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Multiples Valuation: Li Ning Company Limited

Li Ning Company Limited (82331.HK)

Industry: Leisure Model: Peers Multiples Valuation

Valuation Snapshot

Winsorized Fair Value
Range (Low - High) $25.04 — $47.95
Selected (Average) $34.57
Upside to Live 90.60%
Full Range Fair Value
Range (Low - High) $35.65 — $52.85
Selected (Average) $41.27
Upside to Live 127.53%
Live Price $18.14

Industry Peers Data

TickerRankNameRev TTM (M) Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
039830.KS 1 Aurora World Corp 310,766 3.95 3.95 0.56 0.36 1.72 1.09
ESC.L 2 Escape Hunt plc 39,234 0.24 0.24 -0.20 -0.20 -0.23 -0.25
CCL 3 Carnival Corporati 26,229 15.85 15.85 10.01 10.01 7.48 15.77
2020.HK 4 ANTA Sports Produc 20,166 8.70 5.68 5.67 3.53 6.57 5.05
82020.HK 5 ANTA Sports-r 20,166 8.70 5.68 5.67 3.53 6.57 5.05
8442.TW 6 WW Holding Inc. 10,060 14.50 11.13 8.24 6.99 11.68 13.15
7832.T 7 BANDAI NAMCO Holdi 8,184 25.01 21.12 13.04 11.15 13.27 14.06
82331.HK 8 Li Ning Company Li 8,100 6.86 6.86 2.78 2.78 3.06 4.15
AS 9 Amer Sports, Inc. 7,163 62.09 62.09 30.53 30.53 24.13 31.23
ASMDEE-B.ST 10 Asmodee Group AB ( 7,058 79.13 79.13 3.47 3.47 13.71 5.63
ELY 11 Callaway Golf Comp 4,508 - - - - 44.17 -
4661.T 12 Oriental Land Co., 4,486 46.07 46.07 23.18 15.23 48.62 18.81
7731.T 13 Nikon Corporation 4,467 66.67 66.67 17.65 17.65 - 222.22
9992.HK 14 Pop Mart Internati 4,315 39.06 39.06 27.44 27.44 12.98 28.82
MODG 15 Topgolf Callaway B 4,061 - - - - 24.95 -
8467.TW 16 Bonny Worldwide Li 3,246 13.19 8.42 8.58 6.33 9.51 6.63

Implied Valuation Analysis

Line Item Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
Winsorized Median Multiple14.5011.138.416.6611.689.89
Full Range Median Multiple15.8515.859.298.5012.9813.60
Industry Multiple29.4728.0812.8411.3517.3430.63
Market Implied Multiple8.078.073.433.433.785.12
Company (82331.HK) Multiple6.866.862.782.783.064.15
(*) Net Income / EBITDA / Revenue8258251,5261,5261,3841,022
Winsorized Enterprise ValueN/AN/A12,83310,16616,17610,108
Full Range Median Enterprise ValueN/AN/A14,18412,97417,97313,902
(-) Net Debt-1,422-1,422-1,422-1,422-1,422-1,422
Winsorized Equity Value11,9729,19014,25611,58817,59811,531
Full Range Median Equity Value13,08213,08215,60714,39619,39615,324
(/) Shares Outstanding367367367367367367
Winsorized Fair Value$32.62$25.04$38.84$31.57$47.95$31.42
Full Range Median Fair Value$35.65$35.65$42.52$39.22$52.85$41.75
Current Price$18.14$18.14$18.14$18.14$18.14$18.14
Upside / Downside79.83%38.04%114.13%74.06%164.33%73.20%
Safety Margin30.0%30.0%30.0%30.0%30.0%30.0%
Buy Price$22.83$17.53$27.19$22.10$33.56$21.99
Buy / Don't BuyBUYDon’t BuyBUYBUYBUYBUY