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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.9x - 5.4x | 5.2x |
| Selected Fwd EBITDA Multiple | 2.4x - 2.7x | 2.5x |
| Fair Value | €0.82 - €0.87 | €0.84 |
| Upside | -17.6% - -12.9% | -15.2% |
| Benchmarks | Ticker | Full Ticker |
| Hisense Visual Technology Co., Ltd. | 600060 | SHSE:600060 |
| Panasonic Holdings Corporation | 6752 | TSE:6752 |
| Sony Group Corporation | 6758 | TSE:6758 |
| LG Electronics Inc. | A066570 | KOSE:A066570 |
| Sinomax Group Limited | 1418 | SEHK:1418 |
| TCL Electronics Holdings Limited | TC2A | DB:TC2A |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 600060 | 6752 | 6758 | A066570 | 1418 | TC2A | ||
| SHSE:600060 | TSE:6752 | TSE:6758 | KOSE:A066570 | SEHK:1418 | DB:TC2A | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 35.8% | 9.0% | 7.5% | 9.5% | NM- | 17.5% | |
| 3Y CAGR | 26.8% | 14.3% | -2.2% | 0.8% | 48.4% | NM- | |
| Latest Twelve Months | 5.1% | 23.8% | 23.4% | NM | 43.2% | 149.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.3% | 7.8% | 15.0% | 8.6% | 3.1% | 0.3% | |
| Prior Fiscal Year | 5.2% | 7.7% | 11.9% | 8.4% | 6.3% | 1.0% | |
| Latest Fiscal Year | 5.2% | 9.6% | 14.0% | 7.9% | 7.9% | 1.9% | |
| Latest Twelve Months | 5.2% | 9.8% | 14.8% | NA | 7.9% | 1.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.30x | 0.46x | 1.83x | 0.24x | 0.22x | 0.15x | |
| EV / LTM EBITDA | 5.7x | 4.7x | 12.4x | 3.1x | 2.8x | 8.1x | |
| EV / LTM EBIT | 7.9x | 9.3x | 15.7x | 7.7x | 3.6x | 10.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.8x | 4.7x | 12.4x | ||||
| Historical EV / LTM EBITDA | -6.0x | 5.2x | 44.6x | ||||
| Selected EV / LTM EBITDA | 4.9x | 5.2x | 5.4x | ||||
| (x) LTM EBITDA | 1,898 | 1,898 | 1,898 | ||||
| (=) Implied Enterprise Value | 9,340 | 9,831 | 10,323 | ||||
| (-) Non-shareholder Claims * | 8,794 | 8,794 | 8,794 | ||||
| (=) Equity Value | 18,134 | 18,625 | 19,117 | ||||
| (/) Shares Outstanding | 2,520.9 | 2,520.9 | 2,520.9 | ||||
| Implied Value Range | 7.19 | 7.39 | 7.58 | ||||
| FX Rate: HKD/EUR | 9.2 | 9.2 | 9.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.78 | 0.80 | 0.82 | 1.00 | |||
| Upside / (Downside) | -21.4% | -19.3% | -17.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600060 | 6752 | 6758 | A066570 | 1418 | TC2A | |
| Enterprise Value | 17,689 | 3,777,938 | 24,688,386 | 22,282,763 | 908 | 14,289 | |
| (+) Cash & Short Term Investments | 15,910 | 912,167 | 1,600,109 | 6,985,000 | 262 | 13,585 | |
| (+) Investments & Other | 801 | 676,477 | 365,907 | 0 | 55 | 1,937 | |
| (-) Debt | (1,358) | (1,559,578) | (1,611,382) | (15,168,600) | (744) | (6,257) | |
| (-) Other Liabilities | (5,487) | (174,362) | (292,065) | 0 | (26) | (472) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 27,554 | 3,632,642 | 24,750,955 | 14,099,163 | 455 | 23,082 | |
| (/) Shares Outstanding | 1,281.6 | 2,334.6 | 5,993.0 | 180.1 | 1,750.0 | 2,520.9 | |
| Implied Stock Price | 21.50 | 1,556.00 | 4,130.00 | 78,300.00 | 0.26 | 9.16 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 9.19 | |
| Implied Stock Price (Trading Cur) | 21.50 | 1,556.00 | 4,130.00 | 78,300.00 | 0.26 | 1.00 | |
| Trading Currency | CNY | JPY | JPY | KRW | HKD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 9.19 | |