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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 22,3x - 24,7x | 23,5x |
Selected Fwd EBITDA Multiple | 14,3x - 15,8x | 15,0x |
Fair Value | €4,92 - €5,32 | €5,12 |
Upside | -21,4% - -14,9% | -18,1% |
Benchmarks | Ticker | Full Ticker |
Future Machine Limited | 1401 | SEHK:1401 |
Shenzhen Rapoo Technology Co., Ltd. | 2577 | SZSE:002577 |
Elecom Co., Ltd. | 6750 | TSE:6750 |
UTime Limited | WTO | NasdaqCM:WTO |
Tsinghua Tongfang Co., Ltd. | 600100 | SHSE:600100 |
Xiaomi Corporation | 3CP | DB:3CP |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
1401 | 2577 | 6750 | WTO | 600100 | 3CP | ||
SEHK:1401 | SZSE:002577 | TSE:6750 | NasdaqCM:WTO | SHSE:600100 | DB:3CP | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | NM- | 1.4% | NM- | NM- | 24.7% | |
3Y CAGR | NM- | -14.3% | 2.7% | NM- | -47.1% | 7.6% | |
Latest Twelve Months | -102.0% | 132.1% | 10.8% | -85.8% | -73.0% | 57.8% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 0.2% | 5.3% | 14.8% | -20.1% | 2.5% | 5.7% | |
Prior Fiscal Year | 1.8% | 2.3% | 14.2% | -40.3% | 2.2% | 6.8% | |
Latest Fiscal Year | 0.0% | 6.1% | 14.7% | -17.4% | 0.5% | 7.5% | |
Latest Twelve Months | 0.0% | 6.2% | 14.7% | -62.4% | 1.1% | 8.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.33x | 12.64x | 1.01x | 0.61x | 1.49x | 2.73x | |
EV / LTM EBITDA | -927.1x | 204.3x | 6.9x | -1.0x | 139.8x | 32.9x | |
EV / LTM EBIT | -55.5x | 306.3x | 8.8x | -1.0x | -262.4x | 38.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -927.1x | 6.9x | 204.3x | ||||
Historical EV / LTM EBITDA | 11.1x | 12.2x | 64.8x | ||||
Selected EV / LTM EBITDA | 22.3x | 23.5x | 24.7x | ||||
(x) LTM EBITDA | 33,280 | 33,280 | 33,280 | ||||
(=) Implied Enterprise Value | 743,036 | 782,143 | 821,250 | ||||
(-) Non-shareholder Claims * | 243,389 | 243,389 | 243,389 | ||||
(=) Equity Value | 986,424 | 1,025,532 | 1,064,639 | ||||
(/) Shares Outstanding | 25,978.8 | 25,978.8 | 25,978.8 | ||||
Implied Value Range | 37.97 | 39.48 | 40.98 | ||||
FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | |||
Implied Value Range (Trading Cur) | 4.51 | 4.69 | 4.87 | 6.25 | |||
Upside / (Downside) | -27.8% | -25.0% | -22.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 1401 | 2577 | 6750 | WTO | 600100 | 3CP | |
Enterprise Value | 964 | 5,561 | 117,192 | 139 | 23,595 | 1,123,654 | |
(+) Cash & Short Term Investments | 79 | 297 | 54,917 | 105 | 5,966 | 130,237 | |
(+) Investments & Other | 0 | 0 | 4,089 | 0 | 15,551 | 144,530 | |
(-) Debt | (187) | (8) | (500) | (73) | (14,399) | (30,945) | |
(-) Other Liabilities | 2 | 0 | (16) | 5 | (4,814) | (433) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 858 | 5,850 | 175,682 | 177 | 25,898 | 1,367,043 | |
(/) Shares Outstanding | 1,000.0 | 280.7 | 92.2 | 20.9 | 3,350.3 | 25,978.8 | |
Implied Stock Price | 0.86 | 20.84 | 1,905.00 | 8.46 | 7.73 | 52.62 | |
FX Conversion Rate to Trading Currency | 0.91 | 1.00 | 1.00 | 7.17 | 1.00 | 8.42 | |
Implied Stock Price (Trading Cur) | 0.94 | 20.84 | 1,905.00 | 1.18 | 7.73 | 6.25 | |
Trading Currency | HKD | CNY | JPY | USD | CNY | EUR | |
FX Rate to Reporting Currency | 0.91 | 1.00 | 1.00 | 7.17 | 1.00 | 8.42 |