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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 36,0x - 39,8x | 37,9x |
| Selected Fwd EBIT Multiple | 29,1x - 32,2x | 30,6x |
| Fair Value | ¥16,73 - ¥19,29 | ¥18,01 |
| Upside | -32,7% - -22,4% | -27,5% |
| Benchmarks | Ticker | Full Ticker |
| Zhong Fu Tong Group Co., Ltd. | 300560 | SZSE:300560 |
| NOVA Technology Corporation Limited | 300921 | SZSE:300921 |
| China Telecom Corporation Limited | 601728 | SHSE:601728 |
| BizConf Telecom Co.,Ltd. | 300578 | SZSE:300578 |
| Hangzhou Huaxing Chuangye Communication Technology Co., Ltd. | 300025 | SZSE:300025 |
| China Bester Group Telecom Co., Ltd. | 603220 | SHSE:603220 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 300560 | 300921 | 601728 | 300578 | 300025 | 603220 | ||
| SZSE:300560 | SZSE:300921 | SHSE:601728 | SZSE:300578 | SZSE:300025 | SHSE:603220 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -27.3% | 8.1% | NM- | NM- | 2.0% | |
| 3Y CAGR | NM- | -46.7% | 11.5% | NM- | NM- | 50.9% | |
| Latest Twelve Months | -145.5% | 9965.6% | 18.2% | 34.9% | -0.9% | 67.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.6% | 8.6% | 7.8% | 5.4% | -5.4% | 6.5% | |
| Prior Fiscal Year | 5.6% | 7.2% | 7.2% | 3.1% | -2.0% | 5.1% | |
| Latest Fiscal Year | -0.6% | 2.0% | 8.2% | -9.9% | -4.1% | 6.3% | |
| Latest Twelve Months | -1.9% | 1.6% | 8.2% | -5.8% | -7.4% | 9.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.52x | 4.65x | 1.11x | 6.74x | 5.04x | 4.51x | |
| EV / LTM EBITDA | -158.5x | 84.2x | 4.6x | -317.6x | -145.4x | 39.5x | |
| EV / LTM EBIT | -132.6x | 297.0x | 13.6x | -115.4x | -67.8x | 47.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -132.6x | -67.8x | 297.0x | ||||
| Historical EV / LTM EBIT | 20.7x | 42.0x | 68.2x | ||||
| Selected EV / LTM EBIT | 36.0x | 37.9x | 39.8x | ||||
| (x) LTM EBIT | 294 | 294 | 294 | ||||
| (=) Implied Enterprise Value | 10,588 | 11,145 | 11,703 | ||||
| (-) Non-shareholder Claims * | (3,223) | (3,223) | (3,223) | ||||
| (=) Equity Value | 7,365 | 7,922 | 8,480 | ||||
| (/) Shares Outstanding | 428.9 | 428.9 | 428.9 | ||||
| Implied Value Range | 17.17 | 18.47 | 19.77 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 17.17 | 18.47 | 19.77 | 24.85 | |||
| Upside / (Downside) | -30.9% | -25.7% | -20.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300560 | 300921 | 601728 | 300578 | 300025 | 603220 | |
| Enterprise Value | 2,965 | 2,886 | 613,608 | 3,070 | 3,475 | 13,880 | |
| (+) Cash & Short Term Investments | 711 | 627 | 102,009 | 498 | 113 | 359 | |
| (+) Investments & Other | 8 | 0 | 55,854 | 229 | 76 | 142 | |
| (-) Debt | (738) | (38) | (60,873) | (8) | (158) | (3,647) | |
| (-) Other Liabilities | (23) | 7 | (4,162) | 0 | (1) | (76) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,922 | 3,482 | 706,435 | 3,789 | 3,506 | 10,657 | |
| (/) Shares Outstanding | 229.7 | 130.3 | 91,507.1 | 198.3 | 508.8 | 428.9 | |
| Implied Stock Price | 12.72 | 26.73 | 7.72 | 19.11 | 6.89 | 24.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.72 | 26.73 | 7.72 | 19.11 | 6.89 | 24.85 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |