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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -30,2x - -33,4x | -31,8x |
| Selected Fwd EBIT Multiple | 18,2x - 20,1x | 19,2x |
| Fair Value | ¥17,22 - ¥18,82 | ¥18,02 |
| Upside | 40,2% - 53,3% | 46,7% |
| Benchmarks | Ticker | Full Ticker |
| Guangdong Seneasy Intelligent Technology Co.,Ltd. | 301578 | SZSE:301578 |
| Jason Furniture (Hangzhou) Co.,Ltd. | 603816 | SHSE:603816 |
| Ningbo Dechang Electrical Machinery Made Co., Ltd. | 605555 | SHSE:605555 |
| Markor International Home Furnishings Co., Ltd. | 600337 | SHSE:600337 |
| Guangdong Piano Customized Furniture Co., Ltd. | 2853 | SZSE:002853 |
| Guangzhou Shangpin Home Collection Co., Ltd. | 300616 | SZSE:300616 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 301578 | 603816 | 605555 | 600337 | 2853 | 300616 | ||
| SZSE:301578 | SHSE:603816 | SHSE:605555 | SHSE:600337 | SZSE:002853 | SZSE:300616 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 32.6% | 15.3% | 11.8% | NM- | -15.2% | NM- | |
| 3Y CAGR | -10.7% | 14.0% | 4.1% | NM- | -36.6% | NM- | |
| Latest Twelve Months | -44.9% | -0.5% | 13.8% | -97.3% | -107.1% | -271.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.9% | 10.8% | 10.6% | -2.3% | -0.4% | 0.8% | |
| Prior Fiscal Year | 13.4% | 10.2% | 9.9% | -9.0% | 10.4% | 1.6% | |
| Latest Fiscal Year | 6.1% | 11.3% | 8.7% | -21.9% | 4.9% | -3.5% | |
| Latest Twelve Months | 6.1% | 10.9% | 8.1% | -21.9% | -0.9% | -3.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.81x | 0.96x | 1.47x | 1.79x | 2.11x | 0.63x | |
| EV / LTM EBITDA | 30.5x | 7.3x | 14.0x | -10.9x | 33.4x | 22.7x | |
| EV / LTM EBIT | 46.1x | 8.9x | 18.1x | -8.2x | -234.7x | -18.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -234.7x | 8.9x | 46.1x | ||||
| Historical EV / LTM EBIT | -40.9x | 44.2x | 123.9x | ||||
| Selected EV / LTM EBIT | -30.2x | -31.8x | -33.4x | ||||
| (x) LTM EBIT | (132) | (132) | (132) | ||||
| (=) Implied Enterprise Value | 3,979 | 4,189 | 4,398 | ||||
| (-) Non-shareholder Claims * | 414 | 414 | 414 | ||||
| (=) Equity Value | 4,393 | 4,603 | 4,812 | ||||
| (/) Shares Outstanding | 208.2 | 208.2 | 208.2 | ||||
| Implied Value Range | 21.10 | 22.10 | 23.11 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 21.10 | 22.10 | 23.11 | 12.28 | |||
| Upside / (Downside) | 71.8% | 80.0% | 88.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 301578 | 603816 | 605555 | 600337 | 2853 | 300616 | |
| Enterprise Value | 2,458 | 19,235 | 6,274 | 6,060 | 2,172 | 2,143 | |
| (+) Cash & Short Term Investments | 420 | 2,272 | 1,280 | 334 | 406 | 2,830 | |
| (+) Investments & Other | 20 | 383 | 0 | 220 | 47 | 54 | |
| (-) Debt | (114) | (1,437) | (263) | (3,860) | (2) | (2,470) | |
| (-) Other Liabilities | 0 | (200) | 0 | (25) | 7 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,784 | 20,253 | 7,291 | 2,730 | 2,630 | 2,557 | |
| (/) Shares Outstanding | 62.4 | 812.1 | 372.4 | 1,437.0 | 182.9 | 208.2 | |
| Implied Stock Price | 44.61 | 24.94 | 19.58 | 1.90 | 14.38 | 12.28 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 44.61 | 24.94 | 19.58 | 1.90 | 14.38 | 12.28 | |
| 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 | |