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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 27.1x - 29.9x | 28.5x |
| Selected Fwd EBIT Multiple | 8.1x - 9.0x | 8.6x |
| Fair Value | 1.31$ - 1.46$ | 1.38$ |
| Upside | -0.2% - 11.4% | 5.6% |
| Benchmarks | Ticker | Full Ticker |
| AIX Inc. | AIFU | NasdaqGS:AIFU |
| Cheche Group Inc. | CCG | NasdaqCM:CCG |
| Huize Holding Limited | HUIZ | NasdaqGM:HUIZ |
| XChange TEC.INC | XHG | NasdaqCM:XHG |
| Waterdrop Inc. | WDH | NYSE:WDH |
| Zhibao Technology Inc. | ZBAO | NasdaqCM:ZBAO |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AIFU | CCG | HUIZ | XHG | WDH | ZBAO | ||
| NasdaqGS:AIFU | NasdaqCM:CCG | NasdaqGM:HUIZ | NasdaqCM:XHG | NYSE:WDH | NasdaqCM:ZBAO | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -14.4% | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | -13.5% | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -60.4% | 15.9% | -141.1% | 41.2% | 2742.1% | 122.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.5% | -5.4% | -1.8% | -20.8% | -11.6% | -18.2% | |
| Prior Fiscal Year | 6.1% | -4.3% | 4.3% | NA | -0.3% | -31.4% | |
| Latest Fiscal Year | 6.1% | -5.1% | -1.7% | -4.8% | 6.4% | 5.5% | |
| Latest Twelve Months | 4.4% | -3.3% | -1.7% | -4.8% | 6.4% | 5.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | -0.09x | 0.14x | 0.00x | 0.49x | 0.18x | 1.80x | |
| EV / LTM EBITDA | -1.6x | -4.3x | -0.6x | -10.2x | 2.6x | 32.5x | |
| EV / LTM EBIT | -2.0x | -4.2x | -0.2x | -10.2x | 2.8x | 32.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -10.2x | -2.0x | 2.8x | ||||
| Historical EV / LTM EBIT | 32.6x | 32.6x | 32.6x | ||||
| Selected EV / LTM EBIT | 27.1x | 28.5x | 29.9x | ||||
| (x) LTM EBIT | 10 | 10 | 10 | ||||
| (=) Implied Enterprise Value | 274 | 288 | 302 | ||||
| (-) Non-shareholder Claims * | (32) | (32) | (32) | ||||
| (=) Equity Value | 241 | 256 | 270 | ||||
| (/) Shares Outstanding | 31.5 | 31.5 | 31.5 | ||||
| Implied Value Range | 7.65 | 8.11 | 8.56 | ||||
| FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.05 | 1.12 | 1.18 | 1.31 | |||
| Upside / (Downside) | -19.6% | -14.8% | -10.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AIFU | CCG | HUIZ | XHG | WDH | ZBAO | |
| Enterprise Value | (214) | 424 | 5 | 145 | 519 | 332 | |
| (+) Cash & Short Term Investments | 770 | 195 | 238 | 10 | 2,599 | 4 | |
| (+) Investments & Other | 9 | 0 | 67 | 0 | 1,114 | 0 | |
| (-) Debt | (206) | (68) | (91) | (33) | (244) | (36) | |
| (-) Other Liabilities | (228) | 0 | (21) | 0 | (76) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 131 | 551 | 198 | 122 | 3,912 | 300 | |
| (/) Shares Outstanding | 56.7 | 77.8 | 9.9 | 20.5 | 368.9 | 31.5 | |
| Implied Stock Price | 2.31 | 7.08 | 19.97 | 5.93 | 10.60 | 9.51 | |
| FX Conversion Rate to Trading Currency | 7.26 | 7.26 | 7.26 | 7.26 | 7.26 | 7.26 | |
| Implied Stock Price (Trading Cur) | 0.32 | 0.98 | 2.75 | 0.82 | 1.46 | 1.31 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 7.26 | 7.26 | 7.26 | 7.26 | 7.26 | 7.26 | |