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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.7x - 4.1x | 3.9x |
| Selected Fwd Revenue Multiple | 2.1x - 2.3x | 2.2x |
| Fair Value | ¥4.29 - ¥5.17 | ¥4.73 |
| Upside | -15.8% - 1.5% | -7.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Wuxi Huaguang Environment & Energy Group Co.,Ltd. | 600475 | SHSE:600475 |
| Xizi Clean Energy Equipment Manufacturing Co., Ltd. | 2534 | SZSE:002534 |
| Shanghai Electric Group Co., Ltd. | 601727 | SHSE:601727 |
| Zhejiang Feida Environmental Science & Technology Co., Ltd. | 600526 | SHSE:600526 |
| Nantong Guosheng Intelligence Technology Group Co., Ltd. | 688558 | SHSE:688558 |
| China Western Power Industrial Co., Ltd. | 2630 | SZSE:002630 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 600475 | 2534 | 601727 | 600526 | 688558 | 2630 | |||
| SHSE:600475 | SZSE:002534 | SHSE:601727 | SHSE:600526 | SHSE:688558 | SZSE:002630 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 7.1% | 17.7% | 2.6% | 4.3% | 9.3% | -12.5% | ||
| 3Y CAGR | 10.0% | 14.7% | -5.8% | 11.8% | -3.0% | -5.4% | ||
| Latest Twelve Months | -4.3% | 1.2% | 1.2% | -4.0% | -6.0% | 40.3% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 7.5% | 5.3% | -0.5% | 5.5% | 14.5% | -19.3% | ||
| Prior Fiscal Year | 9.0% | 0.5% | 1.2% | 7.0% | 11.8% | -52.4% | ||
| Latest Fiscal Year | 7.4% | 2.2% | 4.1% | 7.9% | 13.9% | 5.3% | ||
| Latest Twelve Months | 6.4% | 4.1% | 4.1% | 9.5% | 13.9% | 16.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.20x | 1.16x | 0.94x | 1.04x | 3.17x | 4.30x | ||
| EV / LTM EBIT | 18.8x | 28.1x | 22.6x | 10.9x | 22.8x | 26.4x | ||
| Price / LTM Sales | 0.89x | 1.32x | 0.87x | 1.09x | 3.22x | 2.39x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.94x | 1.16x | 3.17x | |||||
| Historical EV / LTM Revenue | 1.88x | 3.78x | 6.87x | |||||
| Selected EV / LTM Revenue | 3.70x | 3.89x | 4.09x | |||||
| (x) LTM Revenue | 2,510 | 2,510 | 2,510 | |||||
| (=) Implied Enterprise Value | 9,286 | 9,775 | 10,263 | |||||
| (-) Non-shareholder Claims * | (4,786) | (4,786) | (4,786) | |||||
| (=) Equity Value | 4,500 | 4,989 | 5,477 | |||||
| (/) Shares Outstanding | 1,180.8 | 1,180.8 | 1,180.8 | |||||
| Implied Value Range | 3.81 | 4.22 | 4.64 | |||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.81 | 4.22 | 4.64 | 5.09 | ||||
| Upside / (Downside) | -25.1% | -17.0% | -8.9% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600475 | 2534 | 601727 | 600526 | 688558 | 2630 | |
| Enterprise Value | 12,063 | 8,556 | 114,600 | 4,184 | 3,268 | 10,796 | |
| (+) Cash & Short Term Investments | 2,979 | 3,072 | 40,349 | 1,975 | 120 | 177 | |
| (+) Investments & Other | 4,657 | 470 | 14,337 | 94 | 0 | 168 | |
| (-) Debt | (8,765) | (1,921) | (38,694) | (1,612) | (49) | (4,989) | |
| (-) Other Liabilities | (1,975) | (442) | (24,190) | (245) | 0 | (141) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,959 | 9,735 | 106,402 | 4,395 | 3,339 | 6,010 | |
| (/) Shares Outstanding | 940.1 | 739.2 | 13,676.3 | 889.7 | 131.0 | 1,180.8 | |
| Implied Stock Price | 9.53 | 13.17 | 7.78 | 4.94 | 25.49 | 5.09 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9.53 | 13.17 | 7.78 | 4.94 | 25.49 | 5.09 | |
| 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 | |