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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14,9x - 16,4x | 15,7x |
| Selected Fwd EBITDA Multiple | 9,4x - 10,4x | 9,9x |
| Fair Value | €2,85 - €3,11 | €2,98 |
| Upside | -33,7% - -27,8% | -30,7% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 300628 | 600498 | 285 | 301318 | 603660 | FZM | ||
| SZSE:300628 | SHSE:600498 | SEHK:285 | SZSE:301318 | SHSE:603660 | DB:FZM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 17.1% | 2.3% | 26.0% | 12.1% | NM- | 15.9% | |
| 3Y CAGR | 18.5% | 21.0% | 38.2% | -17.0% | NM- | 1.6% | |
| Latest Twelve Months | 10.5% | -20.5% | 49.7% | 152.7% | 73.6% | -33.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 45.8% | 4.6% | 5.6% | 19.3% | -10.2% | 9.8% | |
| Prior Fiscal Year | 45.1% | 4.5% | 5.0% | 7.4% | -12.5% | 11.8% | |
| Latest Fiscal Year | 47.5% | 6.4% | 5.5% | 13.8% | -12.1% | 10.0% | |
| Latest Twelve Months | 46.1% | 5.1% | 5.5% | 15.0% | -5.9% | 7.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.53x | 1.69x | 0.46x | 4.17x | 3.31x | 1.40x | |
| EV / LTM EBITDA | 16.3x | 32.8x | 8.5x | 27.8x | -56.4x | 18.9x | |
| EV / LTM EBIT | 16.9x | 76.2x | 21.2x | 30.6x | -43.4x | 24.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -56.4x | 16.3x | 32.8x | ||||
| Historical EV / LTM EBITDA | 7.1x | 10.1x | 30.7x | ||||
| Selected EV / LTM EBITDA | 14.9x | 15.7x | 16.4x | ||||
| (x) LTM EBITDA | 9,675 | 9,675 | 9,675 | ||||
| (=) Implied Enterprise Value | 143,889 | 151,462 | 159,035 | ||||
| (-) Non-shareholder Claims * | 26,026 | 26,026 | 26,026 | ||||
| (=) Equity Value | 169,915 | 177,488 | 185,061 | ||||
| (/) Shares Outstanding | 7,087.4 | 7,087.4 | 7,087.4 | ||||
| Implied Value Range | 23.97 | 25.04 | 26.11 | ||||
| FX Rate: CNY/EUR | 8.3 | 8.3 | 8.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.88 | 3.01 | 3.14 | 4.31 | |||
| Upside / (Downside) | -33.1% | -30.1% | -27.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300628 | 600498 | 285 | 301318 | 603660 | FZM | |
| Enterprise Value | 41,888 | 43,586 | 81,825 | 3,192 | 4,657 | 227,929 | |
| (+) Cash & Short Term Investments | 5,676 | 3,603 | 9,344 | 1,319 | 253 | 53,931 | |
| (+) Investments & Other | 184 | 2,911 | 421 | 17 | 27 | 32,628 | |
| (-) Debt | (11) | (12,795) | (12,460) | (48) | (592) | (60,261) | |
| (-) Other Liabilities | 0 | (1,717) | 0 | (21) | (1) | (272) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 47,737 | 35,589 | 79,131 | 4,459 | 4,343 | 253,955 | |
| (/) Shares Outstanding | 1,266.6 | 1,271.0 | 2,253.2 | 134.9 | 532.2 | 7,087.4 | |
| Implied Stock Price | 37.69 | 28.00 | 35.12 | 33.06 | 8.16 | 35.83 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.92 | 1.00 | 1.00 | 8.32 | |
| Implied Stock Price (Trading Cur) | 37.69 | 28.00 | 38.38 | 33.06 | 8.16 | 4.31 | |
| Trading Currency | CNY | CNY | HKD | CNY | CNY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.92 | 1.00 | 1.00 | 8.32 | |