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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -1,6x - -1,8x | -1,7x |
| Selected Fwd EBIT Multiple | -1,5x - -1,7x | -1,6x |
| Fair Value | $2,33 - $2,41 | $2,37 |
| Upside | 25,9% - 30,3% | 28,1% |
| Benchmarks | Ticker | Full Ticker |
| 111, Inc. | YI | NasdaqGM:YI |
| Ping An Healthcare and Technology Company Limited | PIAH.Y | OTCPK:PIAH.Y |
| JD Health International Inc. | JDHI.Y | OTCPK:JDHI.Y |
| Dingdong (Cayman) Limited | DDL | NYSE:DDL |
| Lianhua Supermarket Holdings Co., Ltd. | LHUA.F | OTCPK:LHUA.F |
| Dada Nexus Limited | DADA | NasdaqGS:DADA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| YI | PIAH.Y | JDHI.Y | DDL | LHUA.F | DADA | ||
| NasdaqGM:YI | OTCPK:PIAH.Y | OTCPK:JDHI.Y | NYSE:DDL | OTCPK:LHUA.F | NasdaqGS:DADA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 21.9% | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 100.6% | 78.5% | 84.3% | 549.1% | -65.5% | 4.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -4.1% | -15.7% | 0.2% | -15.5% | -1.2% | -25.9% | |
| Prior Fiscal Year | -2.3% | -14.6% | 1.2% | -3.0% | -1.8% | -11.0% | |
| Latest Fiscal Year | 0.0% | -3.1% | 2.0% | -0.4% | -3.2% | -11.4% | |
| Latest Twelve Months | 0.0% | -3.1% | 2.0% | 0.8% | -3.2% | -11.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.09x | 0.19x | 0.98x | 0.10x | -0.03x | 0.05x | |
| EV / LTM EBITDA | 51.7x | -8.2x | 41.4x | 7.7x | 1.7x | -0.9x | |
| EV / LTM EBIT | 584.3x | -6.1x | 49.0x | 12.9x | 0.8x | -0.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -6.1x | 12.9x | 584.3x | ||||
| Historical EV / LTM EBIT | -29.7x | -3.3x | -0.5x | ||||
| Selected EV / LTM EBIT | -1.6x | -1.7x | -1.8x | ||||
| (x) LTM EBIT | (1,101) | (1,101) | (1,101) | ||||
| (=) Implied Enterprise Value | 1,782 | 1,876 | 1,969 | ||||
| (-) Non-shareholder Claims * | 2,963 | 2,963 | 2,963 | ||||
| (=) Equity Value | 4,745 | 4,839 | 4,933 | ||||
| (/) Shares Outstanding | 258.2 | 258.2 | 258.2 | ||||
| Implied Value Range | 18.37 | 18.74 | 19.10 | ||||
| FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.52 | 2.57 | 2.62 | 1.85 | |||
| Upside / (Downside) | 36.1% | 38.7% | 41.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | YI | PIAH.Y | JDHI.Y | DDL | LHUA.F | DADA | |
| Enterprise Value | 1,235 | 12,256 | 89,971 | 2,289 | (4,179) | 524 | |
| (+) Cash & Short Term Investments | 462 | 11,569 | 48,193 | 4,292 | 5,678 | 3,003 | |
| (+) Investments & Other | 0 | 1,558 | 1,428 | 0 | 3,519 | 0 | |
| (-) Debt | (216) | (56) | (258) | (2,937) | (4,327) | (40) | |
| (-) Other Liabilities | (1,023) | 10 | (10) | (123) | (355) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 457 | 25,337 | 139,323 | 3,522 | 336 | 3,488 | |
| (/) Shares Outstanding | 8.6 | 1,515.7 | 4,501.4 | 217.3 | 1,027.6 | 258.2 | |
| Implied Stock Price | 53.36 | 16.72 | 30.95 | 16.21 | 0.33 | 13.50 | |
| FX Conversion Rate to Trading Currency | 7.30 | 7.30 | 7.30 | 7.30 | 7.30 | 7.30 | |
| Implied Stock Price (Trading Cur) | 7.31 | 2.29 | 4.24 | 2.22 | 0.04 | 1.85 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 7.30 | 7.30 | 7.30 | 7.30 | 7.30 | 7.30 | |