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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 24,1x - 26,6x | 25,4x |
| Selected Fwd EBITDA Multiple | 8,5x - 9,4x | 9,0x |
| Fair Value | ¥13,47 - ¥14,70 | ¥14,08 |
| Upside | -13,6% - -5,7% | -9,6% |
| Benchmarks | Ticker | Full Ticker |
| Tonze New Energy Technology Co.,Ltd. | 2759 | SZSE:002759 |
| Shenzhen Aoni Electronic Co., Ltd. | 301189 | SZSE:301189 |
| Marssenger Kitchenware Co., Ltd. | 300894 | SZSE:300894 |
| Guangdong Topstrong Living Innovation and Integration Co., Ltd. | 300749 | SZSE:300749 |
| Guangdong Anjubao Digital Technology Co., Ltd. | 300155 | SZSE:300155 |
| Guoguang Electric Company Limited | 2045 | SZSE:002045 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 2759 | 301189 | 300894 | 300749 | 300155 | 2045 | ||
| SZSE:002759 | SZSE:301189 | SZSE:300894 | SZSE:300749 | SZSE:300155 | SZSE:002045 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | -20.9% | NM- | NM- | -9.1% | |
| 3Y CAGR | NM- | NM- | -41.6% | NM- | NM- | 21.4% | |
| Latest Twelve Months | -424.8% | -48.4% | -105.1% | -173.8% | -18.6% | -22.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 14.5% | 2.0% | 17.2% | 2.5% | -6.4% | 5.3% | |
| Prior Fiscal Year | 7.9% | -10.8% | 18.3% | 6.4% | -14.9% | 5.8% | |
| Latest Fiscal Year | -10.8% | -15.7% | 5.7% | -6.2% | -29.3% | 3.4% | |
| Latest Twelve Months | -5.1% | -17.4% | -1.6% | -5.2% | -36.3% | 3.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.07x | 4.67x | 3.95x | 1.49x | 10.24x | 0.93x | |
| EV / LTM EBITDA | -40.9x | -26.9x | -244.4x | -29.0x | -28.2x | 30.4x | |
| EV / LTM EBIT | -16.0x | -20.0x | -37.9x | -14.2x | -23.7x | 81.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -244.4x | -29.0x | -26.9x | ||||
| Historical EV / LTM EBITDA | 9.0x | 23.9x | 41.2x | ||||
| Selected EV / LTM EBITDA | 24.1x | 25.4x | 26.6x | ||||
| (x) LTM EBITDA | 255 | 255 | 255 | ||||
| (=) Implied Enterprise Value | 6,159 | 6,483 | 6,807 | ||||
| (-) Non-shareholder Claims * | 995 | 995 | 995 | ||||
| (=) Equity Value | 7,154 | 7,478 | 7,802 | ||||
| (/) Shares Outstanding | 562.5 | 562.5 | 562.5 | ||||
| Implied Value Range | 12.72 | 13.29 | 13.87 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.72 | 13.29 | 13.87 | 15.58 | |||
| Upside / (Downside) | -18.4% | -14.7% | -11.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2759 | 301189 | 300894 | 300749 | 300155 | 2045 | |
| Enterprise Value | 4,384 | 2,683 | 4,705 | 1,511 | 1,970 | 7,769 | |
| (+) Cash & Short Term Investments | 911 | 296 | 733 | 226 | 489 | 2,806 | |
| (+) Investments & Other | 24 | 42 | 149 | 111 | 245 | 1,486 | |
| (-) Debt | (815) | (66) | (507) | (251) | (4) | (3,293) | |
| (-) Other Liabilities | (497) | 1 | 0 | (3) | (18) | (4) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,008 | 2,958 | 5,080 | 1,594 | 2,683 | 8,763 | |
| (/) Shares Outstanding | 491.8 | 116.4 | 407.7 | 201.1 | 561.2 | 562.5 | |
| Implied Stock Price | 8.15 | 25.41 | 12.46 | 7.93 | 4.78 | 15.58 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8.15 | 25.41 | 12.46 | 7.93 | 4.78 | 15.58 | |
| 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 | |