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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17.0x - 18.8x | 17.9x |
| Selected Fwd EBIT Multiple | 10.7x - 11.9x | 11.3x |
| Fair Value | $12.73 - $14.69 | $13.71 |
| Upside | 16.8% - 34.9% | 25.9% |
| Benchmarks | Ticker | Full Ticker |
| China Unicom (Hong Kong) Limited | 762 | SEHK:762 |
| China United Network Communications Limited | 600050 | SHSE:600050 |
| NOVA Technology Corporation Limited | 300921 | SZSE:300921 |
| China Bester Group Telecom Co., Ltd. | 603220 | SHSE:603220 |
| Zhong Fu Tong Group Co., Ltd. | 300560 | SZSE:300560 |
| China Tower Corporation Limited | CTOW.Y | OTCPK:CTOW.Y |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 762 | 600050 | 300921 | 603220 | 300560 | CTOW.Y | ||
| SEHK:762 | SHSE:600050 | SZSE:300921 | SHSE:603220 | SZSE:300560 | OTCPK:CTOW.Y | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.6% | 0.1% | -27.3% | 2.0% | NM- | 5.3% | |
| 3Y CAGR | 3.6% | -2.0% | -46.7% | 50.9% | NM- | 4.4% | |
| Latest Twelve Months | -0.7% | -14.2% | 9965.6% | 67.1% | -145.5% | 6.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.4% | 4.3% | 8.6% | 6.5% | 7.6% | 16.1% | |
| Prior Fiscal Year | 4.3% | 4.2% | 7.2% | 5.1% | 5.6% | 15.8% | |
| Latest Fiscal Year | 4.1% | 3.4% | 2.0% | 6.3% | -0.6% | 16.2% | |
| Latest Twelve Months | 4.1% | 3.4% | 1.6% | 9.6% | -1.9% | 16.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.40x | 0.71x | 3.99x | 4.20x | 2.24x | 2.76x | |
| EV / LTM EBITDA | 1.8x | 3.8x | 72.2x | 36.8x | -140.8x | 5.1x | |
| EV / LTM EBIT | 9.6x | 20.5x | 254.8x | 44.0x | -117.8x | 17.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -117.8x | 20.5x | 254.8x | ||||
| Historical EV / LTM EBIT | 14.3x | 16.0x | 20.7x | ||||
| Selected EV / LTM EBIT | 17.0x | 17.9x | 18.8x | ||||
| (x) LTM EBIT | 15,804 | 15,804 | 15,804 | ||||
| (=) Implied Enterprise Value | 268,181 | 282,296 | 296,410 | ||||
| (-) Non-shareholder Claims * | (88,073) | (88,073) | (88,073) | ||||
| (=) Equity Value | 180,108 | 194,223 | 208,337 | ||||
| (/) Shares Outstanding | 2,031.8 | 2,031.8 | 2,031.8 | ||||
| Implied Value Range | 88.64 | 95.59 | 102.54 | ||||
| FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.14 | 13.09 | 14.04 | 10.89 | |||
| Upside / (Downside) | 11.4% | 20.1% | 28.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 762 | 600050 | 300921 | 603220 | 300560 | CTOW.Y | |
| Enterprise Value | 154,760 | 273,681 | 2,555 | 13,202 | 2,694 | 249,746 | |
| (+) Cash & Short Term Investments | 63,856 | 63,802 | 627 | 359 | 711 | 4,470 | |
| (+) Investments & Other | 76,363 | 76,805 | 0 | 142 | 8 | 0 | |
| (-) Debt | (40,723) | (41,206) | (38) | (3,647) | (738) | (92,542) | |
| (-) Other Liabilities | (2,525) | (203,942) | 7 | (76) | (23) | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 251,731 | 169,141 | 3,151 | 9,980 | 2,651 | 161,673 | |
| (/) Shares Outstanding | 30,598.1 | 31,264.4 | 130.3 | 428.9 | 229.7 | 2,031.8 | |
| Implied Stock Price | 8.23 | 5.41 | 24.19 | 23.27 | 11.54 | 79.57 | |
| FX Conversion Rate to Trading Currency | 0.94 | 1.00 | 1.00 | 1.00 | 1.00 | 7.30 | |
| Implied Stock Price (Trading Cur) | 8.74 | 5.41 | 24.19 | 23.27 | 11.54 | 10.89 | |
| Trading Currency | HKD | CNY | CNY | CNY | CNY | USD | |
| FX Rate to Reporting Currency | 0.94 | 1.00 | 1.00 | 1.00 | 1.00 | 7.30 | |