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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 57,4x - 63,4x | 60,4x |
| Selected Fwd EBITDA Multiple | 27,0x - 29,9x | 28,4x |
| Fair Value | ¥53,46 - ¥59,21 | ¥56,34 |
| Upside | 25,3% - 38,7% | 32,0% |
| Benchmarks | Ticker | Full Ticker |
| PowerTECH Co., Ltd. | 301369 | SZSE:301369 |
| Beijing Huafeng Test & Control Technology Co.,Ltd. | 688200 | SHSE:688200 |
| Teradyne, Inc. | TER | NasdaqGS:TER |
| Advantest Corporation | 6857 | TSE:6857 |
| Will Semiconductor Co., Ltd. | 603501 | SHSE:603501 |
| Hangzhou Changchuan Technology Co.,Ltd | 300604 | SZSE:300604 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 301369 | 688200 | TER | 6857 | 603501 | 300604 | ||
| SZSE:301369 | SHSE:688200 | NasdaqGS:TER | TSE:6857 | SHSE:603501 | SZSE:300604 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 23.3% | 0.5% | 30.5% | 20.8% | 176.1% | |
| 3Y CAGR | NM- | -11.5% | -20.6% | 25.3% | -10.4% | 34.9% | |
| Latest Twelve Months | 7.5% | 96.2% | 17.6% | 118.7% | 108.7% | 1023.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 17.9% | 44.5% | 29.8% | 28.4% | 14.5% | 11.1% | |
| Prior Fiscal Year | -3.5% | 34.2% | 23.4% | 24.0% | 8.4% | -0.6% | |
| Latest Fiscal Year | -4.2% | 37.5% | 23.7% | 32.7% | 15.6% | 14.7% | |
| Latest Twelve Months | -3.2% | 37.6% | 24.9% | 32.7% | 16.4% | 15.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.42x | 16.63x | 4.28x | 6.59x | 5.69x | 7.15x | |
| EV / LTM EBITDA | -264.1x | 44.2x | 17.2x | 20.1x | 34.6x | 45.8x | |
| EV / LTM EBIT | -127.7x | 47.1x | 20.7x | 22.5x | 41.0x | 52.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -264.1x | 20.1x | 44.2x | ||||
| Historical EV / LTM EBITDA | 53.9x | 175.6x | 391.5x | ||||
| Selected EV / LTM EBITDA | 57.4x | 60.4x | 63.4x | ||||
| (x) LTM EBITDA | 609 | 609 | 609 | ||||
| (=) Implied Enterprise Value | 34,965 | 36,805 | 38,645 | ||||
| (-) Non-shareholder Claims * | (709) | (709) | (709) | ||||
| (=) Equity Value | 34,256 | 36,096 | 37,936 | ||||
| (/) Shares Outstanding | 628.8 | 628.8 | 628.8 | ||||
| Implied Value Range | 54.48 | 57.40 | 60.33 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 54.48 | 57.40 | 60.33 | 42.68 | |||
| Upside / (Downside) | 27.6% | 34.5% | 41.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 301369 | 688200 | TER | 6857 | 603501 | 300604 | |
| Enterprise Value | 2,678 | 16,150 | 12,557 | 5,045,416 | 151,124 | 27,547 | |
| (+) Cash & Short Term Investments | 720 | 2,041 | 508 | 262,544 | 10,837 | 1,295 | |
| (+) Investments & Other | 5 | 309 | 623 | 30,167 | 5,723 | 166 | |
| (-) Debt | (4) | (10) | (69) | (93,503) | (10,084) | (1,795) | |
| (-) Other Liabilities | (7) | 0 | 0 | 0 | 3 | (375) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,392 | 18,489 | 13,620 | 5,244,624 | 157,602 | 26,838 | |
| (/) Shares Outstanding | 69.6 | 135.3 | 160.4 | 733.7 | 1,200.8 | 628.8 | |
| Implied Stock Price | 48.70 | 136.69 | 84.90 | 7,148.00 | 131.25 | 42.68 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 48.70 | 136.69 | 84.90 | 7,148.00 | 131.25 | 42.68 | |
| Trading Currency | CNY | CNY | USD | JPY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |