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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 59.9x - 66.2x | 63.0x |
| Selected Fwd EBIT Multiple | 43.7x - 48.3x | 46.0x |
| Fair Value | R$16.61 - R$19.63 | R$18.12 |
| Upside | 2.2% - 20.8% | 11.5% |
| Benchmarks | Ticker | Full Ticker |
| VNET Group, Inc. | VNET | NasdaqGS:VNET |
| Kingsoft Cloud Holdings Limited | KC | NasdaqGS:KC |
| MicroAlgo Inc. | MLGO | NasdaqCM:MLGO |
| Hitek Global Inc. | HKIT | NasdaqCM:HKIT |
| Chinasoft International Limited | CFTL.F | OTCPK:CFTL.F |
| GDS Holdings Limited | G1DS34 | BOVESPA:G1DS34 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| VNET | KC | MLGO | HKIT | CFTL.F | G1DS34 | ||
| NasdaqGS:VNET | NasdaqGS:KC | NasdaqCM:MLGO | NasdaqCM:HKIT | OTCPK:CFTL.F | BOVESPA:G1DS34 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 23.4% | NM- | NM- | -48.6% | -9.5% | 19.1% | |
| 3Y CAGR | 71.2% | NM- | NM- | -61.4% | -19.6% | 26.5% | |
| Latest Twelve Months | 769.3% | 43.7% | -176.6% | -156.7% | -3.3% | 107.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.7% | -21.0% | 7.3% | 22.9% | 4.6% | 8.3% | |
| Prior Fiscal Year | -1.3% | -20.6% | -0.8% | 25.3% | 2.9% | 5.6% | |
| Latest Fiscal Year | 8.1% | -10.5% | -22.8% | 2.2% | 2.9% | 11.2% | |
| Latest Twelve Months | 8.1% | -10.5% | -18.0% | -22.6% | 2.5% | 11.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.04x | 3.92x | 1.17x | 3.89x | 0.70x | 6.79x | |
| EV / LTM EBITDA | 15.1x | 68.7x | -6.6x | -21.5x | 21.6x | 15.9x | |
| EV / LTM EBIT | 49.8x | -37.2x | -6.5x | -17.2x | 28.7x | 60.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -37.2x | -6.5x | 49.8x | ||||
| Historical EV / LTM EBIT | 60.8x | 108.7x | 204.7x | ||||
| Selected EV / LTM EBIT | 59.9x | 63.0x | 66.2x | ||||
| (x) LTM EBIT | 1,152 | 1,152 | 1,152 | ||||
| (=) Implied Enterprise Value | 68,952 | 72,581 | 76,210 | ||||
| (-) Non-shareholder Claims * | (30,258) | (30,258) | (30,258) | ||||
| (=) Equity Value | 38,694 | 42,323 | 45,952 | ||||
| (/) Shares Outstanding | 1,980.3 | 1,980.3 | 1,980.3 | ||||
| Implied Value Range | 19.54 | 21.37 | 23.20 | ||||
| FX Rate: CNY/BRL | 1.3 | 1.3 | 1.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.52 | 16.98 | 18.43 | 16.25 | |||
| Upside / (Downside) | -4.5% | 4.5% | 13.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VNET | KC | MLGO | HKIT | CFTL.F | G1DS34 | |
| Enterprise Value | 34,138 | 29,628 | 712 | 14 | 13,294 | 70,771 | |
| (+) Cash & Short Term Investments | 1,492 | 2,739 | 475 | 25 | 2,936 | 7,868 | |
| (+) Investments & Other | 795 | 234 | 0 | 1 | 2,245 | 7,545 | |
| (-) Debt | (18,450) | (5,907) | (165) | (3) | (3,803) | (44,460) | |
| (-) Other Liabilities | (555) | (337) | (10) | 0 | (24) | (130) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (1,081) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 17,421 | 26,356 | 1,013 | 38 | 14,648 | 40,513 | |
| (/) Shares Outstanding | 267.0 | 230.4 | 10.0 | 29.3 | 2,488.6 | 1,980.3 | |
| Implied Stock Price | 65.25 | 114.39 | 101.55 | 1.30 | 5.89 | 20.46 | |
| FX Conversion Rate to Trading Currency | 7.26 | 7.26 | 7.26 | 1.00 | 7.26 | 1.26 | |
| Implied Stock Price (Trading Cur) | 8.99 | 15.76 | 13.99 | 1.30 | 0.81 | 16.25 | |
| Trading Currency | USD | USD | USD | USD | USD | BRL | |
| FX Rate to Reporting Currency | 7.26 | 7.26 | 7.26 | 1.00 | 7.26 | 1.26 | |