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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11,0x - 12,2x | 11,6x |
| Selected Fwd EBIT Multiple | 9,7x - 10,7x | 10,2x |
| Fair Value | €7,97 - €8,71 | €8,34 |
| Upside | -5,6% - 3,0% | -1,3% |
| Benchmarks | Ticker | Full Ticker |
| Haier Smart Home Co., Ltd. | 600690 | SHSE:600690 |
| Gree Electric Appliances, Inc. of Zhuhai | 651 | SZSE:000651 |
| Vatti Corporation Limited | 2035 | SZSE:002035 |
| Hisense Home Appliances Group Co., Ltd. | 921 | SZSE:000921 |
| Joyoung Co.,Ltd | 2242 | SZSE:002242 |
| Midea Group Co., Ltd. | 1520 | DB:1520 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 600690 | 651 | 2035 | 921 | 2242 | 1520 | ||
| SHSE:600690 | SZSE:000651 | SZSE:002035 | SZSE:000921 | SZSE:002242 | DB:1520 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 17.0% | 4.9% | -8.8% | 44.4% | NM- | 8.6% | |
| 3Y CAGR | 15.3% | 12.8% | 36.1% | 26.1% | NM- | 15.9% | |
| Latest Twelve Months | 11.1% | 18.5% | -9.8% | -3.8% | -128.2% | 3.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.2% | 12.8% | 6.2% | 4.4% | 4.5% | 8.7% | |
| Prior Fiscal Year | 6.6% | 13.2% | 7.0% | 5.1% | 2.6% | 9.5% | |
| Latest Fiscal Year | 7.2% | 16.7% | 7.2% | 4.7% | -0.5% | 9.5% | |
| Latest Twelve Months | 7.3% | 16.9% | 7.0% | 4.8% | -0.8% | 9.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.57x | 0.98x | 0.38x | 0.17x | 0.48x | 1.14x | |
| EV / LTM EBITDA | 6.4x | 5.0x | 4.5x | 2.8x | -6285.9x | 10.6x | |
| EV / LTM EBIT | 7.8x | 5.8x | 5.5x | 3.4x | -58.2x | 12.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -58.2x | 5.5x | 7.8x | ||||
| Historical EV / LTM EBIT | 10.6x | 12.7x | 27.7x | ||||
| Selected EV / LTM EBIT | 11.0x | 11.6x | 12.2x | ||||
| (x) LTM EBIT | 39,787 | 39,787 | 39,787 | ||||
| (=) Implied Enterprise Value | 437,753 | 460,793 | 483,832 | ||||
| (-) Non-shareholder Claims * | 65,319 | 65,319 | 65,319 | ||||
| (=) Equity Value | 503,072 | 526,111 | 549,151 | ||||
| (/) Shares Outstanding | 7,642.6 | 7,642.6 | 7,642.6 | ||||
| Implied Value Range | 65.83 | 68.84 | 71.85 | ||||
| FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.82 | 8.18 | 8.53 | 8.45 | |||
| Upside / (Downside) | -7.5% | -3.2% | 1.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600690 | 651 | 2035 | 921 | 2242 | 1520 | |
| Enterprise Value | 180,041 | 190,283 | 2,389 | 17,819 | 4,223 | 478,404 | |
| (+) Cash & Short Term Investments | 60,803 | 140,339 | 3,141 | 25,345 | 3,179 | 163,773 | |
| (+) Investments & Other | 42,197 | 15,839 | 74 | 1,946 | 403 | 9,495 | |
| (-) Debt | (34,788) | (83,927) | (75) | (3,348) | (38) | (96,147) | |
| (-) Other Liabilities | (7,471) | (4,106) | (44) | (4,418) | (0) | (11,802) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 240,782 | 258,427 | 5,485 | 37,344 | 7,768 | 543,723 | |
| (/) Shares Outstanding | 9,321.8 | 5,521.9 | 831.1 | 1,385.7 | 763.0 | 7,642.6 | |
| Implied Stock Price | 25.83 | 46.80 | 6.60 | 26.95 | 10.18 | 71.14 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 8.42 | |
| Implied Stock Price (Trading Cur) | 25.83 | 46.80 | 6.60 | 26.95 | 10.18 | 8.45 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 8.42 | |