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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14,2x - 15,7x | 15,0x |
| Selected Fwd EBIT Multiple | 12,0x - 13,2x | 12,6x |
| Fair Value | HK$ 10,05 - HK$ 11,39 | HK$ 10,72 |
| Upside | 6,2% - 20,4% | 13,3% |
| Benchmarks | Ticker | Full Ticker |
| Giordano International Limited | 709 | SEHK:709 |
| Sa Sa International Holdings Limited | 178 | SEHK:178 |
| International Housewares Retail Company Limited | 1373 | SEHK:1373 |
| Glorious Sun Enterprises Limited | 393 | SEHK:393 |
| Luk Fook Holdings (International) Limited | 590 | SEHK:590 |
| Chow Tai Fook Jewellery Group Limited | 1929 | SEHK:1929 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 709 | 178 | 1373 | 393 | 590 | 1929 | ||
| SEHK:709 | SEHK:178 | SEHK:1373 | SEHK:393 | SEHK:590 | SEHK:1929 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -1.6% | -12.5% | 0.1% | 15.4% | 0.0% | 6.4% | |
| 3Y CAGR | 19.5% | NM- | -11.3% | 61.6% | 17.6% | 2.9% | |
| Latest Twelve Months | -23.0% | -21.6% | -31.1% | 307.7% | -35.2% | 1.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.9% | -5.2% | 7.1% | 7.5% | 12.5% | 9.1% | |
| Prior Fiscal Year | 12.6% | -1.5% | 7.1% | 6.0% | 12.9% | 7.8% | |
| Latest Fiscal Year | 9.6% | 6.6% | 5.1% | 22.1% | 12.4% | 8.2% | |
| Latest Twelve Months | 9.6% | 4.7% | 4.4% | 22.1% | 9.2% | 9.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.35x | 0.53x | 0.30x | 0.63x | 0.67x | 1.23x | |
| EV / LTM EBITDA | 3.2x | 8.6x | 5.2x | 2.8x | 6.3x | 11.5x | |
| EV / LTM EBIT | 3.7x | 11.3x | 6.8x | 2.8x | 7.3x | 13.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 2.8x | 6.8x | 11.3x | ||||
| Historical EV / LTM EBIT | 14.2x | 17.8x | 22.3x | ||||
| Selected EV / LTM EBIT | 14.2x | 15.0x | 15.7x | ||||
| (x) LTM EBIT | 9,151 | 9,151 | 9,151 | ||||
| (=) Implied Enterprise Value | 130,221 | 137,075 | 143,929 | ||||
| (-) Non-shareholder Claims * | (26,733) | (26,733) | (26,733) | ||||
| (=) Equity Value | 103,488 | 110,342 | 117,195 | ||||
| (/) Shares Outstanding | 9,987.3 | 9,987.3 | 9,987.3 | ||||
| Implied Value Range | 10.36 | 11.05 | 11.73 | ||||
| FX Rate: HKD/HKD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.36 | 11.05 | 11.73 | 9.46 | |||
| Upside / (Downside) | 9.5% | 16.8% | 24.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 709 | 178 | 1373 | 393 | 590 | 1929 | |
| Enterprise Value | 1,361 | 2,194 | 799 | (1,137) | 8,829 | 121,213 | |
| (+) Cash & Short Term Investments | 836 | 355 | 401 | 1,265 | 1,934 | 3,839 | |
| (+) Investments & Other | 445 | 0 | 7 | 1,708 | 0 | 105 | |
| (-) Debt | (354) | (688) | (524) | (20) | (2,042) | (29,641) | |
| (-) Other Liabilities | (122) | 0 | (2) | (13) | 50 | (1,036) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,166 | 1,862 | 682 | 1,803 | 8,771 | 94,480 | |
| (/) Shares Outstanding | 1,616.2 | 3,103.2 | 717.6 | 1,502.3 | 587.1 | 9,987.3 | |
| Implied Stock Price | 1.34 | 0.60 | 0.95 | 1.20 | 14.94 | 9.46 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.34 | 0.60 | 0.95 | 1.20 | 14.94 | 9.46 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | HKD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |