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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 67,0x - 74,0x | 70,5x |
| Selected Fwd EBITDA Multiple | 51,0x - 56,4x | 53,7x |
| Fair Value | ¥26,38 - ¥28,96 | ¥27,67 |
| Upside | 41,1% - 54,9% | 48,0% |
| Benchmarks | Ticker | Full Ticker |
| R&G PharmaStudies Co., Ltd. | 301333 | SZSE:301333 |
| Beijing Sun-Novo Pharmaceutical Research Co., Ltd. | 688621 | SHSE:688621 |
| WuXi AppTec Co., Ltd. | 603259 | SHSE:603259 |
| Pharmaron Beijing Co., Ltd. | 300759 | SZSE:300759 |
| Anhui Wanbang Pharmaceutical Technology Co.,Ltd. | 301520 | SZSE:301520 |
| Zhejiang Tailin BioEngineering Co.,Ltd | 300813 | SZSE:300813 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 301333 | 688621 | 603259 | 300759 | 301520 | 300813 | ||
| SZSE:301333 | SHSE:688621 | SHSE:603259 | SZSE:300759 | SZSE:301520 | SZSE:300813 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.3% | 27.0% | 34.8% | 22.7% | 18.0% | -7.0% | |
| 3Y CAGR | -1.6% | 15.3% | 38.9% | 11.7% | -8.9% | -24.1% | |
| Latest Twelve Months | -16.4% | -36.9% | 35.8% | 16.2% | -56.5% | 315.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.1% | 24.8% | 28.2% | 23.1% | 32.7% | 16.2% | |
| Prior Fiscal Year | 21.3% | 23.1% | 30.7% | 21.1% | 33.0% | 5.2% | |
| Latest Fiscal Year | 17.3% | 18.7% | 38.4% | 21.0% | 17.3% | 8.1% | |
| Latest Twelve Months | 17.3% | 14.3% | 39.7% | 21.5% | 13.2% | 7.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.90x | 5.13x | 3.81x | 3.21x | 4.24x | 6.05x | |
| EV / LTM EBITDA | 22.6x | 35.8x | 9.6x | 14.9x | 32.1x | 83.2x | |
| EV / LTM EBIT | 23.3x | 43.3x | 11.5x | 22.1x | 47.3x | 300.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.6x | 22.6x | 35.8x | ||||
| Historical EV / LTM EBITDA | 48.3x | 53.3x | 124.1x | ||||
| Selected EV / LTM EBITDA | 67.0x | 70.5x | 74.0x | ||||
| (x) LTM EBITDA | 24 | 24 | 24 | ||||
| (=) Implied Enterprise Value | 1,636 | 1,722 | 1,808 | ||||
| (-) Non-shareholder Claims * | 218 | 218 | 218 | ||||
| (=) Equity Value | 1,854 | 1,941 | 2,027 | ||||
| (/) Shares Outstanding | 120.0 | 120.0 | 120.0 | ||||
| Implied Value Range | 15.46 | 16.17 | 16.89 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.46 | 16.17 | 16.89 | 18.70 | |||
| Upside / (Downside) | -17.4% | -13.5% | -9.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 301333 | 688621 | 603259 | 300759 | 301520 | 300813 | |
| Enterprise Value | 2,883 | 5,421 | 150,775 | 43,894 | 1,524 | 2,025 | |
| (+) Cash & Short Term Investments | 1,707 | 671 | 26,489 | 2,689 | 1,158 | 210 | |
| (+) Investments & Other | 33 | 56 | 10,818 | 1,073 | 3 | 8 | |
| (-) Debt | (7) | (619) | (9,943) | (5,959) | (2) | 0 | |
| (-) Other Liabilities | (4) | 0 | (446) | (604) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,613 | 5,528 | 177,692 | 41,094 | 2,683 | 2,244 | |
| (/) Shares Outstanding | 95.1 | 109.3 | 2,863.7 | 1,770.5 | 66.7 | 120.0 | |
| Implied Stock Price | 48.49 | 50.59 | 62.05 | 23.21 | 40.25 | 18.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 48.49 | 50.59 | 62.05 | 23.21 | 40.25 | 18.70 | |
| 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 | |