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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 57,9x - 64,0x | 60,9x |
Selected Fwd EBIT Multiple | 1.770,7x - 1.957,0x | 1.863,8x |
Fair Value | ¥3,82 - ¥4 | ¥3,91 |
Upside | -40,3% - -37,6% | -38,9% |
Benchmarks | Ticker | Full Ticker |
Chengdu B-ray Media Co.,Ltd. | 600880 | SHSE:600880 |
Huawen Media Group | 793 | SZSE:000793 |
Beijing Media Corporation Limited | 1000 | SEHK:1000 |
Zhejiang Huamei Holding CO., LTD. | 607 | SZSE:000607 |
Inmyshow Digital Technology(Group)Co.,Ltd. | 600556 | SHSE:600556 |
Shanghai Xinhua Media Co., Ltd. | 600825 | SHSE:600825 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
600880 | 793 | 1000 | 607 | 600556 | 600825 | ||
SHSE:600880 | SZSE:000793 | SEHK:1000 | SZSE:000607 | SHSE:600556 | SHSE:600825 | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | -42.1% | -13.3% | NM- | |
3Y CAGR | 2.8% | NM- | NM- | NM- | -39.5% | NM- | |
Latest Twelve Months | -66.7% | 14.7% | 38.0% | 298.0% | -72.7% | 2035.0% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 9.7% | -6.7% | -37.8% | 2.0% | 7.7% | -1.7% | |
Prior Fiscal Year | 10.4% | -17.4% | -18.5% | 2.7% | 4.1% | -0.7% | |
Latest Fiscal Year | 9.1% | -10.3% | -11.0% | 0.5% | 2.2% | 1.3% | |
Latest Twelve Months | 4.1% | -17.3% | -11.0% | 1.5% | 1.0% | 2.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 8.78x | 14.03x | -0.53x | 2.15x | 1.93x | 3.35x | |
EV / LTM EBITDA | 83.9x | -162.9x | 5.2x | 49.8x | 121.3x | 68.3x | |
EV / LTM EBIT | 211.8x | -81.2x | 4.8x | 144.2x | 188.8x | 134.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -81.2x | 144.2x | 211.8x | ||||
Historical EV / LTM EBIT | -1437.6x | -80.8x | -49.8x | ||||
Selected EV / LTM EBIT | 57.9x | 60.9x | 64.0x | ||||
(x) LTM EBIT | 33 | 33 | 33 | ||||
(=) Implied Enterprise Value | 1,914 | 2,014 | 2,115 | ||||
(-) Non-shareholder Claims * | 2,263 | 2,263 | 2,263 | ||||
(=) Equity Value | 4,177 | 4,277 | 4,378 | ||||
(/) Shares Outstanding | 1,044.9 | 1,044.9 | 1,044.9 | ||||
Implied Value Range | 4.00 | 4.09 | 4.19 | ||||
FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 4.00 | 4.09 | 4.19 | 6.40 | |||
Upside / (Downside) | -37.5% | -36.0% | -34.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 600880 | 793 | 1000 | 607 | 600556 | 600825 | |
Enterprise Value | 4,283 | 5,644 | (454) | 3,394 | 7,812 | 4,424 | |
(+) Cash & Short Term Investments | 433 | 234 | 196 | 680 | 1,596 | 1,698 | |
(+) Investments & Other | 624 | 565 | 341 | 995 | 204 | 699 | |
(-) Debt | (177) | (1,487) | 0 | (809) | (546) | (134) | |
(-) Other Liabilities | (210) | (302) | (11) | (261) | 27 | (0) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 4,953 | 4,654 | 72 | 4,000 | 9,093 | 6,687 | |
(/) Shares Outstanding | 1,093.3 | 1,997.2 | 197.3 | 1,017.7 | 1,807.7 | 1,044.9 | |
Implied Stock Price | 4.53 | 2.33 | 0.36 | 3.93 | 5.03 | 6.40 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.93 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 4.53 | 2.33 | 0.39 | 3.93 | 5.03 | 6.40 | |
Trading Currency | CNY | CNY | HKD | CNY | CNY | CNY | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 0.93 | 1.00 | 1.00 | 1.00 |