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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12,7x - 14,1x | 13,4x |
| Selected Fwd EBIT Multiple | 10,6x - 11,7x | 11,1x |
| Fair Value | ¥16,14 - ¥17,63 | ¥16,89 |
| Upside | 33,6% - 46,0% | 39,8% |
| Benchmarks | Ticker | Full Ticker |
| Onewo Inc. | 2602 | SEHK:2602 |
| China Merchants Shekou Industrial Zone Holdings Co., Ltd. | 1979 | SZSE:001979 |
| China-Singapore Suzhou Industrial Park Development Group Co., Ltd. | 601512 | SHSE:601512 |
| Shanghai Wanye Enterprises Co.,Ltd | 600641 | SHSE:600641 |
| Nanjing Gaoke Company Limited | 600064 | SHSE:600064 |
| China Merchants Property Operation & Service Co., Ltd. | 1914 | SZSE:001914 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2602 | 1979 | 601512 | 600641 | 600064 | 1914 | ||
| SEHK:2602 | SZSE:001979 | SHSE:601512 | SHSE:600641 | SHSE:600064 | SZSE:001914 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.7% | -12.8% | -4.1% | NM- | NM- | 12.5% | |
| 3Y CAGR | -5.7% | -26.5% | -23.5% | NM- | NM- | 13.8% | |
| Latest Twelve Months | -19.5% | -38.5% | -67.6% | -1481.3% | -93.5% | 23.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.3% | 11.2% | 43.9% | 7.2% | 3.6% | 7.2% | |
| Prior Fiscal Year | 6.2% | 7.2% | 38.0% | -0.9% | -5.0% | 6.0% | |
| Latest Fiscal Year | 4.5% | 5.2% | 32.3% | -43.5% | -30.0% | 6.6% | |
| Latest Twelve Months | 4.5% | 4.8% | 19.3% | -42.5% | -19.1% | 6.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.16x | 1.85x | 5.49x | 12.59x | 1.08x | 0.57x | |
| EV / LTM EBITDA | 2.3x | 28.0x | 14.4x | -38.3x | -6.5x | 8.5x | |
| EV / LTM EBIT | 3.6x | 38.2x | 28.5x | -29.6x | -5.7x | 8.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -29.6x | 3.6x | 38.2x | ||||
| Historical EV / LTM EBIT | 11.2x | 20.9x | 29.1x | ||||
| Selected EV / LTM EBIT | 12.7x | 13.4x | 14.1x | ||||
| (x) LTM EBIT | 1,166 | 1,166 | 1,166 | ||||
| (=) Implied Enterprise Value | 14,845 | 15,627 | 16,408 | ||||
| (-) Non-shareholder Claims * | 2,128 | 2,128 | 2,128 | ||||
| (=) Equity Value | 16,973 | 17,755 | 18,536 | ||||
| (/) Shares Outstanding | 1,059.4 | 1,059.4 | 1,059.4 | ||||
| Implied Value Range | 16.02 | 16.76 | 17.50 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 16.02 | 16.76 | 17.50 | 12.08 | |||
| Upside / (Downside) | 32.6% | 38.7% | 44.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2602 | 1979 | 601512 | 600641 | 600064 | 1914 | |
| Enterprise Value | 5,552 | 324,772 | 13,829 | 8,304 | 3,144 | 10,669 | |
| (+) Cash & Short Term Investments | 14,125 | 88,094 | 3,348 | 2,516 | 2,956 | 3,223 | |
| (+) Investments & Other | 2,961 | 77,708 | 8,455 | 2,784 | 18,729 | 108 | |
| (-) Debt | (336) | (238,257) | (9,728) | (531) | (10,502) | (1,046) | |
| (-) Other Liabilities | (737) | (173,831) | (4,814) | (491) | (1,176) | (157) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 21,565 | 78,486 | 11,092 | 12,582 | 13,151 | 12,797 | |
| (/) Shares Outstanding | 1,160.0 | 9,042.2 | 1,498.9 | 911.1 | 1,730.3 | 1,059.4 | |
| Implied Stock Price | 18.59 | 8.68 | 7.40 | 13.81 | 7.60 | 12.08 | |
| FX Conversion Rate to Trading Currency | 0.92 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 20.25 | 8.68 | 7.40 | 13.81 | 7.60 | 12.08 | |
| Trading Currency | HKD | CNY | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 0.92 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |