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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 23,6x - 26,1x | 24,9x |
| Selected Fwd EBIT Multiple | 11,8x - 13,1x | 12,5x |
| Fair Value | €0,19 - €0,26 | €0,22 |
| Upside | -15,4% - 15,7% | 0,2% |
| Benchmarks | Ticker | Full Ticker |
| Nine Dragons Paper (Holdings) Limited | 2689 | SEHK:2689 |
| Oji Holdings Corporation | 3861 | TSE:3861 |
| Greenheart Group Limited | 94 | SEHK:94 |
| International Paper Company | IP | NYSE:IP |
| Reliance Global Holdings Limited | 723 | SEHK:723 |
| Lee & Man Paper Manufacturing Limited | LMP | DB:LMP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2689 | 3861 | 94 | IP | 723 | LMP | ||
| SEHK:2689 | TSE:3861 | SEHK:94 | NYSE:IP | SEHK:723 | DB:LMP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -14.1% | -8.0% | NM- | -10.7% | NM- | -18.6% | |
| 3Y CAGR | -31.5% | -5.0% | NM- | -16.6% | NM- | -28.0% | |
| Latest Twelve Months | 749.5% | -10.2% | -16.5% | -17.3% | -153.4% | 51.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.5% | 5.9% | -61.1% | 7.8% | 2.1% | 7.5% | |
| Prior Fiscal Year | -3.1% | 5.0% | -81.7% | 6.2% | 0.2% | 3.1% | |
| Latest Fiscal Year | 4.6% | 4.3% | -166.9% | 5.2% | -2.4% | 4.5% | |
| Latest Twelve Months | 5.0% | NA | -166.9% | 5.2% | -4.5% | 4.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.16x | 0.70x | -0.24x | 1.60x | 0.46x | 1.13x | |
| EV / LTM EBITDA | 10.9x | 7.7x | 0.2x | 14.6x | -12.1x | 21.3x | |
| EV / LTM EBIT | 23.2x | 17.0x | 0.1x | 30.9x | -10.2x | 25.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -10.2x | 17.0x | 30.9x | ||||
| Historical EV / LTM EBIT | 9.3x | 24.2x | 52.9x | ||||
| Selected EV / LTM EBIT | 23.6x | 24.9x | 26.1x | ||||
| (x) LTM EBIT | 1,163 | 1,163 | 1,163 | ||||
| (=) Implied Enterprise Value | 27,461 | 28,906 | 30,351 | ||||
| (-) Non-shareholder Claims * | (20,337) | (20,337) | (20,337) | ||||
| (=) Equity Value | 7,124 | 8,569 | 10,014 | ||||
| (/) Shares Outstanding | 4,909.3 | 4,909.3 | 4,909.3 | ||||
| Implied Value Range | 1.45 | 1.75 | 2.04 | ||||
| FX Rate: HKD/EUR | 8.8 | 8.8 | 8.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.17 | 0.20 | 0.23 | 0.22 | |||
| Upside / (Downside) | -26.0% | -11.0% | 4.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2689 | 3861 | 94 | IP | 723 | LMP | |
| Enterprise Value | 71,724 | 1,243,698 | (14) | 29,339 | 147 | 29,965 | |
| (+) Cash & Short Term Investments | 11,861 | 27,992 | 20 | 1,170 | 130 | 1,521 | |
| (+) Investments & Other | 183 | 202,973 | 1 | 160 | 0 | 201 | |
| (-) Debt | (70,135) | (875,758) | (438) | (6,009) | (1) | (22,050) | |
| (-) Other Liabilities | (492) | (29,805) | 511 | 0 | 12 | (9) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (31) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,140 | 569,100 | 80 | 24,660 | 257 | 9,628 | |
| (/) Shares Outstanding | 4,692.2 | 939.4 | 1,855.0 | 526.1 | 1,093.8 | 4,909.3 | |
| Implied Stock Price | 2.80 | 605.80 | 0.04 | 46.87 | 0.24 | 1.96 | |
| FX Conversion Rate to Trading Currency | 0.94 | 1.00 | 1.00 | 1.00 | 1.00 | 8.76 | |
| Implied Stock Price (Trading Cur) | 2.97 | 605.80 | 0.04 | 46.87 | 0.24 | 0.22 | |
| Trading Currency | HKD | JPY | HKD | USD | HKD | EUR | |
| FX Rate to Reporting Currency | 0.94 | 1.00 | 1.00 | 1.00 | 1.00 | 8.76 | |