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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -6,8x - -7,5x | -7,2x |
| Selected Fwd EBIT Multiple | -56,2x - -62,2x | -59,2x |
| Fair Value | €10,12 - €17,66 | €13,89 |
| Upside | -49,3% - -11,4% | -30,3% |
| Benchmarks | Ticker | Full Ticker |
| GCL Technology Holdings Limited | GCPE.F | OTCPK:GCPE.F |
| First Solar, Inc. | FSLR | NasdaqGS:FSLR |
| Maxeon Solar Technologies, Ltd. | MAXN | NasdaqGS:MAXN |
| Xinyi Solar Holdings Limited | XISH.Y | OTCPK:XISH.Y |
| Flat Glass Group Co., Ltd. | FGSG.F | OTCPK:FGSG.F |
| JinkoSolar Holding Co., Ltd. | ZJS1 | DB:ZJS1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| GCPE.F | FSLR | MAXN | XISH.Y | FGSG.F | ZJS1 | ||
| OTCPK:GCPE.F | NasdaqGS:FSLR | NasdaqGS:MAXN | OTCPK:XISH.Y | OTCPK:FGSG.F | DB:ZJS1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 47.3% | NM- | -3.1% | 14.4% | NM- | |
| 3Y CAGR | NM- | 46.9% | NM- | -22.2% | -8.6% | NM- | |
| Latest Twelve Months | -180.7% | 23.7% | -556.0% | -54.4% | -72.4% | -189.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.1% | 15.4% | -20.4% | 32.2% | 20.6% | 2.8% | |
| Prior Fiscal Year | 21.7% | 26.7% | -6.2% | 23.0% | 16.4% | 5.7% | |
| Latest Fiscal Year | -39.1% | 33.1% | -89.5% | 11.5% | 9.6% | -2.3% | |
| Latest Twelve Months | -39.1% | 32.3% | -89.5% | 11.5% | 6.2% | -5.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.76x | 4.31x | 0.67x | 1.84x | 2.59x | 0.42x | |
| EV / LTM EBITDA | -20.6x | 10.0x | -0.8x | 9.1x | 14.4x | 11.8x | |
| EV / LTM EBIT | -7.1x | 13.4x | -0.8x | 16.0x | 41.9x | -7.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -7.1x | 13.4x | 41.9x | ||||
| Historical EV / LTM EBIT | -360.1x | 16.5x | 106.7x | ||||
| Selected EV / LTM EBIT | -6.8x | -7.2x | -7.5x | ||||
| (x) LTM EBIT | (4,628) | (4,628) | (4,628) | ||||
| (=) Implied Enterprise Value | 31,605 | 33,268 | 34,931 | ||||
| (-) Non-shareholder Claims * | (26,495) | (26,495) | (26,495) | ||||
| (=) Equity Value | 5,109 | 6,773 | 8,436 | ||||
| (/) Shares Outstanding | 51.7 | 51.7 | 51.7 | ||||
| Implied Value Range | 98.92 | 131.12 | 163.33 | ||||
| FX Rate: CNY/EUR | 8.3 | 8.3 | 8.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 11.88 | 15.74 | 19.61 | 19.94 | |||
| Upside / (Downside) | -40.4% | -21.1% | -1.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GCPE.F | FSLR | MAXN | XISH.Y | FGSG.F | ZJS1 | |
| Enterprise Value | 53,062 | 18,351 | 342 | 41,521 | 39,023 | 35,075 | |
| (+) Cash & Short Term Investments | 6,999 | 891 | 29 | 1,082 | 5,137 | 27,383 | |
| (+) Investments & Other | 7,114 | 0 | 4 | 244 | 588 | 1,904 | |
| (-) Debt | (19,095) | (630) | (311) | (12,543) | (15,383) | (42,568) | |
| (-) Other Liabilities | (5,116) | 0 | (5) | (5,356) | (85) | (13,215) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 42,963 | 18,611 | 58 | 24,948 | 29,281 | 8,579 | |
| (/) Shares Outstanding | 32,058.1 | 107.2 | 16.9 | 466.3 | 3,810.2 | 51.7 | |
| Implied Stock Price | 1.34 | 173.54 | 3.45 | 53.51 | 7.68 | 166.10 | |
| FX Conversion Rate to Trading Currency | 7.18 | 1.00 | 1.00 | 7.18 | 7.18 | 8.33 | |
| Implied Stock Price (Trading Cur) | 0.19 | 173.54 | 3.45 | 7.45 | 1.07 | 19.94 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 7.18 | 1.00 | 1.00 | 7.18 | 7.18 | 8.33 | |