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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.9x - 12.1x | 11.5x |
| Selected Fwd EBIT Multiple | 4.0x - 4.4x | 4.2x |
| Fair Value | 26.33¥ - 27.58¥ | 26.95¥ |
| Upside | 1.0% - 5.8% | 3.4% |
| 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 EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 600099 | 489 | 603766 | 1958 | 301345 | 301322 | ||
| SHSE:600099 | SEHK:489 | SHSE:603766 | SEHK:1958 | SZSE:301345 | SZSE:301322 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 112.0% | NM- | -3.8% | 1.4% | 41.6% | 45.6% | |
| 3Y CAGR | 17.4% | NM- | 10.0% | -0.4% | -0.1% | 52.8% | |
| Latest Twelve Months | -122.8% | 26.9% | 38.6% | -34.1% | 74.1% | -46.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 0.6% | -6.7% | 6.1% | 12.7% | 15.0% | 18.6% | |
| Prior Fiscal Year | 0.5% | -10.4% | 5.2% | 13.5% | 12.6% | 22.3% | |
| Latest Fiscal Year | 0.7% | -10.6% | 6.9% | 11.6% | 13.0% | 22.0% | |
| Latest Twelve Months | -0.2% | -8.2% | 6.2% | 9.6% | 15.2% | 15.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.07x | -0.35x | 1.04x | 0.06x | 2.09x | 1.89x | |
| EV / LTM EBITDA | 179.5x | 11.7x | 12.3x | 0.5x | 12.9x | 10.4x | |
| EV / LTM EBIT | -1147.6x | 4.3x | 16.8x | 0.6x | 13.7x | 12.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -1147.6x | 4.3x | 16.8x | ||||
| Historical EV / LTM EBIT | 8.5x | 8.5x | 8.5x | ||||
| Selected EV / LTM EBIT | 10.9x | 11.5x | 12.1x | ||||
| (x) LTM EBIT | 135 | 135 | 135 | ||||
| (=) Implied Enterprise Value | 1,476 | 1,554 | 1,631 | ||||
| (-) Non-shareholder Claims * | 2,053 | 2,053 | 2,053 | ||||
| (=) Equity Value | 3,529 | 3,607 | 3,684 | ||||
| (/) Shares Outstanding | 142.4 | 142.4 | 142.4 | ||||
| Implied Value Range | 24.78 | 25.33 | 25.88 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 24.78 | 25.33 | 25.88 | 26.06 | |||
| Upside / (Downside) | -4.9% | -2.8% | -0.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600099 | 489 | 603766 | 1958 | 301345 | 301322 | |
| Enterprise Value | 1,927 | (97,373) | 16,583 | (3,486) | 6,296 | 1,658 | |
| (+) Cash & Short Term Investments | 178 | 95,097 | 5,806 | 35,553 | 1,708 | 1,866 | |
| (+) Investments & Other | 136 | 62,429 | 14 | 15,024 | 0 | 187 | |
| (-) Debt | (30) | (18,979) | (337) | (5,764) | (590) | (0) | |
| (-) Other Liabilities | 0 | (5,925) | (155) | (24,508) | (0) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,211 | 35,248 | 21,911 | 16,818 | 7,414 | 3,710 | |
| (/) Shares Outstanding | 219.1 | 8,252.6 | 2,053.5 | 8,015.3 | 108.6 | 142.4 | |
| Implied Stock Price | 10.09 | 4.27 | 10.67 | 2.10 | 68.25 | 26.06 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.93 | 1.00 | 0.93 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.09 | 4.58 | 10.67 | 2.25 | 68.25 | 26.06 | |
| Trading Currency | CNY | HKD | CNY | HKD | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 0.93 | 1.00 | 0.93 | 1.00 | 1.00 | |