 2351 | SZSE:002351 |
| Marssenger Kitchenware Co., Ltd. | 300894 | SZSE:300894 |
| Zhejiang Prulde Electric Appliance Co., Ltd. | 301353 | SZSE:301353 |
| Minami Acoustics Limited | 301383 | SZSE:301383 |
| Ziel Home Furnishing Technology Co., Ltd. | 301376 | SZSE:301376 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 603486 | 2351 | 300894 | 301353 | 301383 | 301376 | ||
| SHSE:603486 | SZSE:002351 | SZSE:300894 | SZSE:301353 | SZSE:301383 | SZSE:301376 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.1% | 54.5% | 22.3% | 15.5% | 54.2% | 50.0% | |
| 3Y CAGR | -1.2% | 13.2% | 2.3% | 3.3% | 7.2% | 0.0% | |
| Latest Twelve Months | -37.9% | 18.9% | -64.6% | -34.3% | 27.6% | 6.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.2% | 15.8% | 19.3% | 14.9% | 8.0% | 7.0% | |
| Prior Fiscal Year | 11.9% | 14.3% | 17.7% | 19.0% | 6.2% | 5.2% | |
| Latest Fiscal Year | 4.9% | 17.6% | 18.2% | 12.4% | 8.4% | 7.8% | |
| Latest Twelve Months | 5.7% | 18.2% | 9.5% | 8.5% | 8.3% | 5.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.27x | 4.00x | 3.71x | 2.00x | 3.59x | 0.99x | |
| EV / LTM EBITDA | 39.8x | 21.9x | 38.8x | 23.5x | 43.5x | 17.0x | |
| EV / LTM EBIT | 62.5x | 23.7x | 168.3x | 40.7x | 56.7x | 17.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 21.9x | 38.8x | 43.5x | ||||
| Historical EV / LTM EBITDA | 20.3x | 20.3x | 20.3x | ||||
| Selected EV / LTM EBITDA | 17.7x | 18.6x | 19.6x | ||||
| (x) LTM EBITDA | 445 | 445 | 445 | ||||
| (=) Implied Enterprise Value | 7,879 | 8,294 | 8,708 | ||||
| (-) Non-shareholder Claims * | 338 | 338 | 338 | ||||
| (=) Equity Value | 8,217 | 8,632 | 9,046 | ||||
| (/) Shares Outstanding | 401.5 | 401.5 | 401.5 | ||||
| Implied Value Range | 20.47 | 21.50 | 22.53 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 20.47 | 21.50 | 22.53 | 19.61 | |||
| Upside / (Downside) | 4.4% | 9.6% | 14.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 603486 | 2351 | 300894 | 301353 | 301383 | 301376 | |
| Enterprise Value | 34,519 | 11,893 | 5,863 | 1,763 | 7,601 | 7,536 | |
| (+) Cash & Short Term Investments | 4,199 | 1,671 | 852 | 538 | 736 | 1,118 | |
| (+) Investments & Other | 639 | 17 | 126 | 0 | 0 | 1,542 | |
| (-) Debt | (1,900) | (14) | (488) | (37) | (3) | (2,322) | |
| (-) Other Liabilities | (0) | (69) | 0 | 0 | (5) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 37,457 | 13,499 | 6,352 | 2,264 | 8,329 | 7,873 | |
| (/) Shares Outstanding | 575.3 | 884.0 | 407.7 | 73.9 | 162.9 | 401.5 | |
| Implied Stock Price | 65.11 | 15.27 | 15.58 | 30.62 | 51.14 | 19.61 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 65.11 | 15.27 | 15.58 | 30.62 | 51.14 | 19.61 | |
| 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 | |