Modern Dental Group Limited (3600.HK)

Industry: Medical - Instruments & Supplies 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
300888.SZ	31	Winner Medical Co.	1,534	25.51	33.26	17.26	21.55	20.67	25.47
MMSI	32	Merit Medical Syst	1,477	41.64	41.64	18.42	14.14	33.82	34.50
300677.SZ	33	Intco Medical Tech	1,398	13.58	16.44	17.60	22.10	39.24	20.15
STVN	34	Stevanato Group S.	1,374	43.33	43.33	23.01	23.01	30.50	32.89
HAE	35	Haemonetics Corpor	1,328	13.63	12.43	8.59	7.70	13.77	11.84
002223.SZ	36	Jiangsu Yuyue Medi	1,147	22.38	21.87	21.64	22.51	32.95	17.79
1SXP.F	37	SCHOTT Pharma AG &	1,146	29.42	29.42	15.00	15.00	16.97	21.08
3600.HK	38	Modern Dental Grou	870	4.52	3.39	3.00	2.37	3.05	2.85
NVCR	39	NovoCure Limited	859	-	-	-	-	-	-
7113.KL	40	Top Glove Corporat	854	35.49	59.68	10.89	15.07	37.45	110.73
WRBY	41	Warby Parker Inc.	851	4,711.87	4,711.87	76.06	76.06	233.23	-
SKAN.SW	42	SKAN Group AG	850	33.25	28.96	17.52	12.95	-	19.87
002382.SZ	43	Blue Sail Medical	820	-	-	-	-	-	-
7747.T	44	Asahi Intecc Co.,	802	42.43	37.53	18.92	16.31	11.67	14.59
AP4.SI	45	Riverstone Holding	792	15.45	16.88	7.91	8.47	10.41	10.83
300358.SZ	46	Truking Technology	788	-	-	-	-	20.74	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	27.46	29.19	17.39	15.03	20.70	19.87
Full Range Median Multiple	31.34	31.34	17.56	15.69	25.62	20.15
Industry Multiple	419.00	421.11	21.07	21.24	41.79	29.07
Market Implied Multiple	5.50	4.13	3.63	2.87	3.68	3.44
Company (3600.HK) Multiple	4.52	3.39	3.00	2.37	3.05	2.85
(*) Net Income / EBITDA / Revenue	114	152	180	228	178	190
Winsorized Enterprise Value	N/A	N/A	3,135	3,428	3,678	3,780
Full Range Median Enterprise Value	N/A	N/A	3,166	3,577	4,551	3,834
(-) Net Debt	27	27	27	27	27	27
Winsorized Equity Value	3,128	4,424	3,108	3,401	3,651	3,753
Full Range Median Equity Value	3,569	4,749	3,139	3,550	4,524	3,807
(/) Shares Outstanding	121	121	121	121	121	121
Winsorized Fair Value	$25.91	$36.64	$25.75	$28.17	$30.24	$31.09
Full Range Median Fair Value	$29.56	$39.34	$26.00	$29.41	$37.47	$31.54
Current Price	$5.19	$5.19	$5.19	$5.19	$5.19	$5.19
Upside / Downside	399.27%	606.05%	396.11%	442.80%	482.71%	499.05%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$18.14	$25.65	$18.02	$19.72	$21.17	$21.76
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY