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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.9x - 3.2x | 3.0x |
| Selected Fwd Revenue Multiple | 1.7x - 1.9x | 1.8x |
| Fair Value | ¥11.44 - ¥12.90 | ¥12.17 |
| Upside | 19.4% - 34.6% | 27.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Shenzhen HeungKong Holding Co.,Ltd | 600162 | SHSE:600162 |
| Beijing Urban Construction Investment & Development Co., Ltd. | 600266 | SHSE:600266 |
| Shanghai New Huang Pu Industrial Group Co., Ltd. | 600638 | SHSE:600638 |
| Chongqing Yukaifa Co., Ltd | 514 | SZSE:000514 |
| Zhuhai Huafa Properties Co.,Ltd | 600325 | SHSE:600325 |
| Paslin Digital Technology Co., Ltd. | 600215 | SHSE:600215 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 600162 | 600266 | 600638 | 514 | 600325 | 600215 | |||
| SHSE:600162 | SHSE:600266 | SHSE:600638 | SZSE:000514 | SHSE:600325 | SHSE:600215 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -4.5% | 8.8% | 25.4% | 19.7% | 12.6% | 29.4% | ||
| 3Y CAGR | -12.8% | 13.6% | 36.8% | 28.7% | 5.4% | 12.0% | ||
| Latest Twelve Months | -29.4% | -47.9% | -54.1% | 35.1% | -16.8% | 8.4% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 13.6% | 7.9% | 3.3% | 23.4% | 9.5% | 6.6% | ||
| Prior Fiscal Year | 8.7% | 4.4% | 2.0% | 21.2% | 6.6% | 2.2% | ||
| Latest Fiscal Year | 10.8% | 2.8% | 4.8% | 11.6% | 5.2% | 5.5% | ||
| Latest Twelve Months | 3.8% | -0.6% | 9.5% | 12.3% | 5.2% | 2.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.99x | 2.26x | 0.14x | 2.67x | 3.09x | 2.57x | ||
| EV / LTM EBIT | 52.4x | -352.5x | 1.4x | 21.7x | 59.2x | 124.8x | ||
| Price / LTM Sales | 1.48x | 0.62x | 1.63x | 2.54x | 0.26x | 2.06x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.14x | 2.26x | 3.09x | |||||
| Historical EV / LTM Revenue | 0.97x | 2.54x | 8.81x | |||||
| Selected EV / LTM Revenue | 2.86x | 3.01x | 3.16x | |||||
| (x) LTM Revenue | 2,098 | 2,098 | 2,098 | |||||
| (=) Implied Enterprise Value | 6,001 | 6,316 | 6,632 | |||||
| (-) Non-shareholder Claims * | (1,072) | (1,072) | (1,072) | |||||
| (=) Equity Value | 4,928 | 5,244 | 5,560 | |||||
| (/) Shares Outstanding | 450.5 | 450.5 | 450.5 | |||||
| Implied Value Range | 10.94 | 11.64 | 12.34 | |||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 10.94 | 11.64 | 12.34 | 9.58 | ||||
| Upside / (Downside) | 14.2% | 21.5% | 28.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600162 | 600266 | 600638 | 514 | 600325 | 600215 | |
| Enterprise Value | 7,956 | 36,255 | 253 | 3,693 | 185,583 | 5,388 | |
| (+) Cash & Short Term Investments | 1,213 | 12,959 | 4,865 | 841 | 33,227 | 20 | |
| (+) Investments & Other | 193 | 5,715 | 1,565 | 810 | 28,025 | 0 | |
| (-) Debt | (3,566) | (42,080) | (2,904) | (1,259) | (126,345) | (1,092) | |
| (-) Other Liabilities | 119 | (2,947) | (298) | (575) | (105,244) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,916 | 9,901 | 3,481 | 3,510 | 15,247 | 4,316 | |
| (/) Shares Outstanding | 3,268.4 | 2,075.7 | 673.4 | 843.8 | 2,752.2 | 450.5 | |
| Implied Stock Price | 1.81 | 4.77 | 5.17 | 4.16 | 5.54 | 9.58 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.81 | 4.77 | 5.17 | 4.16 | 5.54 | 9.58 | |
| 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 | |