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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2,7x - 2,9x | 2,8x |
| Selected Fwd Revenue Multiple | 2,4x - 2,6x | 2,5x |
| Fair Value | $3,07 - $3,37 | $3,22 |
| Upside | 17,6% - 29,1% | 23,3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Jinling Hotel Corporation, Ltd. | 601007 | SHSE:601007 |
| Tongqinglou Catering Co., Ltd. | 605108 | SHSE:605108 |
| Guangzhou Restaurant Group Company Limited | 603043 | SHSE:603043 |
| Jiangsu Tianmu Lake Tourism Co.,Ltd | 603136 | SHSE:603136 |
| Tongcheng Travel Holdings Limited | 780 | SEHK:780 |
| Haidilao International Holding Ltd. | HDAL.F | OTCPK:HDAL.F |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 601007 | 605108 | 603043 | 603136 | 780 | HDAL.F | |||
| SHSE:601007 | SHSE:605108 | SHSE:603043 | SHSE:603136 | SEHK:780 | OTCPK:HDAL.F | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 11.8% | 10.0% | 14.1% | 5.2% | 18.6% | 19.6% | ||
| 3Y CAGR | 16.7% | 22.8% | 14.2% | 19.0% | 32.0% | 13.2% | ||
| Latest Twelve Months | 8.5% | 22.6% | 10.3% | -6.8% | 45.8% | 26.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 8.9% | 12.9% | 14.2% | 20.3% | 8.4% | 7.5% | ||
| Prior Fiscal Year | 7.3% | 7.6% | 12.8% | 3.7% | 14.4% | 6.8% | ||
| Latest Fiscal Year | 8.1% | 15.6% | 13.3% | 32.6% | 14.1% | 13.5% | ||
| Latest Twelve Months | 7.4% | 10.9% | 11.2% | 25.7% | 14.1% | 13.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.75x | 2.94x | 1.71x | 5.15x | 1.82x | 1.83x | ||
| EV / LTM EBIT | 23.8x | 27.1x | 15.3x | 20.0x | 12.9x | 14.0x | ||
| Price / LTM Sales | 1.47x | 2.24x | 1.81x | 5.70x | 2.35x | 2.03x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.71x | 1.82x | 5.15x | |||||
| Historical EV / LTM Revenue | 2.27x | 6.17x | 10.16x | |||||
| Selected EV / LTM Revenue | 2.66x | 2.79x | 2.93x | |||||
| (x) LTM Revenue | 44,058 | 44,058 | 44,058 | |||||
| (=) Implied Enterprise Value | 116,978 | 123,135 | 129,292 | |||||
| (-) Non-shareholder Claims * | 8,862 | 8,862 | 8,862 | |||||
| (=) Equity Value | 125,840 | 131,997 | 138,153 | |||||
| (/) Shares Outstanding | 5,574.0 | 5,574.0 | 5,574.0 | |||||
| Implied Value Range | 22.58 | 23.68 | 24.79 | |||||
| FX Rate: CNY/USD | 7.2 | 7.2 | 7.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.11 | 3.27 | 3.42 | 2.61 | ||||
| Upside / (Downside) | 19.3% | 25.2% | 31.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 601007 | 605108 | 603043 | 603136 | 780 | HDAL.F | |
| Enterprise Value | 3,228 | 7,603 | 8,779 | 2,884 | 31,449 | 96,602 | |
| (+) Cash & Short Term Investments | 647 | 63 | 1,967 | 619 | 11,311 | 14,092 | |
| (+) Investments & Other | 86 | 0 | 108 | 35 | 3,969 | 1,339 | |
| (-) Debt | (442) | (1,887) | (1,329) | (218) | (5,008) | (6,584) | |
| (-) Other Liabilities | (796) | 0 | (265) | (127) | (961) | 14 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,722 | 5,778 | 9,260 | 3,193 | 40,760 | 105,464 | |
| (/) Shares Outstanding | 390.0 | 259.0 | 568.8 | 270.1 | 2,285.9 | 5,574.0 | |
| Implied Stock Price | 6.98 | 22.31 | 16.28 | 11.82 | 17.83 | 18.92 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.93 | 7.25 | |
| Implied Stock Price (Trading Cur) | 6.98 | 22.31 | 16.28 | 11.82 | 19.12 | 2.61 | |
| Trading Currency | CNY | CNY | CNY | CNY | HKD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.93 | 7.25 | |