Jiumaojiu International Holdings Limited (9922.HK)

Industry: Restaurants 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
WEN	32	The Wendy's Compan	2,208	9.42	8.41	10.80	10.19	15.92	13.64
PZZA	33	Papa John's Intern	2,086	41.19	42.09	10.17	9.37	27.21	17.64
CKF.AX	34	Collins Foods Limi	2,023	29.96	36.69	3.89	3.25	5.16	5.13
TAST	35	Carrols Restaurant	1,884	14.61	14.61	11.93	10.98	41.69	21.57
3397.T	36	TORIDOLL Holdings	1,775	90.72	90.72	11.72	9.72	24.55	29.68
7616.T	37	Colowide Co.,Ltd.	1,754	287.13	287.13	9.72	7.77	30.28	33.31
RBD.AX	38	Restaurant Brands	1,698	7.00	6.75	4.08	3.17	7.28	5.48
9922.HK	39	Jiumaojiu Internat	1,694	11.14	11.14	4.30	4.30	1.88	1.70
7581.T	40	Saizeriya Co.,Ltd.	1,649	22.99	22.99	6.73	4.15	10.98	13.85
0YU.DE	41	Yum China Holdings	1,623	26.14	23.21	14.86	13.83	21.10	18.27
0341.HK	42	Café de Coral Hol	1,620	13.23	17.40	3.31	3.47	11.97	13.93
2695.T	43	Kura Sushi,Inc.	1,559	73.74	73.74	12.97	10.36	19.47	20.23
BROS	44	Dutch Bros Inc.	1,537	145.76	145.76	40.22	40.22	57.98	67.29
JACK	45	Jack in the Box In	1,465	-	-	48.67	71.20	18.34	-
1364.HK	46	Guming	1,422	34.89	34.89	35.35	35.35	29.79	35.15
0520.HK	47	Xiabuxiabu Caterin	1,389	-	-	2.84	3.11	0.97	0.66

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	26.14	23.21	10.17	9.37	18.34	15.78
Full Range Median Multiple	29.96	34.89	10.80	9.72	19.47	17.96
Industry Multiple	61.29	61.88	15.15	15.74	21.51	21.13
Market Implied Multiple	8.81	8.81	3.66	3.66	1.60	1.45
Company (9922.HK) Multiple	11.14	11.14	4.30	4.30	1.88	1.70
(*) Net Income / EBITDA / Revenue	49	49	182	182	416	460
Winsorized Enterprise Value	N/A	N/A	1,848	1,703	7,639	7,260
Full Range Median Enterprise Value	N/A	N/A	1,963	1,766	8,106	8,260
(-) Net Debt	231	231	231	231	231	231
Winsorized Equity Value	1,290	1,145	1,617	1,472	7,408	7,030
Full Range Median Equity Value	1,479	1,722	1,732	1,535	7,876	8,029
(/) Shares Outstanding	215	215	215	215	215	215
Winsorized Fair Value	$5.99	$5.32	$7.51	$6.84	$34.40	$32.64
Full Range Median Fair Value	$6.87	$8.00	$8.04	$7.13	$36.57	$37.28
Current Price	$2.02	$2.02	$2.02	$2.02	$2.02	$2.02
Upside / Downside	196.59%	163.33%	271.76%	238.48%	1,603.09%	1,516.00%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$4.19	$3.72	$5.26	$4.79	$24.08	$22.85
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY