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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16,4x - 18,2x | 17,3x |
| Selected Fwd EBIT Multiple | 13,2x - 14,6x | 13,9x |
| Fair Value | €60,33 - €65,48 | €62,91 |
| Upside | 2,8% - 11,6% | 7,2% |
| Benchmarks | Ticker | Full Ticker |
| Autohome Inc. | 2518 | SEHK:2518 |
| Meitu, Inc. | 1357 | SEHK:1357 |
| Weibo Corporation | 9898 | SEHK:9898 |
| Baidu, Inc. | 9888 | SEHK:9888 |
| Kuaishou Technology | 1024 | SEHK:1024 |
| Tencent Holdings Limited | NNND | DB:NNND |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2518 | 1357 | 9898 | 9888 | 1024 | NNND | ||
| SEHK:2518 | SEHK:1357 | SEHK:9898 | SEHK:9888 | SEHK:1024 | DB:NNND | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -20.9% | NM- | -3.7% | 26.1% | 69.2% | 16.4% | |
| 3Y CAGR | -17.4% | NM- | -10.8% | 26.0% | NM- | 18.9% | |
| Latest Twelve Months | -16.5% | 82.6% | 4.5% | -3.4% | 128.0% | 22.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 22.7% | -1.8% | 29.0% | 13.4% | -10.6% | 25.1% | |
| Prior Fiscal Year | 15.8% | 10.1% | 26.9% | 16.4% | 5.2% | 26.8% | |
| Latest Fiscal Year | 14.3% | 14.9% | 28.2% | 16.0% | 10.7% | 31.5% | |
| Latest Twelve Months | 14.0% | 14.9% | 28.2% | 16.0% | 10.7% | 31.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.13x | 6.23x | 0.98x | 0.40x | 0.97x | 5.13x | |
| EV / LTM EBITDA | 0.8x | 38.1x | 3.1x | 1.5x | 6.9x | 14.6x | |
| EV / LTM EBIT | 0.9x | 41.9x | 3.5x | 2.5x | 9.0x | 16.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 0.9x | 3.5x | 41.9x | ||||
| Historical EV / LTM EBIT | 12.3x | 21.6x | 33.8x | ||||
| Selected EV / LTM EBIT | 16.4x | 17.3x | 18.2x | ||||
| (x) LTM EBIT | 216,970 | 216,970 | 216,970 | ||||
| (=) Implied Enterprise Value | 3,568,045 | 3,755,837 | 3,943,629 | ||||
| (-) Non-shareholder Claims * | 842,876 | 842,876 | 842,876 | ||||
| (=) Equity Value | 4,410,921 | 4,598,713 | 4,786,505 | ||||
| (/) Shares Outstanding | 9,092.4 | 9,092.4 | 9,092.4 | ||||
| Implied Value Range | 485.12 | 505.77 | 526.43 | ||||
| FX Rate: CNY/EUR | 8.1 | 8.1 | 8.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 59.76 | 62.31 | 64.85 | 58.69 | |||
| Upside / (Downside) | 1.8% | 6.2% | 10.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2518 | 1357 | 9898 | 9888 | 1024 | NNND | |
| Enterprise Value | 1,253 | 20,753 | (162) | 47,059 | 121,773 | 3,488,850 | |
| (+) Cash & Short Term Investments | 21,931 | 2,956 | 2,350 | 127,743 | 51,640 | 377,938 | |
| (+) Investments & Other | 328 | 1,456 | 1,911 | 140,256 | 44,221 | 952,065 | |
| (-) Debt | (35) | (318) | (1,906) | (79,324) | (21,536) | (404,643) | |
| (-) Other Liabilities | (1,251) | (6) | (96) | (19,992) | (20) | (82,484) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 22,226 | 24,842 | 2,098 | 215,742 | 196,078 | 4,331,726 | |
| (/) Shares Outstanding | 483.5 | 4,565.7 | 244.8 | 2,664.5 | 4,260.9 | 9,092.4 | |
| Implied Stock Price | 45.97 | 5.44 | 8.57 | 80.97 | 46.02 | 476.41 | |
| FX Conversion Rate to Trading Currency | 0.92 | 0.92 | 0.13 | 0.92 | 0.92 | 8.12 | |
| Implied Stock Price (Trading Cur) | 49.85 | 5.90 | 67.10 | 87.80 | 49.90 | 58.69 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | EUR | |
| FX Rate to Reporting Currency | 0.92 | 0.92 | 0.13 | 0.92 | 0.92 | 8.12 | |