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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11,7x - 12,9x | 12,3x |
| Selected Fwd EBITDA Multiple | 9,6x - 10,6x | 10,1x |
| Fair Value | ¥23,56 - ¥25,69 | ¥24,62 |
| Upside | 4,7% - 14,2% | 9,5% |
| Benchmarks | Ticker | Full Ticker |
| Hangzhou Greatstar Industrial Co., Ltd | 2444 | SZSE:002444 |
| Ningbo Homelink Eco-iTech Co., Ltd. | 301193 | SZSE:301193 |
| Hunan Hualian China Industry Co., Ltd. | 1216 | SZSE:001216 |
| Guangzhou Holike Creative Home Co.,Ltd. | 603898 | SHSE:603898 |
| Chengdu Rainbow Appliance (Group) Shares Co., Ltd. | 3023 | SZSE:003023 |
| Hangzhou Robam Appliances Co., Ltd. | 2508 | SZSE:002508 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 2444 | 301193 | 1216 | 603898 | 3023 | 2508 | ||
| SZSE:002444 | SZSE:301193 | SZSE:001216 | SHSE:603898 | SZSE:003023 | SZSE:002508 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 14.1% | 19.4% | NM- | -2.2% | -6.5% | 4.3% | |
| 3Y CAGR | 4.5% | 2.0% | 7.9% | -2.1% | -3.5% | 0.8% | |
| Latest Twelve Months | 30.7% | 16.0% | 33.1% | -18.3% | 22.5% | 1.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 14.7% | 12.1% | 17.0% | 15.4% | 11.5% | 17.6% | |
| Prior Fiscal Year | 13.1% | 12.6% | 17.1% | 13.9% | 10.1% | 13.2% | |
| Latest Fiscal Year | 15.5% | 10.4% | 20.9% | 16.4% | 10.0% | 16.6% | |
| Latest Twelve Months | 17.2% | 10.0% | 20.9% | 11.5% | 10.9% | 15.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.00x | 1.88x | 1.85x | 0.89x | 0.72x | 1.70x | |
| EV / LTM EBITDA | 11.7x | 18.7x | 8.8x | 7.7x | 6.6x | 11.2x | |
| EV / LTM EBIT | 13.1x | 70.1x | 11.0x | 15.0x | 8.1x | 12.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.6x | 8.8x | 18.7x | ||||
| Historical EV / LTM EBITDA | 7.7x | 13.9x | 19.8x | ||||
| Selected EV / LTM EBITDA | 11.7x | 12.3x | 12.9x | ||||
| (x) LTM EBITDA | 1,615 | 1,615 | 1,615 | ||||
| (=) Implied Enterprise Value | 18,915 | 19,910 | 20,906 | ||||
| (-) Non-shareholder Claims * | 3,085 | 3,085 | 3,085 | ||||
| (=) Equity Value | 22,000 | 22,995 | 23,991 | ||||
| (/) Shares Outstanding | 944.1 | 944.1 | 944.1 | ||||
| Implied Value Range | 23.30 | 24.36 | 25.41 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 23.30 | 24.36 | 25.41 | 22.49 | |||
| Upside / (Downside) | 3.6% | 8.3% | 13.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2444 | 301193 | 1216 | 603898 | 3023 | 2508 | |
| Enterprise Value | 26,803 | 4,154 | 2,472 | 1,846 | 957 | 18,149 | |
| (+) Cash & Short Term Investments | 6,259 | 415 | 885 | 1,478 | 1,056 | 2,693 | |
| (+) Investments & Other | 3,480 | 0 | 63 | 465 | 8 | 587 | |
| (-) Debt | (3,673) | (1,339) | (11) | (669) | (1) | (103) | |
| (-) Other Liabilities | (200) | (143) | (9) | (1) | (34) | (91) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 32,669 | 3,087 | 3,400 | 3,119 | 1,987 | 21,233 | |
| (/) Shares Outstanding | 1,194.5 | 190.5 | 251.9 | 311.3 | 105.3 | 944.1 | |
| Implied Stock Price | 27.35 | 16.21 | 13.50 | 10.02 | 18.86 | 22.49 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 27.35 | 16.21 | 13.50 | 10.02 | 18.86 | 22.49 | |
| 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 | |