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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -6.4x - -7.1x | -6.8x |
| Selected Fwd EBITDA Multiple | -0.8x - -0.9x | -0.8x |
| Fair Value | $0.37 - $0.38 | $0.38 |
| Upside | 24.5% - 29.8% | 27.2% |
| Benchmarks | Ticker | Full Ticker |
| Staidson (Beijing) BioPharmaceuticals Co., Ltd. | 300204 | SZSE:300204 |
| Shanghai Kehua Bio-Engineering Co.,Ltd | 2022 | SZSE:002022 |
| Shanghai Henlius Biotech, Inc. | 2696 | SEHK:2696 |
| Mabpharm Limited | 2181 | SEHK:2181 |
| Cutia Therapeutics | 2487 | SEHK:2487 |
| Jacobio Pharmaceuticals Group Co., Ltd. | JBPH.F | OTCPK:JBPH.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 300204 | 2022 | 2696 | 2181 | 2487 | JBPH.F | ||
| SZSE:300204 | SZSE:002022 | SEHK:2696 | SEHK:2181 | SEHK:2487 | OTCPK:JBPH.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | -33.5% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | -69.0% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 96.7% | -164.4% | 25.8% | 7.1% | 15.4% | 52.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -40.1% | 23.5% | -80.8% | -694.0% | -1494.8% | -370.6% | |
| Prior Fiscal Year | -94.1% | 32.7% | 16.9% | -328.5% | -369.7% | -631.5% | |
| Latest Fiscal Year | -3.5% | 1.8% | 20.0% | -172.2% | -154.0% | -123.5% | |
| Latest Twelve Months | -3.5% | -7.3% | 20.0% | -94.6% | -154.0% | -123.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.97x | 1.70x | 3.11x | 13.82x | 4.38x | 11.47x | |
| EV / LTM EBITDA | -255.4x | -23.2x | 15.5x | -14.6x | -2.8x | -9.3x | |
| EV / LTM EBIT | -85.3x | -9.4x | 20.5x | -10.6x | -2.7x | -8.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -255.4x | -14.6x | 15.5x | ||||
| Historical EV / LTM EBITDA | -126.8x | -5.0x | 13531.1x | ||||
| Selected EV / LTM EBITDA | -6.4x | -6.8x | -7.1x | ||||
| (x) LTM EBITDA | (192) | (192) | (192) | ||||
| (=) Implied Enterprise Value | 1,238 | 1,304 | 1,369 | ||||
| (-) Non-shareholder Claims * | 1,041 | 1,041 | 1,041 | ||||
| (=) Equity Value | 2,279 | 2,344 | 2,409 | ||||
| (/) Shares Outstanding | 653.6 | 653.6 | 653.6 | ||||
| Implied Value Range | 3.49 | 3.59 | 3.69 | ||||
| FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.48 | 0.49 | 0.51 | 0.30 | |||
| Upside / (Downside) | 62.7% | 67.4% | 72.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 300204 | 2022 | 2696 | 2181 | 2487 | JBPH.F | |
| Enterprise Value | 2,918 | 3,149 | 18,628 | 2,096 | 1,228 | 360 | |
| (+) Cash & Short Term Investments | 54 | 1,024 | 814 | 74 | 876 | 1,175 | |
| (+) Investments & Other | 514 | 27 | 0 | 0 | 0 | 18 | |
| (-) Debt | (30) | (433) | (3,648) | (244) | (321) | (152) | |
| (-) Other Liabilities | 12 | (822) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,469 | 2,945 | 15,793 | 1,927 | 1,783 | 1,401 | |
| (/) Shares Outstanding | 477.8 | 501.6 | 543.5 | 4,124.1 | 318.6 | 653.6 | |
| Implied Stock Price | 7.26 | 5.87 | 29.06 | 0.47 | 5.60 | 2.14 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.93 | 0.93 | 0.93 | 7.27 | |
| Implied Stock Price (Trading Cur) | 7.26 | 5.87 | 31.10 | 0.50 | 5.99 | 0.30 | |
| Trading Currency | CNY | CNY | HKD | HKD | HKD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.93 | 0.93 | 0.93 | 7.27 | |