| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| KC | GDS | MLGO | UBXG | TAOP | | VNET | |
| NasdaqGS:KC | NasdaqGM:GDS | NasdaqCM:MLGO | NasdaqCM:UBXG | NasdaqCM:TAOP | | NasdaqGS:VNET | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 14.5% | 20.1% | 37.2% | NM- | 21.6% | | 16.9% | |
| 3Y CAGR | -4.9% | 9.7% | 0.8% | -10.7% | 23.7% | | 10.1% | |
| Latest Twelve Months | 14.7% | 8.2% | -6.6% | -41.0% | -5.1% | | 14.7% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -20.2% | 8.9% | 3.7% | -0.5% | -50.4% | | 3.0% | |
| Prior Fiscal Year | -20.6% | 8.2% | -22.8% | 0.2% | -0.5% | | -1.3% | |
| Latest Fiscal Year | -10.5% | 11.1% | 3.7% | -1.7% | -4.4% | | 8.1% | |
| Latest Twelve Months | -9.8% | 12.0% | 3.7% | -2.6% | -4.4% | | 10.1% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 4.19x | 7.41x | -0.50x | 1.09x | 0.32x | | 4.07x | |
| EV / LTM EBIT | -42.9x | 61.7x | -13.5x | -42.6x | -7.2x | | 40.2x | |
| Price / LTM Sales | 3.38x | 4.65x | 1.33x | 1.54x | 0.10x | | 1.69x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | -0.50x | 1.09x | 7.41x | | | | | |
| Historical EV / LTM Revenue | 2.51x | 2.97x | 7.39x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 3.40x | 3.58x | 3.76x | | | | | |
| (x) LTM Revenue | 8,607 | 8,607 | 8,607 | | | | | |
| (=) Implied Enterprise Value | 29,243 | 30,782 | 32,321 | | | | | |
| (-) Non-shareholder Claims * | (20,631) | (20,631) | (20,631) | | | | | |
| (=) Equity Value | 8,612 | 10,151 | 11,690 | | | | | |
| (/) Shares Outstanding | 269.0 | 269.0 | 269.0 | | | | | |
| Implied Value Range | 32.01 | 37.73 | 43.45 | | | | | |
| FX Rate: CNY/USD | 7.2 | 7.2 | 7.2 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 4.44 | 5.23 | 6.03 | | 7.49 | | | |
| Upside / (Downside) | -40.7% | -30.1% | -19.6% | | | | | |