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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 20.6x - 22.8x | 21.7x |
| Selected Fwd EBITDA Multiple | 14.5x - 16.0x | 15.3x |
| Fair Value | ¥27 - ¥29.13 | ¥28.07 |
| Upside | -9.3% - -2.1% | -5.7% |
| Benchmarks | Ticker | Full Ticker |
| Edifier Technology Co., Ltd. | 2351 | SZSE:002351 |
| Marssenger Kitchenware Co., Ltd. | 300894 | SZSE:300894 |
| Ziel Home Furnishing Technology Co., Ltd. | 301376 | SZSE:301376 |
| Ecovacs Robotics Co., Ltd. | 603486 | SHSE:603486 |
| Minami Acoustics Limited | 301383 | SZSE:301383 |
| Zhejiang Prulde Electric Appliance Co., Ltd. | 301353 | SZSE:301353 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 2351 | 300894 | 301376 | 603486 | 301383 | 301353 | ||
| SZSE:002351 | SZSE:300894 | SZSE:301376 | SHSE:603486 | SZSE:301383 | SZSE:301353 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 54.5% | 22.3% | 50.0% | 5.1% | 54.2% | 15.5% | |
| 3Y CAGR | 13.2% | 2.3% | 0.0% | -1.2% | 7.2% | 3.3% | |
| Latest Twelve Months | 18.9% | -64.6% | 6.3% | -37.9% | 27.6% | -34.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.8% | 19.3% | 7.0% | 10.2% | 8.0% | 14.9% | |
| Prior Fiscal Year | 14.3% | 17.7% | 5.2% | 11.9% | 6.2% | 19.0% | |
| Latest Fiscal Year | 17.6% | 18.2% | 7.8% | 4.9% | 8.4% | 12.4% | |
| Latest Twelve Months | 18.2% | 9.5% | 5.8% | 5.7% | 8.3% | 8.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.04x | 3.47x | 0.94x | 2.22x | 3.39x | 1.94x | |
| EV / LTM EBITDA | 22.2x | 36.3x | 16.3x | 38.9x | 41.0x | 22.9x | |
| EV / LTM EBIT | 23.9x | 157.5x | 16.5x | 61.2x | 53.5x | 39.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 16.3x | 36.3x | 41.0x | ||||
| Historical EV / LTM EBITDA | 16.3x | 16.3x | 16.3x | ||||
| Selected EV / LTM EBITDA | 20.6x | 21.7x | 22.8x | ||||
| (x) LTM EBITDA | 72 | 72 | 72 | ||||
| (=) Implied Enterprise Value | 1,483 | 1,561 | 1,639 | ||||
| (-) Non-shareholder Claims * | 501 | 501 | 501 | ||||
| (=) Equity Value | 1,984 | 2,062 | 2,140 | ||||
| (/) Shares Outstanding | 73.9 | 73.9 | 73.9 | ||||
| Implied Value Range | 26.83 | 27.88 | 28.94 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 26.83 | 27.88 | 28.94 | 29.76 | |||
| Upside / (Downside) | -9.9% | -6.3% | -2.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2351 | 300894 | 301376 | 603486 | 301383 | 301353 | |
| Enterprise Value | 11,929 | 5,553 | 7,355 | 33,524 | 7,090 | 1,700 | |
| (+) Cash & Short Term Investments | 1,671 | 852 | 1,118 | 4,199 | 736 | 538 | |
| (+) Investments & Other | 17 | 126 | 1,542 | 639 | 0 | 0 | |
| (-) Debt | (14) | (488) | (2,322) | (1,900) | (3) | (37) | |
| (-) Other Liabilities | (69) | 0 | 0 | (0) | (5) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,534 | 6,042 | 7,693 | 36,462 | 7,818 | 2,200 | |
| (/) Shares Outstanding | 884.0 | 407.7 | 401.5 | 575.3 | 162.9 | 73.9 | |
| Implied Stock Price | 15.31 | 14.82 | 19.16 | 63.38 | 48.00 | 29.76 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15.31 | 14.82 | 19.16 | 63.38 | 48.00 | 29.76 | |
| 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 | |