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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 477,6x - 527,9x | 502,8x |
| Selected Fwd EBIT Multiple | 19,2x - 21,2x | 20,2x |
| Fair Value | ¥33,77 - ¥36,78 | ¥35,27 |
| Upside | -38,3% - -32,8% | -35,5% |
| Benchmarks | Ticker | Full Ticker |
| Hefei Chipmore Technology Co.,Ltd. | 688352 | SHSE:688352 |
| PowerTECH Co., Ltd. | 301369 | SZSE:301369 |
| Allwinner Technology Co.,Ltd. | 300458 | SZSE:300458 |
| China Wafer Level CSP Co., Ltd. | 603005 | SHSE:603005 |
| NanJing Sanchao Advanced Materials Co.,Ltd. | 300554 | SZSE:300554 |
| Jiangxi Lian Chuang Optoelectronic Science And Technology Co.,lTd. | 600363 | SHSE:600363 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 688352 | 301369 | 300458 | 603005 | 300554 | 600363 | ||
| SHSE:688352 | SZSE:301369 | SZSE:300458 | SHSE:603005 | SZSE:300554 | SHSE:600363 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 38.2% | NM- | 12.7% | NM- | -8.0% | 10.7% | |
| 3Y CAGR | -6.2% | NM- | -39.4% | -34.3% | -5.2% | 8.1% | |
| Latest Twelve Months | -15.4% | -52.1% | 971.3% | 73.2% | -154.3% | -68.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 20.3% | 17.4% | 4.4% | 21.2% | 3.8% | 0.0% | |
| Prior Fiscal Year | 21.9% | -6.4% | -3.2% | 11.3% | 2.7% | -2.1% | |
| Latest Fiscal Year | 15.4% | -7.4% | 3.0% | 15.8% | 5.4% | 1.9% | |
| Latest Twelve Months | 15.4% | -7.4% | 4.1% | 15.8% | -3.8% | 0.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.30x | 7.31x | 11.45x | 13.31x | 5.38x | 7.01x | |
| EV / LTM EBITDA | 18.0x | -175.5x | 159.4x | 44.9x | 88.9x | 158.5x | |
| EV / LTM EBIT | 41.0x | -99.0x | 276.9x | 84.2x | -142.7x | 958.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -142.7x | 41.0x | 276.9x | ||||
| Historical EV / LTM EBIT | -911.2x | 114.6x | 214.6x | ||||
| Selected EV / LTM EBIT | 477.6x | 502.8x | 527.9x | ||||
| (x) LTM EBIT | 23 | 23 | 23 | ||||
| (=) Implied Enterprise Value | 11,190 | 11,779 | 12,368 | ||||
| (-) Non-shareholder Claims * | 2,366 | 2,366 | 2,366 | ||||
| (=) Equity Value | 13,556 | 14,145 | 14,734 | ||||
| (/) Shares Outstanding | 453.5 | 453.5 | 453.5 | ||||
| Implied Value Range | 29.89 | 31.19 | 32.49 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 29.89 | 31.19 | 32.49 | 54.70 | |||
| Upside / (Downside) | -45.4% | -43.0% | -40.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 688352 | 301369 | 300458 | 603005 | 300554 | 600363 | |
| Enterprise Value | 12,340 | 2,275 | 28,611 | 15,022 | 2,151 | 22,441 | |
| (+) Cash & Short Term Investments | 1,502 | 1,019 | 1,983 | 2,564 | 135 | 1,694 | |
| (+) Investments & Other | 0 | 77 | 567 | 354 | 0 | 2,865 | |
| (-) Debt | (453) | (7) | (116) | (106) | (137) | (1,565) | |
| (-) Other Liabilities | 0 | (8) | 0 | (32) | (15) | (628) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,389 | 3,356 | 31,045 | 17,803 | 2,133 | 24,807 | |
| (/) Shares Outstanding | 1,189.0 | 69.6 | 632.5 | 651.4 | 114.2 | 453.5 | |
| Implied Stock Price | 11.26 | 48.19 | 49.08 | 27.33 | 18.68 | 54.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11.26 | 48.19 | 49.08 | 27.33 | 18.68 | 54.70 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |