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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.3x - 12.5x | 11.9x |
| Selected Fwd EBITDA Multiple | 8.1x - 8.9x | 8.5x |
| Fair Value | 15.57¥ - 16.82¥ | 16.20¥ |
| Upside | 32.3% - 42.9% | 37.6% |
| Benchmarks | Ticker | Full Ticker |
| ChengDu Hi-Tech Development Co., Ltd. | 628 | SZSE:000628 |
| A-Living Smart City Services Co., Ltd. | 3319 | SEHK:3319 |
| Onewo Inc. | 2602 | SEHK:2602 |
| Suzhou New District Hi-Tech Industrial Co.,Ltd | 600736 | SHSE:600736 |
| Powerlong Commercial Management Holdings Limited | 9909 | SEHK:9909 |
| China Merchants Property Operation & Service Co., Ltd. | 1914 | SZSE:001914 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 628 | 3319 | 2602 | 600736 | 9909 | 1914 | ||
| SZSE:000628 | SEHK:3319 | SEHK:2602 | SHSE:600736 | SEHK:9909 | SZSE:001914 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.6% | 13.2% | 11.4% | -17.9% | 17.4% | 12.3% | |
| 3Y CAGR | -8.0% | -10.0% | 2.6% | -6.6% | 9.4% | 13.4% | |
| Latest Twelve Months | -51.4% | -23.3% | -13.6% | -32.4% | -6.5% | 17.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.7% | 20.9% | 8.6% | 9.1% | 26.8% | 7.7% | |
| Prior Fiscal Year | 5.0% | 15.7% | 8.9% | 11.4% | 27.1% | 6.4% | |
| Latest Fiscal Year | 2.7% | 11.8% | 7.0% | 6.7% | 26.3% | 6.8% | |
| Latest Twelve Months | 2.7% | 10.1% | 7.0% | 8.7% | 24.2% | 6.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.76x | 0.05x | 0.27x | 5.36x | -0.45x | 0.50x | |
| EV / LTM EBITDA | 101.4x | 0.5x | 4.0x | 61.6x | -1.9x | 7.4x | |
| EV / LTM EBIT | 128.9x | 0.7x | 6.2x | 154.9x | -2.2x | 7.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -1.9x | 4.0x | 101.4x | ||||
| Historical EV / LTM EBITDA | 7.4x | 20.0x | 28.1x | ||||
| Selected EV / LTM EBITDA | 11.3x | 11.9x | 12.5x | ||||
| (x) LTM EBITDA | 1,174 | 1,174 | 1,174 | ||||
| (=) Implied Enterprise Value | 13,237 | 13,934 | 14,631 | ||||
| (-) Non-shareholder Claims * | 3,875 | 3,875 | 3,875 | ||||
| (=) Equity Value | 17,112 | 17,809 | 18,506 | ||||
| (/) Shares Outstanding | 1,059.4 | 1,059.4 | 1,059.4 | ||||
| Implied Value Range | 16.15 | 16.81 | 17.47 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 16.15 | 16.81 | 17.47 | 11.77 | |||
| Upside / (Downside) | 37.2% | 42.8% | 48.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 628 | 3319 | 2602 | 600736 | 9909 | 1914 | |
| Enterprise Value | 19,566 | (551) | 9,193 | 44,761 | (1,273) | 8,594 | |
| (+) Cash & Short Term Investments | 597 | 5,040 | 14,125 | 4,910 | 3,963 | 4,669 | |
| (+) Investments & Other | 0 | 1,397 | 2,961 | 6,126 | 60 | 305 | |
| (-) Debt | (3,042) | (475) | (336) | (40,672) | (1,305) | (948) | |
| (-) Other Liabilities | 0 | (1,787) | (737) | (8,355) | (10) | (151) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 17,121 | 3,623 | 25,206 | 6,770 | 1,436 | 12,469 | |
| (/) Shares Outstanding | 352.3 | 1,420.0 | 1,160.0 | 1,151.3 | 642.9 | 1,059.4 | |
| Implied Stock Price | 48.60 | 2.55 | 21.73 | 5.88 | 2.23 | 11.77 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.93 | 0.93 | 1.00 | 0.93 | 1.00 | |
| Implied Stock Price (Trading Cur) | 48.60 | 2.73 | 23.25 | 5.88 | 2.39 | 11.77 | |
| Trading Currency | CNY | HKD | HKD | CNY | HKD | CNY | |
| FX Rate to Reporting Currency | 1.00 | 0.93 | 0.93 | 1.00 | 0.93 | 1.00 | |