| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| 1585 | 2451 | NIU | EZGO | LOBO | | 603529 | |
| SEHK:1585 | SEHK:2451 | NasdaqGM:NIU | NasdaqCM:EZGO | NasdaqCM:LOBO | | SHSE:603529 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 28.5% | NM- | 9.6% | 72.8% | NM- | | 18.5% | |
| 3Y CAGR | 21.5% | 28.8% | -3.9% | -3.4% | 18.8% | | 17.7% | |
| Latest Twelve Months | -5.6% | NM | 24.0% | 32.7% | -7.1% | | 0.1% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 6.0% | 1.2% | -0.2% | -18.7% | 8.2% | | 6.1% | |
| Prior Fiscal Year | 7.9% | 1.2% | -12.0% | -30.1% | 8.3% | | 8.5% | |
| Latest Fiscal Year | 7.7% | 1.2% | -7.6% | -20.0% | 5.3% | | 8.0% | |
| Latest Twelve Months | 8.1% | 0.9% | -7.6% | -20.0% | 1.5% | | 8.3% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.07x | 0.34x | 0.45x | 0.68x | 0.65x | | 1.59x | |
| EV / LTM EBIT | 13.1x | 36.6x | -5.9x | -3.4x | 44.2x | | 19.1x | |
| Price / LTM Sales | 1.34x | 0.52x | 0.66x | 0.11x | 0.56x | | 1.88x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.34x | 0.65x | 1.07x | | | | | |
| Historical EV / LTM Revenue | 0.55x | 0.82x | 0.90x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.01x | 1.07x | 1.12x | | | | | |
| (x) LTM Revenue | 21,045 | 21,045 | 21,045 | | | | | |
| (=) Implied Enterprise Value | 21,309 | 22,431 | 23,553 | | | | | |
| (-) Non-shareholder Claims * | 6,394 | 6,394 | 6,394 | | | | | |
| (=) Equity Value | 27,703 | 28,825 | 29,946 | | | | | |
| (/) Shares Outstanding | 861.7 | 861.7 | 861.7 | | | | | |
| Implied Value Range | 32.15 | 33.45 | 34.75 | | | | | |
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 32.15 | 33.45 | 34.75 | | 45.99 | | | |
| Upside / (Downside) | -30.1% | -27.3% | -24.4% | | | | | |