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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 22,7x - 25,1x | 23,9x |
| Selected Fwd EBIT Multiple | 14,3x - 15,8x | 15,0x |
| Fair Value | €51,28 - €56,12 | €53,70 |
| Upside | 2,3% - 12,0% | 7,1% |
| Benchmarks | Ticker | Full Ticker |
| Guangzhou Automobile Group Co., Ltd. | 2238 | SEHK:2238 |
| Chongqing Changan Automobile Company Limited | 625 | SZSE:000625 |
| NIO Inc. | 9866 | SEHK:9866 |
| Ford Motor Company | F_KZ | KAS:F_KZ |
| Stellantis N.V. | STLAP | ENXTPA:STLAP |
| BYD Company Limited | BY6 | DB:BY6 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2238 | 625 | 9866 | F_KZ | STLAP | BY6 | ||
| SEHK:2238 | SZSE:000625 | SEHK:9866 | KAS:F_KZ | ENXTPA:STLAP | DB:BY6 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 115.1% | 4.7% | 57.5% | |
| 3Y CAGR | NM- | -16.7% | NM- | -8.2% | -26.5% | 92.8% | |
| Latest Twelve Months | -137.0% | -95.4% | 3.4% | -5.6% | -72.6% | 41.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -6.3% | 1.9% | -37.4% | 2.9% | 9.8% | 5.2% | |
| Prior Fiscal Year | -3.7% | 3.1% | -40.7% | 3.1% | 12.1% | 5.7% | |
| Latest Fiscal Year | -7.4% | 0.6% | -33.3% | 2.8% | 4.0% | 5.9% | |
| Latest Twelve Months | -9.2% | 0.1% | -33.3% | 2.4% | 4.0% | 6.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.11x | 0.21x | 1.07x | 0.92x | 0.11x | 1.30x | |
| EV / LTM EBITDA | -1.7x | 5.5x | -4.4x | 16.7x | 1.7x | 9.1x | |
| EV / LTM EBIT | -1.2x | 202.2x | -3.2x | 38.5x | 2.9x | 21.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -3.2x | 2.9x | 202.2x | ||||
| Historical EV / LTM EBIT | 15.1x | 46.8x | 105.5x | ||||
| Selected EV / LTM EBIT | 22.7x | 23.9x | 25.1x | ||||
| (x) LTM EBIT | 48,974 | 48,974 | 48,974 | ||||
| (=) Implied Enterprise Value | 1,112,557 | 1,171,113 | 1,229,668 | ||||
| (-) Non-shareholder Claims * | 130,255 | 130,255 | 130,255 | ||||
| (=) Equity Value | 1,242,811 | 1,301,367 | 1,359,923 | ||||
| (/) Shares Outstanding | 3,035.2 | 3,035.2 | 3,035.2 | ||||
| Implied Value Range | 409.46 | 428.76 | 448.05 | ||||
| FX Rate: CNY/EUR | 8.1 | 8.1 | 8.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 50.73 | 53.12 | 55.51 | 50.12 | |||
| Upside / (Downside) | 1.2% | 6.0% | 10.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2238 | 625 | 9866 | F_KZ | STLAP | BY6 | |
| Enterprise Value | 7,902 | 31,870 | 71,119 | 168,214 | 17,949 | 1,097,667 | |
| (+) Cash & Short Term Investments | 40,406 | 60,279 | 33,843 | 26,994 | 35,392 | 153,391 | |
| (+) Investments & Other | 48,089 | 19,162 | 3,126 | 5,030 | 11,888 | 30,792 | |
| (-) Debt | (26,669) | (1,406) | (33,823) | (157,783) | (37,251) | (41,128) | |
| (-) Other Liabilities | (7,054) | (2,432) | (7,540) | (25) | (423) | (12,800) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 62,674 | 107,472 | 66,724 | 42,430 | 27,555 | 1,227,921 | |
| (/) Shares Outstanding | 24,261.3 | 8,688.1 | 2,242.5 | 3,976.5 | 2,880.5 | 3,035.2 | |
| Implied Stock Price | 2.58 | 12.37 | 29.75 | 10.67 | 9.57 | 404.56 | |
| FX Conversion Rate to Trading Currency | 0.92 | 1.00 | 0.92 | 1.00 | 1.00 | 8.07 | |
| Implied Stock Price (Trading Cur) | 2.80 | 12.37 | 32.25 | 10.67 | 9.57 | 50.12 | |
| Trading Currency | HKD | CNY | HKD | USD | EUR | EUR | |
| FX Rate to Reporting Currency | 0.92 | 1.00 | 0.92 | 1.00 | 1.00 | 8.07 | |