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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 24,2x - 26,7x | 25,4x |
| Selected Fwd EBITDA Multiple | 14,2x - 15,7x | 15,0x |
| Fair Value | ¥13,18 - ¥14,77 | ¥13,98 |
| Upside | -11,7% - -1,0% | -6,3% |
| Benchmarks | Ticker | Full Ticker |
| Jilin Jlu Communication Design Institute Co.,Ltd. | 300597 | SZSE:300597 |
| iSoftStone Information Technology (Group) Co., Ltd. | 301236 | SZSE:301236 |
| Daheng New Epoch Technology Inc. | 600288 | SHSE:600288 |
| Fujian Boss Software Corp. | 300525 | SZSE:300525 |
| Shenzhen Forms Syntron Information Co.,Ltd. | 300468 | SZSE:300468 |
| Beijing Sinnet Technology Co.,Ltd | 300383 | SZSE:300383 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 300597 | 301236 | 600288 | 300525 | 300468 | 300383 | ||
| SZSE:300597 | SZSE:301236 | SHSE:600288 | SZSE:300525 | SZSE:300468 | SZSE:300383 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -9.2% | NM- | NM- | 27.4% | -5.6% | -3.2% | |
| 3Y CAGR | -10.2% | -29.5% | NM- | 25.4% | -8.2% | -7.8% | |
| Latest Twelve Months | 59.7% | 102.8% | 22.0% | 25.6% | NM | -10.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.2% | 4.4% | 0.6% | 15.9% | 10.3% | 18.8% | |
| Prior Fiscal Year | 3.1% | 3.3% | -1.5% | 15.9% | 6.1% | 16.6% | |
| Latest Fiscal Year | 6.1% | 1.4% | -2.5% | 18.6% | 9.9% | 16.9% | |
| Latest Twelve Months | 5.2% | 1.7% | -2.1% | 17.7% | NA | 16.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.31x | 1.81x | 1.57x | 5.20x | 13.22x | 4.26x | |
| EV / LTM EBITDA | 83.1x | 104.5x | -73.8x | 29.3x | NA | 26.3x | |
| EV / LTM EBIT | 122.2x | 292.8x | -50.0x | 31.3x | 163.3x | 75.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -73.8x | 56.2x | 104.5x | ||||
| Historical EV / LTM EBITDA | 12.1x | 17.9x | 24.4x | ||||
| Selected EV / LTM EBITDA | 24.2x | 25.4x | 26.7x | ||||
| (x) LTM EBITDA | 1,154 | 1,154 | 1,154 | ||||
| (=) Implied Enterprise Value | 27,874 | 29,341 | 30,808 | ||||
| (-) Non-shareholder Claims * | (3,483) | (3,483) | (3,483) | ||||
| (=) Equity Value | 24,390 | 25,857 | 27,324 | ||||
| (/) Shares Outstanding | 1,797.6 | 1,797.6 | 1,797.6 | ||||
| Implied Value Range | 13.57 | 14.38 | 15.20 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.57 | 14.38 | 15.20 | 14.92 | |||
| Upside / (Downside) | -9.1% | -3.6% | 1.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300597 | 301236 | 600288 | 300525 | 300468 | 300383 | |
| Enterprise Value | 2,279 | 59,044 | 2,875 | 11,269 | 9,292 | 30,303 | |
| (+) Cash & Short Term Investments | 327 | 4,812 | 905 | 1,098 | 1,161 | 2,476 | |
| (+) Investments & Other | 28 | 465 | 578 | 167 | 24 | 74 | |
| (-) Debt | (307) | (6,863) | (108) | (404) | (2) | (5,485) | |
| (-) Other Liabilities | (15) | (63) | (323) | (500) | 0 | (548) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,312 | 57,396 | 3,927 | 11,631 | 10,475 | 26,820 | |
| (/) Shares Outstanding | 264.3 | 952.9 | 436.8 | 750.9 | 530.6 | 1,797.6 | |
| Implied Stock Price | 8.75 | 60.23 | 8.99 | 15.49 | 19.74 | 14.92 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8.75 | 60.23 | 8.99 | 15.49 | 19.74 | 14.92 | |
| 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 | |