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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -17,3x - -19,1x | -18,2x |
| Selected Fwd EBIT Multiple | 81,6x - 90,2x | 85,9x |
| Fair Value | ¥18,25 - ¥19,90 | ¥19,07 |
| Upside | -35,1% - -29,2% | -32,2% |
| Benchmarks | Ticker | Full Ticker |
| Highbroad Advanced Material (Hefei) Co., Ltd. | 301321 | SZSE:301321 |
| Shanghai Orient-Chip Technology Co.,LTD. | 688061 | SHSE:688061 |
| Shanghai GenTech Co., Ltd. | 688596 | SHSE:688596 |
| Shenzhen Jufei Optoelectronics Co., Ltd. | 300303 | SZSE:300303 |
| Xi'an Actionpower Electric Co., Ltd. | 688719 | SHSE:688719 |
| C*Core Technology Co., Ltd. | 688262 | SHSE:688262 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 301321 | 688061 | 688596 | 300303 | 688719 | 688262 | ||
| SZSE:301321 | SHSE:688061 | SHSE:688596 | SZSE:300303 | SHSE:688719 | SHSE:688262 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 42.6% | 5.1% | NM- | NM- | |
| 3Y CAGR | NM- | NM- | 59.5% | 21.8% | -2.7% | NM- | |
| Latest Twelve Months | -149.1% | 4.3% | 48.0% | 82.8% | -88.0% | 14.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 0.6% | 4.9% | 9.1% | 9.6% | 11.7% | -28.7% | |
| Prior Fiscal Year | -1.7% | -14.6% | 9.9% | 8.4% | 16.4% | -68.4% | |
| Latest Fiscal Year | -6.4% | -11.2% | 10.8% | 12.8% | 5.5% | -54.8% | |
| Latest Twelve Months | -6.0% | -11.2% | 10.8% | 12.2% | 1.5% | -62.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.44x | 3.07x | 1.92x | 2.01x | 2.56x | 17.27x | |
| EV / LTM EBITDA | -207.5x | -57.2x | NA | 12.6x | 73.6x | -33.0x | |
| EV / LTM EBIT | -24.2x | -27.4x | 17.8x | 16.5x | 168.2x | -27.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -27.4x | 16.5x | 168.2x | ||||
| Historical EV / LTM EBIT | -41.5x | -20.4x | 127.1x | ||||
| Selected EV / LTM EBIT | -17.3x | -18.2x | -19.1x | ||||
| (x) LTM EBIT | (299) | (299) | (299) | ||||
| (=) Implied Enterprise Value | 5,182 | 5,454 | 5,727 | ||||
| (-) Non-shareholder Claims * | 850 | 850 | 850 | ||||
| (=) Equity Value | 6,032 | 6,304 | 6,577 | ||||
| (/) Shares Outstanding | 329.5 | 329.5 | 329.5 | ||||
| Implied Value Range | 18.31 | 19.14 | 19.96 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 18.31 | 19.14 | 19.96 | 28.12 | |||
| Upside / (Downside) | -34.9% | -31.9% | -29.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 301321 | 688061 | 688596 | 300303 | 688719 | 688262 | |
| Enterprise Value | 3,760 | 1,731 | 10,675 | 6,425 | 2,409 | 8,414 | |
| (+) Cash & Short Term Investments | 941 | 1,537 | 2,141 | 1,949 | 817 | 805 | |
| (+) Investments & Other | 286 | 0 | 441 | 200 | 51 | 195 | |
| (-) Debt | (1,977) | (13) | (2,429) | (60) | (108) | (149) | |
| (-) Other Liabilities | (268) | 0 | (50) | (21) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,742 | 3,255 | 10,779 | 8,492 | 3,169 | 9,264 | |
| (/) Shares Outstanding | 178.6 | 112.7 | 286.0 | 1,408.3 | 112.8 | 329.5 | |
| Implied Stock Price | 15.35 | 28.88 | 37.69 | 6.03 | 28.09 | 28.12 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15.35 | 28.88 | 37.69 | 6.03 | 28.09 | 28.12 | |
| 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 | |