Tong Ren Tang Technologies Co. Ltd. (1666.HK)

Industry: Drug Manufacturers - General Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
HZNP	26	Horizon Therapeuti	4,279	53.71	53.71	24.65	15.36	41.34	46.01
VIRP.PA	27	Virbac S.A.	3,255	9.78	7.78	5.68	4.92	5.43	5.68
4528.T	28	Ono Pharmaceutical	3,236	16.50	17.59	8.23	8.46	6.28	14.37
4151.T	29	Kyowa Kirin Co., L	3,169	33.60	34.95	11.82	11.09	11.27	11.73
CIPLA.BO	30	Cipla Limited	3,124	22.32	17.97	15.77	13.52	18.95	17.27
002422.SZ	31	Sichuan Kelun Phar	2,597	35.24	27.97	18.75	17.98	91.85	20.34
KLBF.JK	32	PT Kalbe Farma Tbk	2,053	14.66	13.84	9.29	8.69	14.72	10.39
1666.HK	33	Tong Ren Tang Tech	1,962	5.32	5.18	1.41	1.30	1.49	1.57
DPH.L	34	Dechra Pharmaceuti	1,930	137.84	137.25	29.30	25.25	-	33.03
ORNAV.HE	35	Orion Oyj	1,912	29.27	27.74	21.82	21.06	19.39	22.23
4536.T	36	Santen Pharmaceuti	1,872	17.22	16.35	8.30	7.96	12.41	11.39
2186.HK	37	Luye Pharma Group	1,772	10.52	10.53	4.66	3.90	6.83	6.18
600436.SS	38	Zhangzhou Pientzeh	1,388	49.07	45.14	45.75	42.78	60.34	43.15
003090.KS	39	Daewoong Co., Ltd.	1,375	11.52	10.29	2.20	1.56	4.42	3.74
301015.SZ	40	Qingdao Baheal Med	1,075	27.93	27.93	18.77	18.77	11.39	23.66
PNVL3.SA	41	Dimed S.A. Distrib	959	12.92	11.24	5.78	4.89	10.72	10.20

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	17.22	17.59	9.29	8.69	11.33	11.73
Full Range Median Multiple	22.32	17.97	11.82	11.09	11.90	14.37
Industry Multiple	32.14	30.69	15.38	13.75	22.52	18.62
Market Implied Multiple	5.24	5.10	1.37	1.27	1.45	1.53
Company (1666.HK) Multiple	5.32	5.18	1.41	1.30	1.49	1.57
(*) Net Income / EBITDA / Revenue	154	158	342	371	323	306
Winsorized Enterprise Value	N/A	N/A	3,174	3,221	3,665	3,593
Full Range Median Enterprise Value	N/A	N/A	4,041	4,109	3,849	4,404
(-) Net Debt	-336	-336	-336	-336	-336	-336
Winsorized Equity Value	2,646	2,775	3,510	3,557	4,001	3,929
Full Range Median Equity Value	3,429	2,835	4,376	4,445	4,184	4,740
(/) Shares Outstanding	182	182	182	182	182	182
Winsorized Fair Value	$14.55	$15.27	$19.31	$19.57	$22.01	$21.61
Full Range Median Fair Value	$18.86	$15.59	$24.07	$24.45	$23.02	$26.07
Current Price	$4.43	$4.43	$4.43	$4.43	$4.43	$4.43
Upside / Downside	228.55%	244.59%	335.85%	341.66%	396.80%	387.87%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$10.19	$10.69	$13.52	$13.70	$15.41	$15.13
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY