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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 1,8x - 1,9x | 1,9x |
| Selected Fwd EBITDA Multiple | 1,6x - 1,8x | 1,7x |
| Fair Value | €0,041 - €0,042 | €0,041 |
| Upside | -23,1% - -20,5% | -21,8% |
| Benchmarks | Ticker | Full Ticker |
| Li Ning Company Limited | 2331 | SEHK:2331 |
| Xtep International Holdings Limited | 1368 | SEHK:1368 |
| 361 Degrees International Limited | 1361 | SEHK:1361 |
| ANTA Sports Products Limited | 2020 | SEHK:2020 |
| China Lilang Limited | 1234 | SEHK:1234 |
| Daphne International Holdings Limited | PSX | DB:PSX |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 2331 | 1368 | 1361 | 2020 | 1234 | PSX | ||
| SEHK:2331 | SEHK:1368 | SEHK:1361 | SEHK:2020 | SEHK:1234 | DB:PSX | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 21.7% | 12.3% | 12.2% | 14.3% | -6.8% | NM- | |
| 3Y CAGR | -3.2% | 14.6% | 14.3% | 15.4% | 3.5% | NM- | |
| Latest Twelve Months | 16.9% | 6.2% | 20.0% | 11.0% | -14.3% | 16.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 20.0% | 13.5% | 16.4% | 24.9% | 20.7% | 12.3% | |
| Prior Fiscal Year | 16.6% | 14.7% | 16.4% | 26.3% | 20.8% | 36.5% | |
| Latest Fiscal Year | 18.0% | 15.4% | 15.9% | 24.9% | 19.2% | 35.2% | |
| Latest Twelve Months | 18.4% | 15.8% | 16.3% | 25.5% | 17.3% | 36.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.84x | 0.92x | 0.73x | 2.73x | 0.87x | 1.11x | |
| EV / LTM EBITDA | 4.6x | 5.8x | 4.5x | 10.7x | 5.1x | 3.1x | |
| EV / LTM EBIT | 6.0x | 6.4x | 4.7x | 11.4x | 6.6x | 3.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.5x | 5.1x | 10.7x | ||||
| Historical EV / LTM EBITDA | -5.3x | 0.5x | 1.8x | ||||
| Selected EV / LTM EBITDA | 1.8x | 1.9x | 1.9x | ||||
| (x) LTM EBITDA | 127 | 127 | 127 | ||||
| (=) Implied Enterprise Value | 224 | 236 | 248 | ||||
| (-) Non-shareholder Claims * | 516 | 516 | 516 | ||||
| (=) Equity Value | 740 | 752 | 764 | ||||
| (/) Shares Outstanding | 2,217.9 | 2,217.9 | 2,217.9 | ||||
| Implied Value Range | 0.33 | 0.34 | 0.34 | ||||
| FX Rate: CNY/EUR | 8.3 | 8.3 | 8.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.04 | 0.04 | 0.04 | 0.05 | |||
| Upside / (Downside) | -24.4% | -23.2% | -22.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2331 | 1368 | 1361 | 2020 | 1234 | PSX | |
| Enterprise Value | 24,582 | 12,860 | 7,736 | 206,251 | 3,300 | 464 | |
| (+) Cash & Short Term Investments | 17,052 | 3,745 | 4,604 | 32,038 | 1,865 | 525 | |
| (+) Investments & Other | 4,463 | 1,931 | 22 | 44,779 | 263 | 1 | |
| (-) Debt | (1,777) | (2,500) | (317) | (31,589) | (1,152) | (7) | |
| (-) Other Liabilities | 0 | 0 | (469) | (5,958) | (125) | (4) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 44,320 | 16,036 | 11,577 | 245,521 | 4,152 | 979 | |
| (/) Shares Outstanding | 2,575.5 | 2,676.1 | 2,067.7 | 2,807.2 | 1,197.5 | 2,217.9 | |
| Implied Stock Price | 17.21 | 5.99 | 5.60 | 87.46 | 3.47 | 0.44 | |
| FX Conversion Rate to Trading Currency | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 8.33 | |
| Implied Stock Price (Trading Cur) | 18.81 | 6.55 | 6.12 | 95.60 | 3.79 | 0.05 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | EUR | |
| FX Rate to Reporting Currency | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 8.33 | |