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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 135,8x - 150,1x | 142,9x |
| Selected Fwd EBIT Multiple | 137,5x - 151,9x | 144,7x |
| Fair Value | ¥1,11 - ¥4,70 | ¥2,90 |
| Upside | -79,5% - -12,9% | -46,2% |
| Benchmarks | Ticker | Full Ticker |
| Onewo Inc. | 2602 | SEHK:2602 |
| China Merchants Shekou Industrial Zone Holdings Co., Ltd. | 1979 | SZSE:001979 |
| China Merchants Property Operation & Service Co., Ltd. | 1914 | SZSE:001914 |
| Shunfa Hengneng Corporation | 631 | SZSE:000631 |
| Country Garden Services Holdings Company Limited | 6098 | SEHK:6098 |
| Suzhou New District Hi-Tech Industrial Co.,Ltd | 600736 | SHSE:600736 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2602 | 1979 | 1914 | 631 | 6098 | 600736 | ||
| SEHK:2602 | SZSE:001979 | SZSE:001914 | SZSE:000631 | SEHK:6098 | SHSE:600736 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.7% | -12.8% | 12.5% | -18.2% | 10.9% | -40.9% | |
| 3Y CAGR | -5.7% | -26.5% | 13.8% | 15.0% | -16.3% | -39.6% | |
| Latest Twelve Months | -19.5% | -25.5% | 20.1% | -70.7% | 34.0% | -53.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.3% | 11.9% | 7.3% | 25.2% | 14.0% | 5.5% | |
| Prior Fiscal Year | 6.2% | 7.2% | 6.0% | 30.4% | 5.4% | 7.5% | |
| Latest Fiscal Year | 4.5% | 5.2% | 6.6% | 15.4% | 7.0% | 1.1% | |
| Latest Twelve Months | 4.5% | 5.2% | 6.6% | 12.3% | 7.0% | 3.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.21x | 1.85x | 0.53x | 2.07x | 0.18x | 5.29x | |
| EV / LTM EBITDA | 3.0x | 26.8x | 7.7x | 11.2x | 1.7x | 60.9x | |
| EV / LTM EBIT | 4.7x | 35.5x | 8.0x | 16.8x | 2.5x | 153.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 2.5x | 8.0x | 35.5x | ||||
| Historical EV / LTM EBIT | 13.6x | 44.5x | 135.7x | ||||
| Selected EV / LTM EBIT | 135.8x | 142.9x | 150.1x | ||||
| (x) LTM EBIT | 289 | 289 | 289 | ||||
| (=) Implied Enterprise Value | 39,265 | 41,332 | 43,399 | ||||
| (-) Non-shareholder Claims * | (37,991) | (37,991) | (37,991) | ||||
| (=) Equity Value | 1,274 | 3,341 | 5,407 | ||||
| (/) Shares Outstanding | 1,151.3 | 1,151.3 | 1,151.3 | ||||
| Implied Value Range | 1.11 | 2.90 | 4.70 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.11 | 2.90 | 4.70 | 5.39 | |||
| Upside / (Downside) | -79.5% | -46.2% | -12.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2602 | 1979 | 1914 | 631 | 6098 | 600736 | |
| Enterprise Value | 7,771 | 332,305 | 9,113 | 1,371 | 7,868 | 44,197 | |
| (+) Cash & Short Term Investments | 14,125 | 100,352 | 4,669 | 5,002 | 18,238 | 4,910 | |
| (+) Investments & Other | 2,961 | 78,183 | 305 | 35 | 1,090 | 6,126 | |
| (-) Debt | (336) | (247,935) | (948) | (0) | (2,800) | (40,672) | |
| (-) Other Liabilities | (737) | (175,738) | (151) | (67) | (2,462) | (8,355) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 23,784 | 87,166 | 12,988 | 6,341 | 21,934 | 6,205 | |
| (/) Shares Outstanding | 1,160.0 | 9,042.2 | 1,059.4 | 2,340.0 | 3,343.0 | 1,151.3 | |
| Implied Stock Price | 20.50 | 9.64 | 12.26 | 2.71 | 6.56 | 5.39 | |
| FX Conversion Rate to Trading Currency | 0.94 | 1.00 | 1.00 | 1.00 | 0.94 | 1.00 | |
| Implied Stock Price (Trading Cur) | 21.75 | 9.64 | 12.26 | 2.71 | 6.96 | 5.39 | |
| Trading Currency | HKD | CNY | CNY | CNY | HKD | CNY | |
| FX Rate to Reporting Currency | 0.94 | 1.00 | 1.00 | 1.00 | 0.94 | 1.00 | |