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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.4x - 0.4x | 0.4x |
| Selected Fwd Revenue Multiple | 0.3x - 0.3x | 0.3x |
| Fair Value | $0.14 - $0.16 | $0.15 |
| Upside | 16.5% - 31.4% | 24.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Zhang Jia Jie Tourism Group Co., Ltd | 430 | SZSE:000430 |
| Xi'an Tourism Co., Ltd. | 610 | SZSE:000610 |
| Huatian Hotel Group Co.,Ltd. | 428 | SZSE:000428 |
| Shenzhen Quanxinhao Co., Ltd. | 7 | SZSE:000007 |
| Dalian Sunasia Tourism Holding CO.,LTD | 600593 | SHSE:600593 |
| Xiabuxiabu Catering Management (China) Holdings Co., Ltd. | XIAX.F | OTCPK:XIAX.F |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 430 | 610 | 428 | 7 | 600593 | XIAX.F | |||
| SZSE:000430 | SZSE:000610 | SZSE:000428 | SZSE:000007 | SHSE:600593 | OTCPK:XIAX.F | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -2.2% | -9.1% | -6.4% | 38.5% | 6.1% | -4.5% | ||
| 3Y CAGR | 35.4% | 22.5% | 10.1% | 68.6% | 60.0% | -7.9% | ||
| Latest Twelve Months | 14.8% | -17.4% | 6.3% | 6.6% | 21.2% | -19.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -59.4% | -22.6% | -36.7% | 3.3% | -7.4% | 0.0% | ||
| Prior Fiscal Year | -165.5% | -37.5% | -61.0% | 3.5% | -43.9% | 0.5% | ||
| Latest Fiscal Year | -13.6% | -18.2% | -21.2% | 7.5% | 36.2% | -2.4% | ||
| Latest Twelve Months | -13.5% | -25.0% | -26.4% | 7.6% | 34.3% | -2.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 10.59x | 9.05x | 6.47x | 9.43x | 8.94x | 0.24x | ||
| EV / LTM EBIT | -78.2x | -36.2x | -24.5x | 123.7x | 26.1x | -9.8x | ||
| Price / LTM Sales | 7.56x | 6.81x | 4.99x | 9.71x | 8.52x | 0.17x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 6.47x | 9.05x | 10.59x | |||||
| Historical EV / LTM Revenue | 0.24x | 0.93x | 3.19x | |||||
| Selected EV / LTM Revenue | 0.36x | 0.38x | 0.40x | |||||
| (x) LTM Revenue | 4,755 | 4,755 | 4,755 | |||||
| (=) Implied Enterprise Value | 1,712 | 1,802 | 1,892 | |||||
| (-) Non-shareholder Claims * | (305) | (305) | (305) | |||||
| (=) Equity Value | 1,406 | 1,496 | 1,586 | |||||
| (/) Shares Outstanding | 1,394.5 | 1,394.5 | 1,394.5 | |||||
| Implied Value Range | 1.01 | 1.07 | 1.14 | |||||
| FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.14 | 0.15 | 0.16 | 0.12 | ||||
| Upside / (Downside) | 15.7% | 23.1% | 30.5% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 430 | 610 | 428 | 7 | 600593 | XIAX.F | |
| Enterprise Value | 4,237 | 4,090 | 4,099 | 2,035 | 4,458 | 1,521 | |
| (+) Cash & Short Term Investments | 64 | 117 | 124 | 122 | 160 | 824 | |
| (+) Investments & Other | 32 | 97 | 504 | 14 | 428 | 233 | |
| (-) Debt | (1,286) | (1,252) | (2,064) | (50) | (639) | (1,291) | |
| (-) Other Liabilities | 0 | 25 | 496 | (11) | (158) | (71) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,048 | 3,078 | 3,159 | 2,110 | 4,249 | 1,216 | |
| (/) Shares Outstanding | 404.8 | 236.7 | 1,018.9 | 346.4 | 128.8 | 1,394.5 | |
| Implied Stock Price | 7.53 | 13.00 | 3.10 | 6.09 | 32.99 | 0.87 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.27 | |
| Implied Stock Price (Trading Cur) | 7.53 | 13.00 | 3.10 | 6.09 | 32.99 | 0.12 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 7.27 | |