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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3,4x - 3,8x | 3,6x |
| Selected Fwd Revenue Multiple | 1,4x - 1,6x | 1,5x |
| Fair Value | ¥4,97 - ¥5,50 | ¥5,24 |
| Upside | -5,8% - 4,2% | -0,8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Suzhou New District Hi-Tech Industrial Co.,Ltd | 600736 | SHSE:600736 |
| Hainan Expressway Co., Ltd. | 886 | SZSE:000886 |
| Shanghai Wanye Enterprises Co.,Ltd | 600641 | SHSE:600641 |
| China Merchants Property Operation & Service Co., Ltd. | 1914 | SZSE:001914 |
| Shang Hai Ya Tong Co.,Ltd. | 600692 | SHSE:600692 |
| Guangdong Shirongzhaoye Co., Ltd. | 2016 | SZSE:002016 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 600736 | 886 | 600641 | 1914 | 600692 | 2016 | |||
| SHSE:600736 | SZSE:000886 | SHSE:600641 | SZSE:001914 | SHSE:600692 | SZSE:002016 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 1.4% | -23.1% | -18.5% | 23.1% | 12.2% | -8.0% | ||
| 3Y CAGR | -8.0% | 1.1% | 1.2% | 17.5% | 9.2% | -19.3% | ||
| Latest Twelve Months | -18.0% | 69.9% | -69.4% | 9.9% | -33.6% | -31.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 5.5% | -46.5% | 14.7% | 7.3% | 4.2% | 30.8% | ||
| Prior Fiscal Year | 7.5% | -40.4% | 22.3% | 6.0% | 1.7% | 21.8% | ||
| Latest Fiscal Year | 1.1% | -78.9% | -0.9% | 6.6% | 2.3% | 19.5% | ||
| Latest Twelve Months | 3.5% | -58.4% | -40.7% | 6.6% | 0.6% | 3.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 5.24x | 20.07x | 13.08x | 0.49x | 2.76x | 4.18x | ||
| EV / LTM EBIT | 151.5x | -34.3x | -32.2x | 7.4x | 472.1x | 130.9x | ||
| Price / LTM Sales | 0.70x | 28.00x | 24.66x | 0.71x | 2.60x | 4.13x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.49x | 5.24x | 20.07x | |||||
| Historical EV / LTM Revenue | 1.09x | 1.80x | 2.66x | |||||
| Selected EV / LTM Revenue | 3.41x | 3.58x | 3.76x | |||||
| (x) LTM Revenue | 1,034 | 1,034 | 1,034 | |||||
| (=) Implied Enterprise Value | 3,522 | 3,707 | 3,893 | |||||
| (-) Non-shareholder Claims * | (49) | (49) | (49) | |||||
| (=) Equity Value | 3,473 | 3,659 | 3,844 | |||||
| (/) Shares Outstanding | 809.1 | 809.1 | 809.1 | |||||
| Implied Value Range | 4.29 | 4.52 | 4.75 | |||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 4.29 | 4.52 | 4.75 | 5.28 | ||||
| Upside / (Downside) | -18.7% | -14.4% | -10.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600736 | 886 | 600641 | 1914 | 600692 | 2016 | |
| Enterprise Value | 43,805 | 3,969 | 6,676 | 8,403 | 2,693 | 4,321 | |
| (+) Cash & Short Term Investments | 4,910 | 654 | 3,643 | 4,669 | 589 | 352 | |
| (+) Investments & Other | 6,126 | 1,116 | 3,241 | 305 | 139 | 90 | |
| (-) Debt | (40,672) | (166) | (432) | (948) | (400) | (416) | |
| (-) Other Liabilities | (8,355) | (35) | (546) | (151) | (488) | (74) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,814 | 5,537 | 12,582 | 12,278 | 2,533 | 4,272 | |
| (/) Shares Outstanding | 1,151.3 | 988.8 | 911.1 | 1,059.4 | 351.8 | 809.1 | |
| Implied Stock Price | 5.05 | 5.60 | 13.81 | 11.59 | 7.20 | 5.28 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.05 | 5.60 | 13.81 | 11.59 | 7.20 | 5.28 | |
| 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 | |