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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6,5x - 7,2x | 6,9x |
| Selected Fwd EBIT Multiple | 5,6x - 6,2x | 5,9x |
| Fair Value | €1,31 - €1,43 | €1,37 |
| Upside | -18,7% - -11,4% | -15,1% |
| Benchmarks | Ticker | Full Ticker |
| China Resources Pharmaceutical Group Limited | 3320 | SEHK:3320 |
| China Traditional Chinese Medicine Holdings Co. Limited | 570 | SEHK:570 |
| Sino Biopharmaceutical Limited | 1177 | SEHK:1177 |
| Dawnrays Pharmaceutical (Holdings) Limited | 2348 | SEHK:2348 |
| Sihuan Pharmaceutical Holdings Group Ltd. | 460 | SEHK:460 |
| The United Laboratories International Holdings Limited | UNJ | DB:UNJ |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 3320 | 570 | 1177 | 2348 | 460 | UNJ | ||
| SEHK:3320 | SEHK:570 | SEHK:1177 | SEHK:2348 | SEHK:460 | DB:UNJ | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.9% | -20.9% | 3.2% | -7.0% | NM- | 22.6% | |
| 3Y CAGR | 14.3% | -34.8% | 7.8% | -19.0% | NM- | 26.8% | |
| Latest Twelve Months | 8.6% | -44.2% | 6.7% | -26.8% | -177.1% | -11.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.4% | 11.2% | 19.2% | 28.9% | 4.2% | 17.5% | |
| Prior Fiscal Year | 4.5% | 7.4% | 20.8% | 24.0% | -7.6% | 23.1% | |
| Latest Fiscal Year | 4.7% | 4.6% | 20.1% | 19.1% | -20.5% | 20.5% | |
| Latest Twelve Months | 4.7% | 4.6% | 20.1% | 19.1% | -20.5% | 20.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.44x | 0.72x | 1.81x | 0.12x | 2.81x | 1.55x | |
| EV / LTM EBITDA | 7.8x | 6.5x | 7.6x | 0.4x | -25.6x | 6.3x | |
| EV / LTM EBIT | 9.6x | 15.8x | 9.0x | 0.6x | -13.7x | 7.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -13.7x | 9.0x | 15.8x | ||||
| Historical EV / LTM EBIT | 2.9x | 3.6x | 7.6x | ||||
| Selected EV / LTM EBIT | 6.5x | 6.9x | 7.2x | ||||
| (x) LTM EBIT | 2,819 | 2,819 | 2,819 | ||||
| (=) Implied Enterprise Value | 18,385 | 19,352 | 20,320 | ||||
| (-) Non-shareholder Claims * | 3,134 | 3,134 | 3,134 | ||||
| (=) Equity Value | 21,519 | 22,487 | 23,454 | ||||
| (/) Shares Outstanding | 2,019.2 | 2,019.2 | 2,019.2 | ||||
| Implied Value Range | 10.66 | 11.14 | 11.62 | ||||
| FX Rate: CNY/EUR | 8.2 | 8.2 | 8.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.30 | 1.36 | 1.42 | 1.61 | |||
| Upside / (Downside) | -19.0% | -15.4% | -11.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3320 | 570 | 1177 | 2348 | 460 | UNJ | |
| Enterprise Value | 116,765 | 11,910 | 52,482 | 92 | 5,300 | 23,438 | |
| (+) Cash & Short Term Investments | 25,648 | 5,274 | 14,818 | 1,608 | 3,633 | 6,330 | |
| (+) Investments & Other | 6,143 | 11 | 26,337 | 20 | 818 | 7 | |
| (-) Debt | (69,005) | (4,016) | (9,711) | (35) | (943) | (3,156) | |
| (-) Other Liabilities | (49,843) | (2,729) | (10,813) | (2) | (577) | (47) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 29,708 | 10,450 | 73,113 | 1,683 | 8,231 | 26,572 | |
| (/) Shares Outstanding | 6,282.5 | 5,035.8 | 17,893.7 | 1,502.2 | 9,147.7 | 2,019.2 | |
| Implied Stock Price | 4.73 | 2.08 | 4.09 | 1.12 | 0.90 | 13.16 | |
| FX Conversion Rate to Trading Currency | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 | 8.17 | |
| Implied Stock Price (Trading Cur) | 5.15 | 2.26 | 4.45 | 1.22 | 0.98 | 1.61 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | EUR | |
| FX Rate to Reporting Currency | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 | 8.17 | |