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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9,1x - 10,0x | 9,5x |
| Selected Fwd EBITDA Multiple | 3,1x - 3,4x | 3,3x |
| Fair Value | ¥24,79 - ¥25,88 | ¥25,33 |
| Upside | -0,5% - 3,9% | 1,7% |
| Benchmarks | Ticker | Full Ticker |
| Linhai Co.,Ltd. | 600099 | SHSE:600099 |
| Dongfeng Motor Group Company Limited | 489 | SEHK:489 |
| Loncin Motor Co., Ltd. | 603766 | SHSE:603766 |
| BAIC Motor Corporation Limited | 1958 | SEHK:1958 |
| Zhejiang Taotao Vehicles Co., Ltd. | 301345 | SZSE:301345 |
| Guangdong Lvtong New Energy Electric Vehicle Technology Co., LTD | 301322 | SZSE:301322 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 600099 | 489 | 603766 | 1958 | 301345 | 301322 | ||
| SHSE:600099 | SEHK:489 | SHSE:603766 | SEHK:1958 | SZSE:301345 | SZSE:301322 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 17.5% | NM- | -1.6% | -2.3% | 40.3% | 41.0% | |
| 3Y CAGR | 10.7% | NM- | 4.2% | -6.6% | 1.6% | 48.8% | |
| Latest Twelve Months | 65.0% | 36.3% | 9.8% | -17.6% | 77.3% | -40.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 2.3% | -3.1% | 9.9% | 15.9% | 16.0% | 20.4% | |
| Prior Fiscal Year | 2.5% | -5.8% | 9.1% | 14.8% | 14.2% | 23.3% | |
| Latest Fiscal Year | 2.7% | -3.4% | 10.1% | 12.5% | 18.2% | 23.9% | |
| Latest Twelve Months | 2.7% | -3.4% | 8.5% | 12.5% | 18.2% | 18.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.86x | 0.01x | 1.08x | 0.06x | 1.97x | 1.71x | |
| EV / LTM EBITDA | 69.5x | -0.3x | 12.7x | 0.5x | 12.2x | 9.4x | |
| EV / LTM EBIT | 132.3x | -0.1x | 17.5x | 0.6x | 13.0x | 11.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -0.3x | 12.2x | 69.5x | ||||
| Historical EV / LTM EBITDA | 8.0x | 8.0x | 8.0x | ||||
| Selected EV / LTM EBITDA | 9.1x | 9.5x | 10.0x | ||||
| (x) LTM EBITDA | 159 | 159 | 159 | ||||
| (=) Implied Enterprise Value | 1,438 | 1,513 | 1,589 | ||||
| (-) Non-shareholder Claims * | 2,053 | 2,053 | 2,053 | ||||
| (=) Equity Value | 3,491 | 3,566 | 3,642 | ||||
| (/) Shares Outstanding | 142.4 | 142.4 | 142.4 | ||||
| Implied Value Range | 24.52 | 25.05 | 25.58 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 24.52 | 25.05 | 25.58 | 24.92 | |||
| Upside / (Downside) | -1.6% | 0.5% | 2.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600099 | 489 | 603766 | 1958 | 301345 | 301322 | |
| Enterprise Value | 1,957 | (56,556) | 17,178 | (4,858) | 7,073 | 1,495 | |
| (+) Cash & Short Term Investments | 196 | 96,567 | 5,806 | 33,598 | 0 | 1,866 | |
| (+) Investments & Other | 27 | 57,468 | 14 | 16,386 | 0 | 187 | |
| (-) Debt | (30) | (56,923) | (337) | (8,947) | 0 | (0) | |
| (-) Other Liabilities | 0 | (5,507) | (155) | (21,167) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,150 | 35,049 | 22,507 | 15,013 | 7,073 | 3,548 | |
| (/) Shares Outstanding | 219.1 | 8,225.1 | 2,053.5 | 8,015.3 | 108.6 | 142.4 | |
| Implied Stock Price | 9.81 | 4.26 | 10.96 | 1.87 | 65.11 | 24.92 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.94 | 1.00 | 0.94 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9.81 | 4.55 | 10.96 | 2.00 | 65.11 | 24.92 | |
| Trading Currency | CNY | HKD | CNY | HKD | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 0.94 | 1.00 | 0.94 | 1.00 | 1.00 | |