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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 54,2x - 60,0x | 57,1x |
| Selected Fwd EBITDA Multiple | 10,3x - 11,4x | 10,8x |
| Fair Value | ¥7,33 - ¥8,36 | ¥7,84 |
| Upside | -23,8% - -13,2% | -18,5% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 600162 | 600266 | 600638 | 514 | 600325 | 600215 | ||
| SHSE:600162 | SHSE:600266 | SHSE:600638 | SZSE:000514 | SHSE:600325 | SHSE:600215 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -12.4% | -19.6% | 38.9% | 10.2% | -3.2% | NM- | |
| 3Y CAGR | -19.4% | -32.2% | 20.0% | -1.6% | -20.2% | 4.3% | |
| Latest Twelve Months | -53.7% | -107.0% | 74.7% | -26.2% | -66.6% | -63.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 17.1% | 8.0% | 6.4% | 30.9% | 9.7% | 8.2% | |
| Prior Fiscal Year | 11.6% | 4.6% | 3.4% | 28.9% | 6.9% | 4.2% | |
| Latest Fiscal Year | 16.0% | 2.9% | 8.4% | 16.7% | 2.8% | 6.7% | |
| Latest Twelve Months | 8.0% | -0.5% | 17.1% | 17.2% | 2.8% | 3.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.96x | 2.26x | 0.11x | 2.63x | 3.09x | 2.60x | |
| EV / LTM EBITDA | 24.4x | -484.9x | 0.6x | 15.3x | 54.6x | 78.3x | |
| EV / LTM EBIT | 51.8x | -352.1x | 1.2x | 21.4x | 59.2x | 126.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -484.9x | 15.3x | 54.6x | ||||
| Historical EV / LTM EBITDA | 16.9x | 22.4x | 83.7x | ||||
| Selected EV / LTM EBITDA | 54.2x | 57.1x | 60.0x | ||||
| (x) LTM EBITDA | 70 | 70 | 70 | ||||
| (=) Implied Enterprise Value | 3,782 | 3,981 | 4,180 | ||||
| (-) Non-shareholder Claims * | (1,072) | (1,072) | (1,072) | ||||
| (=) Equity Value | 2,709 | 2,908 | 3,107 | ||||
| (/) Shares Outstanding | 450.5 | 450.5 | 450.5 | ||||
| Implied Value Range | 6.01 | 6.46 | 6.90 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.01 | 6.46 | 6.90 | 9.63 | |||
| Upside / (Downside) | -37.5% | -33.0% | -28.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600162 | 600266 | 600638 | 514 | 600325 | 600215 | |
| Enterprise Value | 7,858 | 36,275 | 226 | 3,643 | 185,923 | 5,411 | |
| (+) 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) | (126,795) | (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 | 5,818 | 9,922 | 3,455 | 3,459 | 15,137 | 4,338 | |
| (/) Shares Outstanding | 3,268.4 | 2,075.7 | 673.4 | 843.8 | 2,752.2 | 450.5 | |
| Implied Stock Price | 1.78 | 4.78 | 5.13 | 4.10 | 5.50 | 9.63 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.78 | 4.78 | 5.13 | 4.10 | 5.50 | 9.63 | |
| 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 | |