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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -32,8x - -36,2x | -34,5x |
| Selected Fwd EBITDA Multiple | 27,6x - 30,6x | 29,1x |
| Fair Value | ¥57,10 - ¥61,94 | ¥59,52 |
| Upside | -32,8% - -27,1% | -30,0% |
| Benchmarks | Ticker | Full Ticker |
| Maccura Biotechnology Co.Ltd | 300463 | SZSE:300463 |
| WuXi AppTec Co., Ltd. | 603259 | SHSE:603259 |
| Shanghai Runda Medical Technology Co., Ltd. | 603108 | SHSE:603108 |
| Shanghai Model Organisms Center, Inc. | 688265 | SHSE:688265 |
| Pharmaron Beijing Co., Ltd. | 300759 | SZSE:300759 |
| Beijing Hotgen Biotech Co., Ltd. | 688068 | SHSE:688068 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 300463 | 603259 | 603108 | 688265 | 300759 | 688068 | ||
| SZSE:300463 | SHSE:603259 | SHSE:603108 | SHSE:688265 | SZSE:300759 | SHSE:688068 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -3.7% | 34.8% | 1.7% | 7.0% | 30.4% | NM- | |
| 3Y CAGR | -20.2% | 38.9% | -0.5% | -28.6% | 22.2% | NM- | |
| Latest Twelve Months | -20.0% | 22.4% | -26.3% | 207.8% | -2.5% | -1760.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 29.8% | 27.5% | 13.0% | 6.3% | 23.3% | 20.5% | |
| Prior Fiscal Year | 29.6% | 30.7% | 12.3% | -6.5% | 21.7% | 1.2% | |
| Latest Fiscal Year | 21.6% | 38.4% | 11.2% | 6.7% | 21.0% | -21.9% | |
| Latest Twelve Months | 22.5% | 38.4% | 9.8% | 6.7% | 19.9% | -21.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.91x | 4.38x | 2.15x | 3.05x | 3.94x | 13.00x | |
| EV / LTM EBITDA | 12.9x | 11.4x | 21.9x | 45.2x | 19.8x | -59.4x | |
| EV / LTM EBIT | 27.5x | 13.7x | 33.9x | 460.0x | 31.2x | -38.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 11.4x | 19.8x | 45.2x | ||||
| Historical EV / LTM EBITDA | -59.4x | 2.8x | 171.9x | ||||
| Selected EV / LTM EBITDA | -32.8x | -34.5x | -36.2x | ||||
| (x) LTM EBITDA | (112) | (112) | (112) | ||||
| (=) Implied Enterprise Value | 3,666 | 3,859 | 4,052 | ||||
| (-) Non-shareholder Claims * | 1,002 | 1,002 | 1,002 | ||||
| (=) Equity Value | 4,668 | 4,861 | 5,054 | ||||
| (/) Shares Outstanding | 89.6 | 89.6 | 89.6 | ||||
| Implied Value Range | 52.11 | 54.26 | 56.41 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 52.11 | 54.26 | 56.41 | 85.01 | |||
| Upside / (Downside) | -38.7% | -36.2% | -33.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300463 | 603259 | 603108 | 688265 | 300759 | 688068 | |
| Enterprise Value | 7,918 | 167,226 | 18,064 | 2,008 | 49,902 | 6,614 | |
| (+) Cash & Short Term Investments | 950 | 20,317 | 1,222 | 0 | 2,598 | 1,010 | |
| (+) Investments & Other | 154 | 11,269 | 1,273 | 0 | 1,092 | 0 | |
| (-) Debt | (753) | (8,502) | (7,091) | 0 | (5,840) | (8) | |
| (-) Other Liabilities | (83) | (453) | (1,214) | 0 | (639) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,186 | 189,857 | 12,254 | 2,008 | 47,114 | 7,615 | |
| (/) Shares Outstanding | 606.8 | 2,888.0 | 603.6 | 75.6 | 1,770.5 | 89.6 | |
| Implied Stock Price | 13.49 | 65.74 | 20.30 | 26.55 | 26.61 | 85.01 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13.49 | 65.74 | 20.30 | 26.55 | 26.61 | 85.01 | |
| 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 | |