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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 5,4x - 6,0x | 5,7x |
Selected Fwd EBITDA Multiple | 5,2x - 5,7x | 5,4x |
Fair Value | €1,34 - €1,46 | €1,40 |
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 EBITDA Multiple | |||||||
Benchmark Companies | |||||||
3320 | 570 | 1177 | 2348 | 460 | UNJ | ||
SEHK:3320 | SEHK:570 | SEHK:1177 | SEHK:2348 | SEHK:460 | DB:UNJ | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 10.3% | -9.2% | 1.9% | -2.4% | NM- | 16.1% | |
3Y CAGR | 14.6% | -19.3% | 8.1% | -11.3% | NM- | 19.8% | |
Latest Twelve Months | 7.9% | -24.6% | 8.1% | -14.6% | -512.7% | -8.2% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 5.4% | 16.6% | 23.5% | 34.8% | 14.3% | 22.9% | |
Prior Fiscal Year | 5.5% | 13.5% | 24.3% | 30.8% | 2.2% | 27.0% | |
Latest Fiscal Year | 5.7% | 11.2% | 23.9% | 28.6% | -8.7% | 24.7% | |
Latest Twelve Months | 5.7% | 11.2% | 23.9% | 28.6% | -8.7% | 24.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.44x | 0.71x | 2.39x | 0.12x | 3.20x | 1.59x | |
EV / LTM EBITDA | 7.8x | 6.3x | 10.0x | 0.4x | -36.7x | 6.5x | |
EV / LTM EBIT | 9.5x | 15.5x | 11.9x | 0.6x | -16.6x | 7.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -36.7x | 6.3x | 10.0x | ||||
Historical EV / LTM EBITDA | 2.4x | 2.6x | 6.5x | ||||
Selected EV / LTM EBITDA | 5.4x | 5.7x | 6.0x | ||||
(x) LTM EBITDA | 3,401 | 3,401 | 3,401 | ||||
(=) Implied Enterprise Value | 18,487 | 19,460 | 20,433 | ||||
(-) Non-shareholder Claims * | 3,134 | 3,134 | 3,134 | ||||
(=) Equity Value | 21,621 | 22,594 | 23,567 | ||||
(/) Shares Outstanding | 2,019.2 | 2,019.2 | 2,019.2 | ||||
Implied Value Range | 10.71 | 11.19 | 11.67 | ||||
FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | |||
Implied Value Range (Trading Cur) | 1.27 | 1.33 | 1.39 | 1.65 | |||
Upside / (Downside) | -22.8% | -19.4% | -15.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 3320 | 570 | 1177 | 2348 | 460 | UNJ | |
Enterprise Value | 116,799 | 11,678 | 67,143 | 99 | 6,526 | 24,889 | |
(+) 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) | (974) | (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 | 29,742 | 10,217 | 87,773 | 1,690 | 9,426 | 28,023 | |
(/) Shares Outstanding | 6,282.5 | 5,035.8 | 17,884.7 | 1,503.1 | 9,127.7 | 2,019.2 | |
Implied Stock Price | 4.73 | 2.03 | 4.91 | 1.12 | 1.03 | 13.88 | |
FX Conversion Rate to Trading Currency | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 8.40 | |
Implied Stock Price (Trading Cur) | 5.18 | 2.22 | 5.37 | 1.23 | 1.13 | 1.65 | |
Trading Currency | HKD | HKD | HKD | HKD | HKD | EUR | |
FX Rate to Reporting Currency | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 8.40 |