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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 52,6x - 58,2x | 55,4x |
Selected Fwd EBIT Multiple | 23,9x - 26,5x | 25,2x |
Fair Value | ¥21,86 - ¥24,26 | ¥23,06 |
Upside | -2,0% - 8,8% | 3,4% |
Benchmarks | Ticker | Full Ticker |
Beijing InHand Networks Technology Co., Ltd. | 688080 | SHSE:688080 |
Beijing Haohan Data Technology Co.,Ltd | 688292 | SHSE:688292 |
Sumavision Technologies Co.,Ltd. | 300079 | SZSE:300079 |
MeiG Smart Technology Co., Ltd | 2881 | SZSE:002881 |
CIG Shanghai Co., Ltd. | 603083 | SHSE:603083 |
Shenzhen Sunway Communication Co., Ltd. | 300136 | SZSE:300136 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
688080 | 688292 | 300079 | 2881 | 603083 | 300136 | ||
SHSE:688080 | SHSE:688292 | SZSE:300079 | SZSE:002881 | SHSE:603083 | SZSE:300136 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 19.2% | -12.2% | NM- | 48.9% | NM- | -13.2% | |
3Y CAGR | 14.8% | -30.7% | NM- | 21.7% | 9.3% | 15.2% | |
Latest Twelve Months | 48.8% | -66.4% | 51.6% | 470.9% | 138.9% | -22.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 16.9% | 10.3% | -0.6% | 3.7% | 2.0% | 8.2% | |
Prior Fiscal Year | 17.7% | 7.7% | -17.1% | 2.1% | 3.5% | 7.1% | |
Latest Fiscal Year | 21.3% | 4.4% | -10.8% | 5.5% | 4.3% | 6.2% | |
Latest Twelve Months | 21.7% | 3.5% | -8.6% | 6.2% | 3.5% | 4.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 4.09x | 5.71x | 8.51x | 3.39x | 3.58x | 2.51x | |
EV / LTM EBITDA | 18.3x | NA | 207.5x | 48.4x | 58.5x | 23.5x | |
EV / LTM EBIT | 18.9x | 161.5x | -99.4x | 54.8x | 101.5x | 51.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -99.4x | 54.8x | 161.5x | ||||
Historical EV / LTM EBIT | 34.3x | 38.8x | 57.3x | ||||
Selected EV / LTM EBIT | 52.6x | 55.4x | 58.2x | ||||
(x) LTM EBIT | 422 | 422 | 422 | ||||
(=) Implied Enterprise Value | 22,196 | 23,364 | 24,532 | ||||
(-) Non-shareholder Claims * | (816) | (816) | (816) | ||||
(=) Equity Value | 21,380 | 22,548 | 23,716 | ||||
(/) Shares Outstanding | 952.5 | 952.5 | 952.5 | ||||
Implied Value Range | 22.45 | 23.67 | 24.90 | ||||
FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 22.45 | 23.67 | 24.90 | 22.30 | |||
Upside / (Downside) | 0.7% | 6.2% | 11.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 688080 | 688292 | 300079 | 2881 | 603083 | 300136 | |
Enterprise Value | 2,750 | 2,311 | 6,146 | 11,577 | 13,972 | 22,056 | |
(+) Cash & Short Term Investments | 814 | 1,070 | 2,301 | 460 | 405 | 1,776 | |
(+) Investments & Other | 44 | 30 | 139 | 236 | 15 | 613 | |
(-) Debt | (17) | (322) | 0 | (545) | (1,468) | (3,205) | |
(-) Other Liabilities | (3) | (91) | (2) | 0 | (149) | (1) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 3,588 | 2,998 | 8,585 | 11,729 | 12,775 | 21,240 | |
(/) Shares Outstanding | 73.9 | 156.6 | 1,426.0 | 261.0 | 268.0 | 952.5 | |
Implied Stock Price | 48.59 | 19.14 | 6.02 | 44.94 | 47.66 | 22.30 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 48.59 | 19.14 | 6.02 | 44.94 | 47.66 | 22.30 | |
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 |