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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 53.7x - 59.3x | 56.5x |
| Selected Fwd EBITDA Multiple | 42.8x - 47.3x | 45.1x |
| Fair Value | ¥14.28 - ¥15.33 | ¥14.81 |
| Upside | -23.1% - -17.4% | -20.3% |
| Benchmarks | Ticker | Full Ticker |
| Chengdu Jiafaantai Education Technology Co.,Ltd. | 300559 | SZSE:300559 |
| Sumavision Technologies Co.,Ltd. | 300079 | SZSE:300079 |
| Skyworth Digital Co., Ltd. | 810 | SZSE:000810 |
| GHT Co.,Ltd | 300711 | SZSE:300711 |
| Dnake (Xiamen) Intelligent Technology Co., Ltd. | 300884 | SZSE:300884 |
| Qingdao Eastsoft Communication Technology Co.,Ltd | 300183 | SZSE:300183 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 300559 | 300079 | 810 | 300711 | 300884 | 300183 | ||
| SZSE:300559 | SZSE:300079 | SZSE:000810 | SZSE:300711 | SZSE:300884 | SZSE:300183 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 2.3% | NM- | -17.9% | 68.6% | 6.0% | -11.6% | |
| 3Y CAGR | -7.0% | NM- | -4.6% | 18.5% | -19.8% | -14.2% | |
| Latest Twelve Months | -34.4% | -112.3% | -50.5% | 58.5% | -38.4% | 20.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 26.0% | 11.3% | 5.5% | 11.9% | 13.9% | 15.0% | |
| Prior Fiscal Year | 20.5% | 19.0% | 5.6% | 12.7% | 7.0% | 7.3% | |
| Latest Fiscal Year | 24.6% | -4.1% | 3.4% | 16.7% | 10.6% | 8.5% | |
| Latest Twelve Months | 16.0% | -2.5% | 3.4% | 16.7% | 5.8% | 8.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.67x | 8.53x | 1.39x | 9.59x | 3.07x | 6.24x | |
| EV / LTM EBITDA | 47.9x | -335.1x | 40.9x | 57.5x | 52.8x | 73.9x | |
| EV / LTM EBIT | 75.8x | -46.6x | 62.0x | 64.1x | 81.0x | 130.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -335.1x | 47.9x | 57.5x | ||||
| Historical EV / LTM EBITDA | 19.2x | 42.4x | 73.9x | ||||
| Selected EV / LTM EBITDA | 53.7x | 56.5x | 59.3x | ||||
| (x) LTM EBITDA | 87 | 87 | 87 | ||||
| (=) Implied Enterprise Value | 4,673 | 4,919 | 5,165 | ||||
| (-) Non-shareholder Claims * | 1,982 | 1,982 | 1,982 | ||||
| (=) Equity Value | 6,655 | 6,901 | 7,147 | ||||
| (/) Shares Outstanding | 462.6 | 462.6 | 462.6 | ||||
| Implied Value Range | 14.39 | 14.92 | 15.45 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 14.39 | 14.92 | 15.45 | 18.57 | |||
| Upside / (Downside) | -22.5% | -19.7% | -16.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300559 | 300079 | 810 | 300711 | 300884 | 300183 | |
| Enterprise Value | 3,875 | 4,737 | 11,991 | 5,138 | 2,392 | 6,608 | |
| (+) Cash & Short Term Investments | 627 | 2,269 | 3,322 | 488 | 429 | 1,863 | |
| (+) Investments & Other | 65 | 688 | 258 | 0 | 69 | 125 | |
| (-) Debt | (20) | 0 | (874) | (0) | (45) | (3) | |
| (-) Other Liabilities | (24) | (2) | 17 | (24) | (3) | (2) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,523 | 7,693 | 14,715 | 5,601 | 2,843 | 8,591 | |
| (/) Shares Outstanding | 399.5 | 1,424.5 | 1,141.6 | 249.2 | 249.1 | 462.6 | |
| Implied Stock Price | 11.32 | 5.40 | 12.89 | 22.48 | 11.41 | 18.57 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11.32 | 5.40 | 12.89 | 22.48 | 11.41 | 18.57 | |
| 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 | |