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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 55.1x - 61.0x | 58.0x |
| Selected Fwd EBIT Multiple | 28.9x - 31.9x | 30.4x |
| Fair Value | 36.50¥ - 40.42¥ | 38.46¥ |
| Upside | -13.8% - -4.5% | -9.2% |
| Benchmarks | Ticker | Full Ticker |
| PowerTECH Co., Ltd. | 301369 | SZSE:301369 |
| Beijing Huafeng Test & Control Technology Co.,Ltd. | 688200 | SHSE:688200 |
| Teradyne, Inc. | TER | NasdaqGS:TER |
| Shenzhen Xinyichang Technology Co., Ltd. | 688383 | SHSE:688383 |
| SG Micro Corp | 300661 | SZSE:300661 |
| Hangzhou Changchuan Technology Co.,Ltd | 300604 | SZSE:300604 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 301369 | 688200 | TER | 688383 | 300661 | 300604 | ||
| SZSE:301369 | SHSE:688200 | NasdaqGS:TER | SHSE:688383 | SZSE:300661 | SZSE:300604 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 23.3% | 0.7% | -23.4% | 16.0% | NM- | |
| 3Y CAGR | NM- | -11.8% | -23.2% | -51.8% | -14.4% | NM- | |
| Latest Twelve Months | -262.1% | 54.1% | 6.2% | -57.3% | 85.3% | 1666.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 19.2% | 43.4% | 26.1% | 14.7% | 18.9% | 7.5% | |
| Prior Fiscal Year | 34.4% | 31.2% | 19.3% | 6.4% | 25.6% | 16.0% | |
| Latest Fiscal Year | -6.4% | 36.6% | 19.4% | 3.0% | 5.9% | -3.3% | |
| Latest Twelve Months | -6.0% | 36.6% | 19.4% | 3.0% | 10.5% | 14.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 10.74x | 18.59x | 4.71x | 5.66x | 12.08x | 8.82x | |
| EV / LTM EBITDA | -294.1x | 47.3x | 19.9x | 100.1x | 94.3x | 52.8x | |
| EV / LTM EBIT | -178.1x | 50.8x | 24.2x | 187.1x | 115.5x | 59.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -178.1x | 50.8x | 187.1x | ||||
| Historical EV / LTM EBIT | -607.9x | 201.2x | 925.9x | ||||
| Selected EV / LTM EBIT | 55.1x | 58.0x | 61.0x | ||||
| (x) LTM EBIT | 462 | 462 | 462 | ||||
| (=) Implied Enterprise Value | 25,480 | 26,821 | 28,162 | ||||
| (-) Non-shareholder Claims * | (493) | (493) | (493) | ||||
| (=) Equity Value | 24,987 | 26,328 | 27,669 | ||||
| (/) Shares Outstanding | 626.8 | 626.8 | 626.8 | ||||
| Implied Value Range | 39.87 | 42.01 | 44.15 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 39.87 | 42.01 | 44.15 | 42.34 | |||
| Upside / (Downside) | -5.8% | -0.8% | 4.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 301369 | 688200 | TER | 688383 | 300661 | 300604 | |
| Enterprise Value | 3,126 | 16,692 | 13,091 | 5,277 | 38,197 | 27,031 | |
| (+) Cash & Short Term Investments | 649 | 2,169 | 600 | 194 | 2,059 | 1,036 | |
| (+) Investments & Other | 5 | 317 | 619 | 0 | 626 | 182 | |
| (-) Debt | (1) | (15) | (77) | (774) | (91) | (1,098) | |
| (-) Other Liabilities | (9) | 0 | 0 | 0 | 12 | (613) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,771 | 19,163 | 14,233 | 4,698 | 40,803 | 26,538 | |
| (/) Shares Outstanding | 69.6 | 135.3 | 161.7 | 101.8 | 472.0 | 626.8 | |
| Implied Stock Price | 54.14 | 141.67 | 88.01 | 46.14 | 86.45 | 42.34 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 54.14 | 141.67 | 88.01 | 46.14 | 86.45 | 42.34 | |
| Trading Currency | CNY | CNY | USD | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |