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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 29,4x - 32,5x | 31,0x |
| Selected Fwd EBIT Multiple | 20,3x - 22,5x | 21,4x |
| Fair Value | ¥7,37 - ¥8,07 | ¥7,72 |
| Upside | -35,3% - -29,1% | -32,2% |
| Benchmarks | Ticker | Full Ticker |
| Guangzhou Hangxin Aviation Technology Co., Ltd. | 300424 | SZSE:300424 |
| Beijing Capital International Airport Company Limited | 694 | SEHK:694 |
| China Dredging Environment Protection Holdings Limited | 871 | SEHK:871 |
| Hainan Meilan International Airport Company Limited | 357 | SEHK:357 |
| Huaihe Energy (Group) Co.,Ltd | 600575 | SHSE:600575 |
| Sichuan Haite High-tech Co.,Ltd | 2023 | SZSE:002023 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 300424 | 694 | 871 | 357 | 600575 | 2023 | ||
| SZSE:300424 | SEHK:694 | SEHK:871 | SEHK:357 | SHSE:600575 | SZSE:002023 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | 16.6% | 11.1% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | 13.9% | NM- | |
| Latest Twelve Months | -163.6% | 81.6% | 91.9% | -776.6% | -10.7% | -16.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.5% | -66.3% | -35.9% | 10.3% | 3.5% | 10.4% | |
| Prior Fiscal Year | 3.2% | -30.9% | -29.9% | -3.4% | 3.0% | 16.0% | |
| Latest Fiscal Year | -3.9% | -6.1% | -8.5% | -0.4% | 3.4% | 11.6% | |
| Latest Twelve Months | -2.6% | -2.7% | -4.5% | -5.9% | 3.1% | 11.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.51x | 3.88x | 2.02x | 3.09x | 0.49x | 5.05x | |
| EV / LTM EBITDA | 138.7x | 20.5x | 8.6x | 28.8x | 7.9x | 17.6x | |
| EV / LTM EBIT | -117.4x | -141.6x | -44.4x | -52.1x | 15.7x | 39.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -141.6x | -52.1x | 15.7x | ||||
| Historical EV / LTM EBIT | -172.9x | 57.3x | 152.2x | ||||
| Selected EV / LTM EBIT | 29.4x | 31.0x | 32.5x | ||||
| (x) LTM EBIT | 162 | 162 | 162 | ||||
| (=) Implied Enterprise Value | 4,785 | 5,036 | 5,288 | ||||
| (-) Non-shareholder Claims * | 497 | 497 | 497 | ||||
| (=) Equity Value | 5,281 | 5,533 | 5,785 | ||||
| (/) Shares Outstanding | 739.9 | 739.9 | 739.9 | ||||
| Implied Value Range | 7.14 | 7.48 | 7.82 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.14 | 7.48 | 7.82 | 11.39 | |||
| Upside / (Downside) | -37.3% | -34.3% | -31.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300424 | 694 | 871 | 357 | 600575 | 2023 | |
| Enterprise Value | 4,617 | 21,507 | 619 | 6,471 | 14,544 | 7,930 | |
| (+) Cash & Short Term Investments | 290 | 2,725 | 21 | 528 | 3,050 | 655 | |
| (+) Investments & Other | 55 | 41 | 9 | 301 | 3,342 | 1,610 | |
| (-) Debt | (1,172) | (12,418) | (373) | (2,845) | (6,146) | (1,776) | |
| (-) Other Liabilities | (33) | 0 | (184) | 0 | (1,576) | 7 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,758 | 11,855 | 92 | 4,455 | 13,213 | 8,427 | |
| (/) Shares Outstanding | 245.4 | 4,579.2 | 1,503.9 | 473.2 | 3,886.3 | 739.9 | |
| Implied Stock Price | 15.31 | 2.59 | 0.06 | 9.41 | 3.40 | 11.39 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.91 | 0.91 | 0.91 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15.31 | 2.83 | 0.07 | 10.29 | 3.40 | 11.39 | |
| Trading Currency | CNY | HKD | HKD | HKD | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 0.91 | 0.91 | 0.91 | 1.00 | 1.00 | |