| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| GDS | KC | MLGO | HKIT | CFTL.F | | VNET | |
| NasdaqGM:GDS | NasdaqGS:KC | NasdaqCM:MLGO | NasdaqCM:HKIT | PINC:CFTL.F | | NasdaqGS:VNET | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 20.1% | 14.5% | 37.2% | -16.0% | 7.1% | | 16.9% | |
| 3Y CAGR | 9.7% | -4.9% | 0.8% | -23.4% | -2.7% | | 10.1% | |
| Latest Twelve Months | 5.5% | 10.5% | -6.6% | -36.3% | -1.0% | | 11.4% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 8.5% | -21.0% | 3.7% | 14.7% | 4.2% | | 2.7% | |
| Prior Fiscal Year | 8.2% | -20.6% | -22.8% | 2.2% | 2.9% | | -1.3% | |
| Latest Fiscal Year | 11.1% | -10.5% | 3.7% | -60.1% | 2.2% | | 8.1% | |
| Latest Twelve Months | 11.1% | -10.5% | 3.7% | -60.1% | 2.2% | | 8.1% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 6.54x | 3.84x | -1.19x | 2.69x | 0.58x | | 3.49x | |
| EV / LTM EBIT | 58.9x | -36.5x | -32.0x | -4.5x | 26.1x | | 43.1x | |
| Price / LTM Sales | 3.63x | 3.29x | 0.65x | 12.20x | 0.68x | | 1.48x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | -1.19x | 2.69x | 6.54x | | | | | |
| Historical EV / LTM Revenue | 2.51x | 2.97x | 7.39x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 2.99x | 3.15x | 3.31x | | | | | |
| (x) LTM Revenue | 8,259 | 8,259 | 8,259 | | | | | |
| (=) Implied Enterprise Value | 24,718 | 26,019 | 27,320 | | | | | |
| (-) Non-shareholder Claims * | (16,663) | (16,663) | (16,663) | | | | | |
| (=) Equity Value | 8,055 | 9,356 | 10,657 | | | | | |
| (/) Shares Outstanding | 269.0 | 269.0 | 269.0 | | | | | |
| Implied Value Range | 29.94 | 34.78 | 39.61 | | | | | |
| FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 4.12 | 4.78 | 5.45 | | 6.27 | | | |
| Upside / (Downside) | -34.3% | -23.7% | -13.1% | | | | | |