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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 30,7x - 33,9x | 32,3x |
| Selected Fwd EBITDA Multiple | 2,0x - 2,2x | 2,1x |
| Fair Value | 15,77¥ - 17,17¥ | 16,47¥ |
| Upside | 9,8% - 19,5% | 14,7% |
| Benchmarks | Ticker | Full Ticker |
| Xilinmen Furniture Co.,Ltd | 603008 | SHSE:603008 |
| Tonze New Energy Technology Co.,Ltd. | 2759 | SZSE:002759 |
| Ningbo Dechang Electrical Machinery Made Co., Ltd. | 605555 | SHSE:605555 |
| DBG Technology Co., Ltd. | 300735 | SZSE:300735 |
| Zhang Xiaoquan Inc. | 301055 | SZSE:301055 |
| Guangdong Piano Customized Furniture Co., Ltd. | 2853 | SZSE:002853 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 603008 | 2759 | 605555 | 300735 | 301055 | 2853 | ||
| SHSE:603008 | SZSE:002759 | SHSE:605555 | SZSE:300735 | SZSE:301055 | SZSE:002853 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 143.6% | 3.8% | 11.1% | 16.3% | -3.0% | -5.2% | |
| 3Y CAGR | 2.2% | 32.1% | -7.0% | 18.9% | -17.1% | -24.1% | |
| Latest Twelve Months | 45.3% | -157.8% | 51.3% | 8.5% | 26.1% | -64.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.2% | 16.2% | 13.3% | 18.1% | 12.1% | 3.0% | |
| Prior Fiscal Year | 6.2% | 21.6% | 9.4% | 16.4% | 9.7% | 13.7% | |
| Latest Fiscal Year | 7.6% | 7.8% | 12.2% | 15.3% | 7.4% | 9.8% | |
| Latest Twelve Months | 7.5% | -4.2% | 11.5% | 11.0% | 7.8% | 6.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.81x | 2.05x | 2.20x | 2.73x | 2.73x | 2.05x | |
| EV / LTM EBITDA | 10.8x | -48.9x | 19.0x | 24.7x | 34.9x | 32.6x | |
| EV / LTM EBIT | 14.2x | -17.6x | 23.4x | 46.5x | 62.6x | -228.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -48.9x | 19.0x | 34.9x | ||||
| Historical EV / LTM EBITDA | -4.0x | 9.7x | 13.2x | ||||
| Selected EV / LTM EBITDA | 30.7x | 32.3x | 33.9x | ||||
| (x) LTM EBITDA | 67 | 67 | 67 | ||||
| (=) Implied Enterprise Value | 2,041 | 2,148 | 2,256 | ||||
| (-) Non-shareholder Claims * | 458 | 458 | 458 | ||||
| (=) Equity Value | 2,499 | 2,606 | 2,714 | ||||
| (/) Shares Outstanding | 182.9 | 182.9 | 182.9 | ||||
| Implied Value Range | 13.66 | 14.25 | 14.84 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.66 | 14.25 | 14.84 | 14.36 | |||
| Upside / (Downside) | -4.9% | -0.8% | 3.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 603008 | 2759 | 605555 | 300735 | 301055 | 2853 | |
| Enterprise Value | 6,964 | 4,105 | 7,985 | 19,422 | 2,397 | 2,169 | |
| (+) Cash & Short Term Investments | 1,779 | 979 | 1,198 | 2,691 | 188 | 406 | |
| (+) Investments & Other | 266 | 103 | 0 | 0 | 10 | 47 | |
| (-) Debt | (2,230) | (744) | (127) | (574) | (4) | (2) | |
| (-) Other Liabilities | (147) | (523) | 0 | (434) | (17) | 7 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,632 | 3,919 | 9,056 | 21,105 | 2,574 | 2,627 | |
| (/) Shares Outstanding | 379.0 | 491.8 | 372.4 | 767.5 | 151.8 | 182.9 | |
| Implied Stock Price | 17.50 | 7.97 | 24.32 | 27.50 | 16.96 | 14.36 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 17.50 | 7.97 | 24.32 | 27.50 | 16.96 | 14.36 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |