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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 5,3x - 5,8x | 5,5x |
| Selected Fwd Revenue Multiple | 4,6x - 5,1x | 4,9x |
| Fair Value | ¥42,91 - ¥46,88 | ¥44,89 |
| Upside | -31,5% - -25,2% | -28,4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Foshan Blue Rocket Electronics Co.,Ltd. | 301348 | SZSE:301348 |
| GRINM Semiconductor Materials Co., Ltd. | 688432 | SHSE:688432 |
| Jiangsu Pacific Quartz Co., Ltd | 603688 | SHSE:603688 |
| Wuxi NCE Power Co.,Ltd. | 605111 | SHSE:605111 |
| Sino Wealth Electronic Ltd. | 300327 | SZSE:300327 |
| Jiangxi Lian Chuang Optoelectronic Science And Technology Co.,lTd. | 600363 | SHSE:600363 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 301348 | 688432 | 603688 | 605111 | 300327 | 600363 | |||
| SZSE:301348 | SHSE:688432 | SHSE:603688 | SHSE:605111 | SZSE:300327 | SHSE:600363 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 8.7% | 6.6% | 62.5% | 15.6% | 10.0% | -1.2% | ||
| 3Y CAGR | 8.8% | 19.9% | 123.3% | 15.6% | -3.5% | -5.4% | ||
| Latest Twelve Months | -1.7% | -9.4% | -65.8% | 8.8% | 3.3% | 6.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 6.6% | 20.2% | 46.1% | 21.2% | 14.9% | 0.0% | ||
| Prior Fiscal Year | 9.7% | 26.9% | 58.0% | 24.5% | 2.0% | -2.1% | ||
| Latest Fiscal Year | 5.7% | 19.8% | 81.8% | 17.8% | 7.2% | 1.9% | ||
| Latest Twelve Months | -3.3% | 15.5% | 56.2% | 25.5% | 7.2% | 0.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 6.14x | 12.77x | 6.28x | 6.34x | 5.84x | 8.13x | ||
| EV / LTM EBIT | -185.9x | 82.3x | 11.2x | 24.9x | 80.6x | 1112.4x | ||
| Price / LTM Sales | 7.14x | 15.76x | 7.55x | 7.96x | 6.03x | 8.87x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 5.84x | 6.28x | 12.77x | |||||
| Historical EV / LTM Revenue | 1.44x | 2.96x | 5.26x | |||||
| Selected EV / LTM Revenue | 5.25x | 5.53x | 5.80x | |||||
| (x) LTM Revenue | 3,205 | 3,205 | 3,205 | |||||
| (=) Implied Enterprise Value | 16,825 | 17,711 | 18,597 | |||||
| (-) Non-shareholder Claims * | 2,366 | 2,366 | 2,366 | |||||
| (=) Equity Value | 19,191 | 20,077 | 20,962 | |||||
| (/) Shares Outstanding | 453.5 | 453.5 | 453.5 | |||||
| Implied Value Range | 42.32 | 44.27 | 46.22 | |||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 42.32 | 44.27 | 46.22 | 62.68 | ||||
| Upside / (Downside) | -32.5% | -29.4% | -26.3% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 301348 | 688432 | 603688 | 605111 | 300327 | 600363 | |
| Enterprise Value | 4,368 | 12,043 | 14,323 | 10,964 | 7,806 | 26,060 | |
| (+) Cash & Short Term Investments | 746 | 2,882 | 2,730 | 2,615 | 402 | 1,694 | |
| (+) Investments & Other | 2 | 395 | 216 | 268 | 37 | 2,865 | |
| (-) Debt | (30) | (7) | 0 | (1) | (85) | (1,565) | |
| (-) Other Liabilities | 0 | (447) | (36) | (86) | (59) | (628) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,086 | 14,867 | 17,233 | 13,760 | 8,100 | 28,426 | |
| (/) Shares Outstanding | 200.0 | 1,244.1 | 538.9 | 415.3 | 339.5 | 453.5 | |
| Implied Stock Price | 25.43 | 11.95 | 31.98 | 33.13 | 23.86 | 62.68 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 25.43 | 11.95 | 31.98 | 33.13 | 23.86 | 62.68 | |
| 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 | |