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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -8.1x - -9.0x | -8.5x |
| Selected Fwd EBIT Multiple | 20.3x - 22.5x | 21.4x |
| Fair Value | ¥17.92 - ¥19.41 | ¥18.66 |
| Upside | -6.2% - 1.6% | -2.3% |
| Benchmarks | Ticker | Full Ticker |
| Hengan International Group Company Limited | 1044 | SEHK:1044 |
| Proya Cosmetics Co.,Ltd. | 603605 | SHSE:603605 |
| Henan Rebecca Hair Products Co., Ltd. | 600439 | SHSE:600439 |
| Byhealth Co., Ltd | 300146 | SZSE:300146 |
| Tongling Jieya Biologic Technology Co., Ltd. | 301108 | SZSE:301108 |
| Shanghai Jahwa United Co., Ltd. | 600315 | SHSE:600315 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 1044 | 603605 | 600439 | 300146 | 301108 | 600315 | ||
| SEHK:1044 | SHSE:603605 | SHSE:600439 | SZSE:300146 | SZSE:301108 | SHSE:600315 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -10.7% | 31.1% | -23.1% | -7.5% | 12.2% | NM- | |
| 3Y CAGR | -9.0% | 39.0% | -18.5% | -23.8% | -21.3% | NM- | |
| Latest Twelve Months | -19.7% | 14.3% | 15.5% | -59.7% | -49.1% | -337.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 17.5% | 15.4% | 10.4% | 20.5% | 20.4% | 5.4% | |
| Prior Fiscal Year | 14.8% | 16.6% | 4.9% | 19.6% | 20.2% | 5.3% | |
| Latest Fiscal Year | 12.4% | 15.9% | 7.6% | 10.9% | 16.5% | -14.6% | |
| Latest Twelve Months | 12.4% | 14.9% | 8.5% | 10.9% | 7.3% | -14.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.82x | 2.88x | 4.67x | 2.07x | 1.40x | 1.82x | |
| EV / LTM EBITDA | 5.1x | 18.3x | 41.1x | 14.7x | 11.5x | -15.0x | |
| EV / LTM EBIT | 6.6x | 19.2x | 54.8x | 19.0x | 19.3x | -12.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.6x | 19.2x | 54.8x | ||||
| Historical EV / LTM EBIT | -12.4x | 31.7x | 68.6x | ||||
| Selected EV / LTM EBIT | -8.1x | -8.5x | -9.0x | ||||
| (x) LTM EBIT | (832) | (832) | (832) | ||||
| (=) Implied Enterprise Value | 6,741 | 7,096 | 7,451 | ||||
| (-) Non-shareholder Claims * | 2,519 | 2,519 | 2,519 | ||||
| (=) Equity Value | 9,260 | 9,615 | 9,970 | ||||
| (/) Shares Outstanding | 672.2 | 672.2 | 672.2 | ||||
| Implied Value Range | 13.78 | 14.30 | 14.83 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.78 | 14.30 | 14.83 | 19.11 | |||
| Upside / (Downside) | -27.9% | -25.2% | -22.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1044 | 603605 | 600439 | 300146 | 301108 | 600315 | |
| Enterprise Value | 18,722 | 30,245 | 4,234 | 14,203 | 813 | 10,328 | |
| (+) Cash & Short Term Investments | 14,323 | 3,627 | 0 | 6,380 | 1,302 | 3,263 | |
| (+) Investments & Other | 4,665 | 218 | 0 | 1,000 | 23 | 0 | |
| (-) Debt | (13,113) | (894) | 0 | (1,543) | (14) | (744) | |
| (-) Other Liabilities | (225) | (74) | 0 | (46) | (0) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 24,373 | 33,123 | 4,234 | 19,993 | 2,123 | 12,846 | |
| (/) Shares Outstanding | 1,162.1 | 394.0 | 1,132.0 | 1,684.3 | 80.4 | 672.2 | |
| Implied Stock Price | 20.97 | 84.06 | 3.74 | 11.87 | 26.41 | 19.11 | |
| FX Conversion Rate to Trading Currency | 0.93 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 22.45 | 84.06 | 3.74 | 11.87 | 26.41 | 19.11 | |
| Trading Currency | HKD | CNY | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 0.93 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |