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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -6,8x - -7,5x | -7,1x |
| Selected Fwd EBIT Multiple | -55,6x - -61,5x | -58,5x |
| Fair Value | €9,27 - €16,68 | €12,97 |
| Upside | -50,5% - -10,9% | -30,7% |
| Benchmarks | Ticker | Full Ticker |
| GCL Technology Holdings Limited | GCPE.F | OTCPK:GCPE.F |
| Flat Glass Group Co., Ltd. | FGSG.F | OTCPK:FGSG.F |
| First Solar, Inc. | FSLR | NasdaqGS:FSLR |
| Maxeon Solar Technologies, Ltd. | MAXN | NasdaqGS:MAXN |
| Canadian Solar Inc. | CSIQ | NasdaqGS:CSIQ |
| JinkoSolar Holding Co., Ltd. | ZJS1 | DB:ZJS1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| GCPE.F | FGSG.F | FSLR | MAXN | CSIQ | ZJS1 | ||
| OTCPK:GCPE.F | OTCPK:FGSG.F | NasdaqGS:FSLR | NasdaqGS:MAXN | NasdaqGS:CSIQ | DB:ZJS1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 14.4% | 47.3% | NM- | -21.6% | NM- | |
| 3Y CAGR | NM- | -8.6% | 46.9% | NM- | -24.3% | NM- | |
| Latest Twelve Months | -180.7% | -72.4% | 6.5% | -556.0% | -104.0% | -189.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.1% | 20.6% | 16.4% | -20.4% | 5.0% | 2.8% | |
| Prior Fiscal Year | 21.7% | 16.4% | 26.7% | -6.2% | 6.2% | 5.7% | |
| Latest Fiscal Year | -39.1% | 9.6% | 33.1% | -89.5% | 1.5% | -2.3% | |
| Latest Twelve Months | -39.1% | 6.2% | 31.3% | -89.5% | -0.3% | -5.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.69x | 2.66x | 4.55x | 0.68x | 1.05x | 0.41x | |
| EV / LTM EBITDA | -20.1x | 14.7x | 10.7x | -0.8x | 11.8x | 11.6x | |
| EV / LTM EBIT | -6.9x | 43.0x | 14.5x | -0.8x | -407.5x | -7.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -407.5x | -0.8x | 43.0x | ||||
| Historical EV / LTM EBIT | -360.1x | 16.5x | 106.7x | ||||
| Selected EV / LTM EBIT | -6.8x | -7.1x | -7.5x | ||||
| (x) LTM EBIT | (4,628) | (4,628) | (4,628) | ||||
| (=) Implied Enterprise Value | 31,242 | 32,887 | 34,531 | ||||
| (-) Non-shareholder Claims * | (26,495) | (26,495) | (26,495) | ||||
| (=) Equity Value | 4,747 | 6,391 | 8,036 | ||||
| (/) Shares Outstanding | 51.7 | 51.7 | 51.7 | ||||
| Implied Value Range | 91.90 | 123.74 | 155.57 | ||||
| FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.96 | 14.75 | 18.55 | 18.72 | |||
| Upside / (Downside) | -41.5% | -21.2% | -0.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GCPE.F | FGSG.F | FSLR | MAXN | CSIQ | ZJS1 | |
| Enterprise Value | 36,565 | 39,011 | 19,446 | 345 | 6,166 | 34,605 | |
| (+) Cash & Short Term Investments | 6,999 | 5,137 | 1,154 | 29 | 1,577 | 27,383 | |
| (+) Investments & Other | 7,114 | 588 | 0 | 4 | 246 | 1,904 | |
| (-) Debt | (19,095) | (15,383) | (1,067) | (311) | (5,912) | (42,568) | |
| (-) Other Liabilities | (5,116) | (85) | 0 | (5) | (1,301) | (13,215) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 26,466 | 29,268 | 19,533 | 61 | 775 | 8,109 | |
| (/) Shares Outstanding | 32,058.1 | 3,810.2 | 107.2 | 16.9 | 67.0 | 51.7 | |
| Implied Stock Price | 0.83 | 7.68 | 182.13 | 3.63 | 11.58 | 157.00 | |
| FX Conversion Rate to Trading Currency | 7.18 | 7.18 | 1.00 | 1.00 | 1.00 | 8.39 | |
| Implied Stock Price (Trading Cur) | 0.12 | 1.07 | 182.13 | 3.63 | 11.58 | 18.72 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 7.18 | 7.18 | 1.00 | 1.00 | 1.00 | 8.39 | |