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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 54,3x - 60,0x | 57,2x |
Selected Fwd EBIT Multiple | 47,8x - 52,8x | 50,3x |
Fair Value | ¥8,77 - ¥9,52 | ¥9,15 |
Upside | -17,3% - -10,2% | -13,7% |
Benchmarks | Ticker | Full Ticker |
Chengdu B-ray Media Co.,Ltd. | 600880 | SHSE:600880 |
Hunan TV & Broadcast Intermediary Co., Ltd. | 917 | SZSE:000917 |
Easy Click Worldwide Network Technology Co., Ltd. | 301171 | SZSE:301171 |
Shanghai LongYun Cultural Creation & Technology Group Co., Ltd. | 603729 | SHSE:603729 |
Xiamen Jihong Co., Ltd | 2803 | SZSE:002803 |
Astro-century Education&Technology Co.,Ltd | 300654 | SZSE:300654 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
600880 | 917 | 301171 | 603729 | 2803 | 300654 | ||
SHSE:600880 | SZSE:000917 | SZSE:301171 | SHSE:603729 | SZSE:002803 | SZSE:300654 | ||
Historical EBIT Growth | |||||||
5Y CAGR | -18.2% | NM- | -4.2% | NM- | -13.2% | 9.7% | |
3Y CAGR | -42.4% | 83.7% | -15.7% | NM- | -9.8% | 10.5% | |
Latest Twelve Months | -90.9% | 80.2% | -17.5% | 144.8% | -39.5% | 0.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 8.9% | -1.6% | 9.7% | -10.7% | 7.0% | 8.7% | |
Prior Fiscal Year | 8.6% | 4.0% | 11.6% | -15.8% | 5.7% | 10.0% | |
Latest Fiscal Year | 2.6% | 3.9% | 7.9% | 4.2% | 3.5% | 9.5% | |
Latest Twelve Months | 0.8% | 4.7% | 7.0% | 6.2% | 3.6% | 9.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 8.54x | 0.76x | 3.23x | 3.81x | 1.09x | 6.14x | |
EV / LTM EBITDA | 161.1x | 11.3x | 44.2x | 62.9x | 19.6x | 60.2x | |
EV / LTM EBIT | 1054.9x | 16.1x | 46.0x | 61.4x | 29.8x | 67.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 16.1x | 46.0x | 1054.9x | ||||
Historical EV / LTM EBIT | 34.0x | 56.7x | 78.4x | ||||
Selected EV / LTM EBIT | 54.3x | 57.2x | 60.0x | ||||
(x) LTM EBIT | 49 | 49 | 49 | ||||
(=) Implied Enterprise Value | 2,652 | 2,792 | 2,931 | ||||
(-) Non-shareholder Claims * | 596 | 596 | 596 | ||||
(=) Equity Value | 3,248 | 3,388 | 3,528 | ||||
(/) Shares Outstanding | 366.1 | 366.1 | 366.1 | ||||
Implied Value Range | 8.87 | 9.25 | 9.63 | ||||
FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 8.87 | 9.25 | 9.63 | 10.60 | |||
Upside / (Downside) | -16.3% | -12.7% | -9.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 600880 | 917 | 301171 | 603729 | 2803 | 300654 | |
Enterprise Value | 5,635 | 2,971 | 9,675 | 1,498 | 6,177 | 3,285 | |
(+) Cash & Short Term Investments | 514 | 3,026 | 2,966 | 10 | 865 | 557 | |
(+) Investments & Other | 581 | 9,438 | 201 | 205 | 241 | 56 | |
(-) Debt | (188) | (3,491) | (400) | (139) | (353) | (2) | |
(-) Other Liabilities | (234) | (1,015) | (23) | 3 | (11) | (15) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 6,309 | 10,929 | 12,420 | 1,578 | 6,919 | 3,881 | |
(/) Shares Outstanding | 1,093.3 | 1,417.6 | 471.2 | 92.2 | 446.1 | 366.1 | |
Implied Stock Price | 5.77 | 7.71 | 26.36 | 17.12 | 15.51 | 10.60 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 5.77 | 7.71 | 26.36 | 17.12 | 15.51 | 10.60 | |
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 |