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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 2,9x - 3,3x | 3,1x |
| Selected Fwd EBITDA Multiple | 2,2x - 2,4x | 2,3x |
| Fair Value | $2,15 - $2,23 | $2,19 |
| Upside | -25,8% - -22,9% | -24,4% |
| Benchmarks | Ticker | Full Ticker |
| Haier Smart Home Co., Ltd. | 600690 | SHSE:600690 |
| Midea Group Co., Ltd. | 333 | SZSE:000333 |
| Whirlpool Corporation | WHR | NYSE:WHR |
| Panasonic Holdings Corporation | 6752 | TSE:6752 |
| LG Electronics Inc. | A066570 | KOSE:A066570 |
| Hisense Home Appliances Group Co., Ltd. | HISE.F | OTCPK:HISE.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 600690 | 333 | WHR | 6752 | A066570 | HISE.F | ||
| SHSE:600690 | SZSE:000333 | NYSE:WHR | TSE:6752 | KOSE:A066570 | OTCPK:HISE.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.9% | 7.9% | -8.3% | 2.1% | 9.5% | 29.8% | |
| 3Y CAGR | 12.0% | 14.5% | -24.0% | 3.0% | 0.8% | 18.4% | |
| Latest Twelve Months | 8.2% | 5.3% | -23.1% | 7.5% | 1.2% | -1.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.0% | 10.4% | 10.0% | 7.6% | 8.6% | 5.9% | |
| Prior Fiscal Year | 8.6% | 11.5% | 8.1% | 6.6% | 8.4% | 6.4% | |
| Latest Fiscal Year | 9.0% | 11.1% | 7.3% | 7.7% | 7.9% | 5.8% | |
| Latest Twelve Months | 9.0% | 11.1% | 7.3% | 7.8% | 7.9% | 5.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.57x | 0.87x | 0.64x | 0.39x | 0.23x | 0.10x | |
| EV / LTM EBITDA | 6.3x | 7.9x | 8.7x | 5.0x | 3.0x | 1.8x | |
| EV / LTM EBIT | 7.9x | 9.2x | 11.9x | 8.8x | 6.0x | 2.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.0x | 6.3x | 8.7x | ||||
| Historical EV / LTM EBITDA | 1.2x | 2.2x | 4.1x | ||||
| Selected EV / LTM EBITDA | 2.9x | 3.1x | 3.3x | ||||
| (x) LTM EBITDA | 5,402 | 5,402 | 5,402 | ||||
| (=) Implied Enterprise Value | 15,926 | 16,764 | 17,603 | ||||
| (-) Non-shareholder Claims * | 26,641 | 26,641 | 26,641 | ||||
| (=) Equity Value | 42,567 | 43,405 | 44,243 | ||||
| (/) Shares Outstanding | 2,668.0 | 2,668.0 | 2,668.0 | ||||
| Implied Value Range | 15.95 | 16.27 | 16.58 | ||||
| FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.18 | 2.22 | 2.27 | 2.90 | |||
| Upside / (Downside) | -24.8% | -23.3% | -21.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600690 | 333 | WHR | 6752 | A066570 | HISE.F | |
| Enterprise Value | 176,371 | 357,549 | 10,608 | 3,392,850 | 21,186,683 | 29,958 | |
| (+) Cash & Short Term Investments | 58,756 | 177,329 | 1,275 | 1,263,179 | 7,620,269 | 26,122 | |
| (+) Investments & Other | 42,394 | 107,822 | 265 | 689,908 | 3,256,961 | 7,459 | |
| (-) Debt | (39,647) | (86,255) | (7,499) | (1,598,533) | (15,242,402) | (3,021) | |
| (-) Other Liabilities | (7,023) | (10,917) | (250) | (198,813) | (4,216,895) | (3,919) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 230,851 | 545,528 | 4,399 | 3,548,591 | 12,604,616 | 56,598 | |
| (/) Shares Outstanding | 9,319.8 | 7,631.9 | 55.4 | 2,334.6 | 180.1 | 2,668.0 | |
| Implied Stock Price | 24.77 | 71.48 | 79.43 | 1,520.00 | 70,000.00 | 21.21 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.32 | |
| Implied Stock Price (Trading Cur) | 24.77 | 71.48 | 79.43 | 1,520.00 | 70,000.00 | 2.90 | |
| Trading Currency | CNY | CNY | USD | JPY | KRW | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.32 | |