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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16,7x - 18,5x | 17,6x |
| Selected Fwd EBIT Multiple | 13,1x - 14,5x | 13,8x |
| Fair Value | $2,24 - $2,47 | $2,36 |
| Upside | 18,1% - 29,9% | 24,0% |
| Benchmarks | Ticker | Full Ticker |
| Guangzhou Restaurant Group Company Limited | 603043 | SHSE:603043 |
| Tongqinglou Catering Co., Ltd. | 605108 | SHSE:605108 |
| Emei Shan Tourism Co.,Ltd | 888 | SZSE:000888 |
| LiJiang YuLong Tourism Co., LTD. | 2033 | SZSE:002033 |
| Huangshan Tourism Development Co.,Ltd. | 600054 | SHSE:600054 |
| Haidilao International Holding Ltd. | HDAL.F | OTCPK:HDAL.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 603043 | 605108 | 888 | 2033 | 600054 | HDAL.F | ||
| SHSE:603043 | SHSE:605108 | SZSE:000888 | SZSE:002033 | SHSE:600054 | OTCPK:HDAL.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.3% | -3.1% | 1.5% | 1.6% | 2.5% | 13.8% | |
| 3Y CAGR | -3.6% | 2.0% | 206.4% | NM- | NM- | 113.9% | |
| Latest Twelve Months | -20.0% | -51.3% | -16.5% | -13.7% | -6.4% | 9.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.9% | 12.1% | 4.9% | 17.2% | 4.9% | 7.7% | |
| Prior Fiscal Year | 13.3% | 15.6% | 29.7% | 37.6% | 31.9% | 13.4% | |
| Latest Fiscal Year | 10.8% | 8.0% | 30.2% | 35.4% | 27.3% | 14.2% | |
| Latest Twelve Months | 10.1% | 7.4% | 28.6% | 32.8% | 27.3% | 14.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.73x | 3.00x | 5.89x | 5.11x | 2.59x | 1.67x | |
| EV / LTM EBITDA | 13.6x | 20.1x | 14.2x | 11.5x | 7.5x | 9.0x | |
| EV / LTM EBIT | 17.2x | 40.3x | 20.6x | 15.6x | 9.5x | 11.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.5x | 17.2x | 40.3x | ||||
| Historical EV / LTM EBIT | 11.7x | 62.5x | 247.5x | ||||
| Selected EV / LTM EBIT | 16.7x | 17.6x | 18.5x | ||||
| (x) LTM EBIT | 6,082 | 6,082 | 6,082 | ||||
| (=) Implied Enterprise Value | 101,616 | 106,964 | 112,312 | ||||
| (-) Non-shareholder Claims * | 5,930 | 5,930 | 5,930 | ||||
| (=) Equity Value | 107,546 | 112,894 | 118,243 | ||||
| (/) Shares Outstanding | 6,666.7 | 6,666.7 | 6,666.7 | ||||
| Implied Value Range | 16.13 | 16.93 | 17.74 | ||||
| FX Rate: CNY/USD | 7.2 | 7.2 | 7.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.24 | 2.35 | 2.46 | 1.90 | |||
| Upside / (Downside) | 17.9% | 23.8% | 29.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 603043 | 605108 | 888 | 2033 | 600054 | HDAL.F | |
| Enterprise Value | 8,903 | 7,582 | 5,797 | 4,010 | 5,266 | 85,266 | |
| (+) Cash & Short Term Investments | 1,431 | 149 | 1,565 | 775 | 1,669 | 9,580 | |
| (+) Investments & Other | 111 | 0 | 5 | 35 | 686 | 2,502 | |
| (-) Debt | (1,018) | (2,320) | (521) | (9) | (326) | (6,168) | |
| (-) Other Liabilities | (263) | 0 | 193 | (140) | (199) | 16 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,163 | 5,411 | 7,040 | 4,671 | 7,095 | 91,196 | |
| (/) Shares Outstanding | 568.8 | 259.0 | 526.9 | 549.5 | 619.7 | 6,666.7 | |
| Implied Stock Price | 16.11 | 20.89 | 13.36 | 8.50 | 11.45 | 13.68 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.20 | |
| Implied Stock Price (Trading Cur) | 16.11 | 20.89 | 13.36 | 8.50 | 11.45 | 1.90 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.20 | |