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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 35,1x - 38,8x | 37,0x |
| Selected Fwd EBIT Multiple | 23,4x - 25,9x | 24,7x |
| Fair Value | ¥43,30 - ¥47,15 | ¥45,23 |
| Upside | 30,7% - 42,3% | 36,5% |
| Benchmarks | Ticker | Full Ticker |
| Yangzhou Yangjie Electronic Technology Co., Ltd. | 300373 | SZSE:300373 |
| Jiangsu JieJie Microelectronics Co., Ltd. | 300623 | SZSE:300623 |
| Hangzhou Silan Microelectronics Co.,Ltd | 600460 | SHSE:600460 |
| Panjit International Inc. | 2481 | TWSE:2481 |
| Jiangxi Lian Chuang Optoelectronic Science And Technology Co.,lTd. | 600363 | SHSE:600363 |
| Wuxi NCE Power Co.,Ltd. | 605111 | SHSE:605111 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 300373 | 300623 | 600460 | 2481 | 600363 | 605111 | ||
| SZSE:300373 | SZSE:300623 | SHSE:600460 | TWSE:2481 | SHSE:600363 | SHSE:605111 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 22.1% | 5.6% | 56.8% | 5.3% | 10.7% | 10.4% | |
| 3Y CAGR | 12.1% | -9.0% | 259.7% | -29.2% | 8.1% | 21.6% | |
| Latest Twelve Months | 17.4% | 145.3% | -48.5% | -2.5% | -68.4% | 55.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 17.1% | 22.1% | 6.7% | 10.3% | 0.0% | 21.2% | |
| Prior Fiscal Year | 21.4% | 17.7% | 13.0% | 6.6% | -2.1% | 24.5% | |
| Latest Fiscal Year | 12.6% | 10.1% | 6.1% | 6.5% | 1.9% | 17.8% | |
| Latest Twelve Months | 13.8% | 17.2% | 3.3% | 6.5% | 0.7% | 25.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.93x | 10.41x | 3.96x | 1.69x | 8.13x | 6.34x | |
| EV / LTM EBITDA | 15.6x | 28.5x | 31.3x | 12.3x | 183.9x | 23.5x | |
| EV / LTM EBIT | 28.4x | 60.6x | 121.1x | 26.0x | 1112.4x | 24.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 26.0x | 60.6x | 1112.4x | ||||
| Historical EV / LTM EBIT | 29.9x | 46.8x | 139.0x | ||||
| Selected EV / LTM EBIT | 35.1x | 37.0x | 38.8x | ||||
| (x) LTM EBIT | 440 | 440 | 440 | ||||
| (=) Implied Enterprise Value | 15,460 | 16,273 | 17,087 | ||||
| (-) Non-shareholder Claims * | 2,796 | 2,796 | 2,796 | ||||
| (=) Equity Value | 18,256 | 19,070 | 19,883 | ||||
| (/) Shares Outstanding | 415.3 | 415.3 | 415.3 | ||||
| Implied Value Range | 43.96 | 45.91 | 47.87 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 43.96 | 45.91 | 47.87 | 33.13 | |||
| Upside / (Downside) | 32.7% | 38.6% | 44.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300373 | 300623 | 600460 | 2481 | 600363 | 605111 | |
| Enterprise Value | 22,795 | 27,956 | 42,037 | 21,153 | 26,060 | 10,964 | |
| (+) Cash & Short Term Investments | 4,077 | 767 | 4,700 | 6,914 | 1,694 | 2,615 | |
| (+) Investments & Other | 756 | 2 | 1,411 | 3,544 | 2,865 | 268 | |
| (-) Debt | (2,146) | (1,942) | (6,137) | (9,465) | (1,565) | (1) | |
| (-) Other Liabilities | (426) | (656) | (1,424) | (1,397) | (628) | (86) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 25,055 | 26,127 | 40,587 | 20,749 | 28,426 | 13,760 | |
| (/) Shares Outstanding | 540.8 | 832.1 | 1,664.1 | 382.1 | 453.5 | 415.3 | |
| Implied Stock Price | 46.33 | 31.40 | 24.39 | 54.30 | 62.68 | 33.13 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 46.33 | 31.40 | 24.39 | 54.30 | 62.68 | 33.13 | |
| Trading Currency | CNY | CNY | CNY | TWD | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |