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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12,9x - 14,3x | 13,6x |
| Selected Fwd EBITDA Multiple | 10,0x - 11,0x | 10,5x |
| Fair Value | $5,04 - $5,51 | $5,27 |
| Upside | -35,5% - -29,5% | -32,5% |
| Benchmarks | Ticker | Full Ticker |
| Hangzhou Tigermed Consulting Co., Ltd | 300347 | SZSE:300347 |
| Pharmaron Beijing Co., Ltd. | 300759 | SZSE:300759 |
| Viva Biotech Holdings | 1873 | SEHK:1873 |
| Beijing Sun-Novo Pharmaceutical Research Co., Ltd. | 688621 | SHSE:688621 |
| Zhejiang Jiuzhou Pharmaceutical Co., Ltd | 603456 | SHSE:603456 |
| WuXi AppTec Co., Ltd. | WUXI.F | OTCPK:WUXI.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 300347 | 300759 | 1873 | 688621 | 603456 | WUXI.F | ||
| SZSE:300347 | SZSE:300759 | SEHK:1873 | SHSE:688621 | SHSE:603456 | OTCPK:WUXI.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 9.9% | 22.7% | 43.3% | 33.8% | 22.0% | 34.8% | |
| 3Y CAGR | -5.9% | 11.7% | 5.0% | 25.7% | 8.6% | 38.9% | |
| Latest Twelve Months | -35.2% | 6.2% | 9.5% | 21.3% | -11.4% | 22.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 26.6% | 23.2% | 19.7% | 25.7% | 25.7% | 27.5% | |
| Prior Fiscal Year | 25.4% | 21.1% | 18.1% | 23.1% | 26.7% | 30.7% | |
| Latest Fiscal Year | 18.4% | 21.0% | 21.5% | 24.2% | 25.3% | 38.4% | |
| Latest Twelve Months | 18.4% | 21.0% | 21.5% | 24.2% | 25.3% | 38.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.99x | 3.24x | 1.02x | 4.21x | 1.72x | 3.33x | |
| EV / LTM EBITDA | 21.7x | 15.4x | 4.7x | 17.4x | 6.8x | 8.7x | |
| EV / LTM EBIT | 26.1x | 23.1x | 8.8x | 19.4x | 9.8x | 10.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.7x | 15.4x | 21.7x | ||||
| Historical EV / LTM EBITDA | 8.7x | 24.8x | 82.6x | ||||
| Selected EV / LTM EBITDA | 12.9x | 13.6x | 14.3x | ||||
| (x) LTM EBITDA | 14,546 | 14,546 | 14,546 | ||||
| (=) Implied Enterprise Value | 188,057 | 197,955 | 207,852 | ||||
| (-) Non-shareholder Claims * | 22,631 | 22,631 | 22,631 | ||||
| (=) Equity Value | 210,688 | 220,585 | 230,483 | ||||
| (/) Shares Outstanding | 5,655.8 | 5,655.8 | 5,655.8 | ||||
| Implied Value Range | 37.25 | 39.00 | 40.75 | ||||
| FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.11 | 5.36 | 5.60 | 7.81 | |||
| Upside / (Downside) | -34.5% | -31.4% | -28.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300347 | 300759 | 1873 | 688621 | 603456 | WUXI.F | |
| Enterprise Value | 28,803 | 43,014 | 2,026 | 4,539 | 8,863 | 299,072 | |
| (+) Cash & Short Term Investments | 2,145 | 3,068 | 942 | 596 | 2,749 | 20,317 | |
| (+) Investments & Other | 13,539 | 883 | 989 | 106 | 108 | 11,269 | |
| (-) Debt | (2,834) | (5,975) | (1,284) | (456) | (412) | (8,502) | |
| (-) Other Liabilities | (3,394) | (604) | (14) | (2) | (73) | (453) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 38,259 | 40,386 | 2,658 | 4,782 | 11,235 | 321,703 | |
| (/) Shares Outstanding | 851.3 | 1,770.5 | 2,081.7 | 112.0 | 895.2 | 5,655.8 | |
| Implied Stock Price | 44.94 | 22.81 | 1.28 | 42.70 | 12.55 | 56.88 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.94 | 1.00 | 1.00 | 7.28 | |
| Implied Stock Price (Trading Cur) | 44.94 | 22.81 | 1.36 | 42.70 | 12.55 | 7.81 | |
| Trading Currency | CNY | CNY | HKD | CNY | CNY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.94 | 1.00 | 1.00 | 7.28 | |