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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14,7x - 16,2x | 15,5x |
| Selected Fwd EBIT Multiple | 12,1x - 13,4x | 12,8x |
| Fair Value | €2,31 - €2,51 | €2,41 |
| Upside | -32,3% - -26,2% | -29,2% |
| Benchmarks | Ticker | Full Ticker |
| Yealink Network Technology Co., Ltd. | 300628 | SZSE:300628 |
| Fiberhome Telecommunication Technologies Co., Ltd. | 600498 | SHSE:600498 |
| BYD Electronic (International) Company Limited | 285 | SEHK:285 |
| ValueHD Corporation | 301318 | SZSE:301318 |
| Suzhou Keda Technology Co.,Ltd | 603660 | SHSE:603660 |
| ZTE Corporation | FZM | DB:FZM |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 300628 | 600498 | 285 | 301318 | 603660 | FZM | ||
| SZSE:300628 | SHSE:600498 | SEHK:285 | SZSE:301318 | SHSE:603660 | DB:FZM | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 16.8% | 0.2% | 31.3% | 9.8% | NM- | 18.3% | |
| 3Y CAGR | 18.2% | 39.1% | 40.1% | -19.4% | NM- | 10.2% | |
| Latest Twelve Months | 27.4% | 62.7% | 5.5% | 185.2% | 69.3% | -16.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 44.8% | 1.9% | 3.0% | 18.4% | -12.1% | 6.9% | |
| Prior Fiscal Year | 43.7% | 1.7% | 2.8% | 5.9% | -14.6% | 8.1% | |
| Latest Fiscal Year | 46.2% | 3.6% | 2.2% | 12.4% | -14.2% | 8.2% | |
| Latest Twelve Months | 45.9% | 3.7% | 2.2% | 13.6% | -7.6% | 6.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.74x | 1.28x | 0.45x | 4.33x | 3.24x | 1.38x | |
| EV / LTM EBITDA | 14.2x | 19.7x | 8.3x | 28.9x | -55.3x | 16.6x | |
| EV / LTM EBIT | 14.7x | 34.8x | 20.6x | 31.8x | -42.6x | 19.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -42.6x | 20.6x | 34.8x | ||||
| Historical EV / LTM EBIT | 9.7x | 14.8x | 37.2x | ||||
| Selected EV / LTM EBIT | 14.7x | 15.5x | 16.2x | ||||
| (x) LTM EBIT | 8,595 | 8,595 | 8,595 | ||||
| (=) Implied Enterprise Value | 126,239 | 132,883 | 139,527 | ||||
| (-) Non-shareholder Claims * | 22,954 | 22,954 | 22,954 | ||||
| (=) Equity Value | 149,193 | 155,837 | 162,481 | ||||
| (/) Shares Outstanding | 7,834.1 | 7,834.1 | 7,834.1 | ||||
| Implied Value Range | 19.04 | 19.89 | 20.74 | ||||
| FX Rate: CNY/EUR | 8.3 | 8.3 | 8.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.29 | 2.39 | 2.49 | 3.40 | |||
| Upside / (Downside) | -32.8% | -29.9% | -26.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300628 | 600498 | 285 | 301318 | 603660 | FZM | |
| Enterprise Value | 37,985 | 35,349 | 79,765 | 3,350 | 4,561 | 199,213 | |
| (+) Cash & Short Term Investments | 6,689 | 3,880 | 9,344 | 1,319 | 253 | 59,470 | |
| (+) Investments & Other | 183 | 2,920 | 421 | 17 | 27 | 29,414 | |
| (-) Debt | (9) | (9,600) | (12,460) | (48) | (592) | (65,645) | |
| (-) Other Liabilities | 0 | (1,729) | 0 | (21) | (1) | (285) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 44,848 | 30,820 | 77,071 | 4,616 | 4,247 | 222,167 | |
| (/) Shares Outstanding | 1,265.1 | 1,184.5 | 2,253.2 | 134.9 | 532.2 | 7,834.1 | |
| Implied Stock Price | 35.45 | 26.02 | 34.20 | 34.23 | 7.98 | 28.36 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.92 | 1.00 | 1.00 | 8.33 | |
| Implied Stock Price (Trading Cur) | 35.45 | 26.02 | 37.22 | 34.23 | 7.98 | 3.40 | |
| Trading Currency | CNY | CNY | HKD | CNY | CNY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.92 | 1.00 | 1.00 | 8.33 | |