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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 0,5x - 0,5x | 0,5x |
| Selected Fwd EBITDA Multiple | 0,5x - 0,6x | 0,5x |
| Fair Value | €0,36 - €0,37 | €0,36 |
| Upside | 52,4% - 60,1% | 56,3% |
| Benchmarks | Ticker | Full Ticker |
| Li Auto Inc. | 2015 | SEHK:2015 |
| XPeng Inc. | 9868 | SEHK:9868 |
| ZEEKR Intelligent Technology Holding Limited | ZK | NYSE:ZK |
| Zotye Automobile Co., Ltd | 980 | SZSE:000980 |
| BAIC BluePark New Energy Technology Co.,Ltd. | 600733 | SHSE:600733 |
| BAIC Motor Corporation Limited | 2B5 | DB:2B5 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 2015 | 9868 | ZK | 980 | 600733 | 2B5 | ||
| SEHK:2015 | SEHK:9868 | NYSE:ZK | SZSE:000980 | SHSE:600733 | DB:2B5 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | -2.5% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | -7.0% | |
| Latest Twelve Months | 35.2% | 54.7% | -9.9% | 19.1% | -23.8% | -31.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -0.1% | -33.2% | -17.0% | -249.0% | -37.5% | 15.5% | |
| Prior Fiscal Year | 7.4% | -29.1% | -14.6% | -56.1% | -27.1% | 14.8% | |
| Latest Fiscal Year | 7.0% | -11.2% | -7.3% | -58.0% | -27.8% | 12.4% | |
| Latest Twelve Months | 7.8% | -4.8% | -11.0% | -54.9% | -22.0% | 10.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.51x | 2.13x | 0.82x | 27.34x | 2.56x | 0.02x | |
| EV / LTM EBITDA | 6.5x | -43.9x | -7.5x | -49.8x | -11.7x | 0.2x | |
| EV / LTM EBIT | 9.3x | -24.7x | -6.6x | -33.1x | -7.2x | 0.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -49.8x | -11.7x | 6.5x | ||||
| Historical EV / LTM EBITDA | -0.3x | -0.1x | 0.7x | ||||
| Selected EV / LTM EBITDA | 0.5x | 0.5x | 0.5x | ||||
| (x) LTM EBITDA | 19,163 | 19,163 | 19,163 | ||||
| (=) Implied Enterprise Value | 8,628 | 9,083 | 9,537 | ||||
| (-) Non-shareholder Claims * | 12,421 | 12,421 | 12,421 | ||||
| (=) Equity Value | 21,050 | 21,504 | 21,958 | ||||
| (/) Shares Outstanding | 8,015.3 | 8,015.3 | 8,015.3 | ||||
| Implied Value Range | 2.63 | 2.68 | 2.74 | ||||
| FX Rate: CNY/EUR | 8.3 | 8.3 | 8.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.32 | 0.32 | 0.33 | 0.23 | |||
| Upside / (Downside) | 35.1% | 38.0% | 40.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2015 | 9868 | ZK | 980 | 600733 | 2B5 | |
| Enterprise Value | 67,417 | 125,100 | 62,313 | 14,864 | 51,695 | 3,164 | |
| (+) Cash & Short Term Investments | 110,678 | 34,950 | 8,088 | 156 | 8,266 | 25,541 | |
| (+) Investments & Other | 822 | 8,199 | 967 | 0 | 321 | 16,256 | |
| (-) Debt | (16,356) | (16,946) | (18,353) | (1,803) | (7,953) | (8,642) | |
| (-) Other Liabilities | (502) | 0 | 1,200 | (5) | (3,728) | (20,733) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 162,060 | 151,303 | 54,215 | 13,211 | 48,601 | 15,586 | |
| (/) Shares Outstanding | 2,009.5 | 1,948.0 | 256.2 | 5,042.5 | 5,573.5 | 8,015.3 | |
| Implied Stock Price | 80.64 | 77.67 | 211.64 | 2.62 | 8.72 | 1.94 | |
| FX Conversion Rate to Trading Currency | 0.91 | 0.91 | 7.13 | 1.00 | 1.00 | 8.33 | |
| Implied Stock Price (Trading Cur) | 88.15 | 84.90 | 29.68 | 2.62 | 8.72 | 0.23 | |
| Trading Currency | HKD | HKD | USD | CNY | CNY | EUR | |
| FX Rate to Reporting Currency | 0.91 | 0.91 | 7.13 | 1.00 | 1.00 | 8.33 | |