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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 35,4x - 39,1x | 37,2x |
| Selected Fwd EBIT Multiple | 22,7x - 25,1x | 23,9x |
| Fair Value | ¥7,75 - ¥8,54 | ¥8,15 |
| Upside | -30,2% - -23,1% | -26,7% |
| Benchmarks | Ticker | Full Ticker |
| Guangzhou Hangxin Aviation Technology Co., Ltd. | 300424 | SZSE:300424 |
| Hainan Meilan International Airport Company Limited | 357 | SEHK:357 |
| Beijing Capital International Airport Company Limited | 694 | SEHK:694 |
| Huaihe Energy (Group) Co.,Ltd | 600575 | SHSE:600575 |
| China Dredging Environment Protection Holdings Limited | 871 | SEHK:871 |
| Sichuan Haite High-tech Co.,Ltd | 2023 | SZSE:002023 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 300424 | 357 | 694 | 600575 | 871 | 2023 | ||
| SZSE:300424 | SEHK:357 | SEHK:694 | SHSE:600575 | SEHK:871 | SZSE:002023 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 16.6% | NM- | 11.1% | |
| 3Y CAGR | NM- | NM- | NM- | 13.9% | NM- | NM- | |
| Latest Twelve Months | -198.6% | 86.6% | 68.8% | -10.7% | 75.5% | -9.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.7% | 14.9% | -65.7% | 3.5% | -46.5% | 10.2% | |
| Prior Fiscal Year | 3.2% | -3.4% | -30.9% | 3.0% | -29.9% | 16.0% | |
| Latest Fiscal Year | -3.9% | -0.4% | -6.1% | 3.4% | -8.5% | 11.6% | |
| Latest Twelve Months | -4.2% | -0.4% | -5.6% | 3.1% | -8.5% | 11.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.94x | 3.20x | 4.22x | 0.51x | 1.88x | 5.94x | |
| EV / LTM EBITDA | 5577.9x | 20.9x | 25.8x | 8.3x | 10.3x | 21.3x | |
| EV / LTM EBIT | -69.4x | -726.3x | -74.9x | 16.6x | -22.2x | 53.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -726.3x | -69.4x | 16.6x | ||||
| Historical EV / LTM EBIT | -172.9x | 57.3x | 152.2x | ||||
| Selected EV / LTM EBIT | 35.4x | 37.2x | 39.1x | ||||
| (x) LTM EBIT | 152 | 152 | 152 | ||||
| (=) Implied Enterprise Value | 5,368 | 5,650 | 5,933 | ||||
| (-) Non-shareholder Claims * | 198 | 198 | 198 | ||||
| (=) Equity Value | 5,565 | 5,848 | 6,130 | ||||
| (/) Shares Outstanding | 740.9 | 740.9 | 740.9 | ||||
| Implied Value Range | 7.51 | 7.89 | 8.27 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.51 | 7.89 | 8.27 | 11.11 | |||
| Upside / (Downside) | -32.4% | -29.0% | -25.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300424 | 357 | 694 | 600575 | 871 | 2023 | |
| Enterprise Value | 4,909 | 7,010 | 23,383 | 15,438 | 617 | 8,033 | |
| (+) Cash & Short Term Investments | 342 | 541 | 2,316 | 3,050 | 56 | 511 | |
| (+) Investments & Other | 55 | 247 | 41 | 3,342 | 9 | 1,580 | |
| (-) Debt | (1,089) | (3,055) | (12,427) | (6,146) | (402) | (1,904) | |
| (-) Other Liabilities | (28) | 8 | 0 | (1,576) | (180) | 10 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,189 | 4,750 | 13,313 | 14,107 | 100 | 8,231 | |
| (/) Shares Outstanding | 245.4 | 473.2 | 4,579.2 | 3,886.3 | 1,503.9 | 740.9 | |
| Implied Stock Price | 17.07 | 10.04 | 2.91 | 3.63 | 0.07 | 11.11 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.91 | 0.91 | 1.00 | 0.91 | 1.00 | |
| Implied Stock Price (Trading Cur) | 17.07 | 10.98 | 3.18 | 3.63 | 0.07 | 11.11 | |
| Trading Currency | CNY | HKD | HKD | CNY | HKD | CNY | |
| FX Rate to Reporting Currency | 1.00 | 0.91 | 0.91 | 1.00 | 0.91 | 1.00 | |