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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 23.8x - 26.3x | 25.0x |
| Selected Fwd EBITDA Multiple | 11.1x - 12.2x | 11.7x |
| Fair Value | ¥3.37 - ¥3.70 | ¥3.53 |
| Upside | -21.9% - -14.1% | -18.0% |
| Benchmarks | Ticker | Full Ticker |
| Beijing Tongrentang Co., Ltd | 600085 | SHSE:600085 |
| Kangmei Pharmaceutical Co., Ltd. | 600518 | SHSE:600518 |
| Xiangxue Pharmaceutical Co.,Ltd. | 300147 | SZSE:300147 |
| China Traditional Chinese Medicine Holdings Co. Limited | 570 | SEHK:570 |
| Shanghai Hile Bio-Technology Co., Ltd. | 603718 | SHSE:603718 |
| Tianjin Chase Sun Pharmaceutical Co.,Ltd | 300026 | SZSE:300026 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 600085 | 600518 | 300147 | 570 | 603718 | 300026 | ||
| SHSE:600085 | SHSE:600518 | SZSE:300147 | SEHK:570 | SHSE:603718 | SZSE:300026 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.7% | NM- | NM- | -9.4% | 4.7% | -12.1% | |
| 3Y CAGR | 4.8% | NM- | NM- | -19.7% | -12.2% | -31.7% | |
| Latest Twelve Months | -10.2% | -114.5% | -124.3% | -25.0% | 727.3% | -45.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.0% | -123.3% | 7.5% | 16.6% | 14.3% | 13.1% | |
| Prior Fiscal Year | 18.5% | 9.7% | 12.3% | 13.4% | 12.1% | 13.2% | |
| Latest Fiscal Year | 16.4% | -2.5% | -0.8% | 11.0% | 19.7% | 6.7% | |
| Latest Twelve Months | 16.1% | -1.4% | -3.5% | 11.0% | 29.8% | 6.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.76x | 5.33x | 5.70x | 0.71x | 17.14x | 2.17x | |
| EV / LTM EBITDA | 17.1x | -389.1x | -162.4x | 6.5x | 57.5x | 33.0x | |
| EV / LTM EBIT | 19.4x | -80.1x | -35.5x | 15.6x | 102.8x | 133.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -389.1x | 6.5x | 57.5x | ||||
| Historical EV / LTM EBITDA | 12.7x | 17.9x | 22.4x | ||||
| Selected EV / LTM EBITDA | 23.8x | 25.0x | 26.3x | ||||
| (x) LTM EBITDA | 375 | 375 | 375 | ||||
| (=) Implied Enterprise Value | 8,917 | 9,386 | 9,856 | ||||
| (-) Non-shareholder Claims * | 578 | 578 | 578 | ||||
| (=) Equity Value | 9,495 | 9,964 | 10,433 | ||||
| (/) Shares Outstanding | 3,004.2 | 3,004.2 | 3,004.2 | ||||
| Implied Value Range | 3.16 | 3.32 | 3.47 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.16 | 3.32 | 3.47 | 4.31 | |||
| Upside / (Downside) | -26.7% | -23.0% | -19.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600085 | 600518 | 300147 | 570 | 603718 | 300026 | |
| Enterprise Value | 51,165 | 28,189 | 9,748 | 11,776 | 4,501 | 12,370 | |
| (+) Cash & Short Term Investments | 11,378 | 894 | 58 | 5,274 | 476 | 1,187 | |
| (+) Investments & Other | 95 | 1 | 124 | 11 | 0 | 235 | |
| (-) Debt | (4,194) | (147) | (2,251) | (4,016) | (14) | (689) | |
| (-) Other Liabilities | (7,987) | (35) | (392) | (2,729) | (150) | (156) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 50,456 | 28,902 | 7,287 | 10,315 | 4,813 | 12,948 | |
| (/) Shares Outstanding | 1,371.5 | 13,828.9 | 661.3 | 5,035.8 | 655.7 | 3,004.2 | |
| Implied Stock Price | 36.79 | 2.09 | 11.02 | 2.05 | 7.34 | 4.31 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.92 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 36.79 | 2.09 | 11.02 | 2.23 | 7.34 | 4.31 | |
| Trading Currency | CNY | CNY | CNY | HKD | CNY | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.92 | 1.00 | 1.00 | |