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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 29.2x - 32.3x | 30.8x |
| Selected Fwd EBITDA Multiple | 10.4x - 11.5x | 10.9x |
| Fair Value | ¥25.86 - ¥28.07 | ¥26.97 |
| Upside | 39.8% - 51.7% | 45.8% |
| Benchmarks | Ticker | Full Ticker |
| JILIN JINGUAN ELECTRIC Co.,Ltd | 300510 | SZSE:300510 |
| Guangdong Shunna Electric Co., Ltd | 533 | SZSE:000533 |
| Shenzhen INVT Electric Co.,Ltd | 2334 | SZSE:002334 |
| Beijing Dinghan Technology Group Co.Ltd | 300011 | SZSE:300011 |
| Hiconics Eco-energy Technology Co., Ltd. | 300048 | SZSE:300048 |
| Zhejiang HangKe Technology Incorporated Company | 688006 | SHSE:688006 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 300510 | 533 | 2334 | 300011 | 300048 | 688006 | ||
| SZSE:300510 | SZSE:000533 | SZSE:002334 | SZSE:300011 | SZSE:300048 | SHSE:688006 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -36.6% | NM- | NM- | -7.2% | NM- | 7.0% | |
| 3Y CAGR | NM- | 25.4% | 16.6% | 17.1% | NM- | 7.9% | |
| Latest Twelve Months | -103.0% | 24.8% | -20.8% | 1314.8% | -204.0% | -52.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.0% | 5.1% | 6.0% | 6.7% | 2.4% | 16.9% | |
| Prior Fiscal Year | 6.7% | 4.6% | 9.5% | -3.0% | 6.4% | 21.0% | |
| Latest Fiscal Year | 2.9% | 7.7% | 8.0% | 7.8% | -7.5% | 13.2% | |
| Latest Twelve Months | -0.2% | 7.9% | 8.0% | 9.6% | -1.2% | 13.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.82x | 2.27x | 1.51x | 3.42x | 1.35x | 2.76x | |
| EV / LTM EBITDA | -1863.4x | 28.6x | 19.0x | 35.6x | -114.3x | 20.9x | |
| EV / LTM EBIT | -67.8x | 32.6x | 24.7x | 78.6x | -47.6x | 27.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -1863.4x | 19.0x | 35.6x | ||||
| Historical EV / LTM EBITDA | 12.3x | 35.0x | 126.1x | ||||
| Selected EV / LTM EBITDA | 29.2x | 30.8x | 32.3x | ||||
| (x) LTM EBITDA | 396 | 396 | 396 | ||||
| (=) Implied Enterprise Value | 11,561 | 12,170 | 12,778 | ||||
| (-) Non-shareholder Claims * | 2,928 | 2,928 | 2,928 | ||||
| (=) Equity Value | 14,489 | 15,098 | 15,706 | ||||
| (/) Shares Outstanding | 603.7 | 603.7 | 603.7 | ||||
| Implied Value Range | 24.00 | 25.01 | 26.02 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 24.00 | 25.01 | 26.02 | 18.50 | |||
| Upside / (Downside) | 29.7% | 35.2% | 40.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300510 | 533 | 2334 | 300011 | 300048 | 688006 | |
| Enterprise Value | 3,627 | 5,185 | 6,449 | 5,756 | 4,910 | 8,240 | |
| (+) Cash & Short Term Investments | 303 | 137 | 1,095 | 258 | 1,191 | 2,965 | |
| (+) Investments & Other | 280 | 0 | 0 | 36 | 35 | 0 | |
| (-) Debt | (488) | (184) | (458) | (1,399) | (47) | (37) | |
| (-) Other Liabilities | (11) | (157) | 0 | (14) | (59) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,711 | 4,981 | 7,086 | 4,637 | 6,030 | 11,168 | |
| (/) Shares Outstanding | 824.7 | 690.8 | 802.5 | 558.7 | 1,116.7 | 603.7 | |
| Implied Stock Price | 4.50 | 7.21 | 8.83 | 8.30 | 5.40 | 18.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.50 | 7.21 | 8.83 | 8.30 | 5.40 | 18.50 | |
| 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 | |