Sand table deduction of the board of the board pricing
48 2019-06-17
  Among the first three companies that have passed the conference, Tianzhun Technology applies the third set of listing standards, and the estimated market value is not less than 2 billion yuan. The company‘s net profit attributable to the parent company in 2018 was 94.47 million yuan, and the net profit after deduction was 85.88 million yuan. The largest total share capital of the company disclosed in the prospectus is 193.6 million shares. Calculated by the minimum market value, the company‘s minimum issue price is 10.33 yuan / share.
  Both Microcore Bio and Anji Technology are applicable to the first set of listing standards, with an estimated market capitalization of not less than RMB 1 billion. The net profit attributable to the parent company of the two companies in 2018 was 31.28 million yuan and 44.96 million yuan respectively; the net profit after deduction was 18.98 million yuan and 43.13 million yuan respectively; the largest total share capital after issuance was 410 million shares and 53.11 million shares respectively. . Based on the minimum market value requirement, the minimum issue price of Microcore Bio and Anji Technology is 2.44 yuan/share and 18.83 yuan/share, respectively.
  Although Tianzhun Technology is the third set of standard application materials, but from the company‘s financial data, it also meets the first set of listing standards.
  According to the net profit attributable to owners of the parent company in 2018 before and after deducting non-recurring gains and losses divided by the largest total share capital, the price-earnings ratios of Tianzhun Technology, Weixin Bio and Anji Technology are 23.29 times and 52.69 respectively. Times, 23.19 times.
  Some investment bankers believe that for enterprises that have met the first set of listing standards, that is, companies that have formed a stable business model and have achieved profitability, they can comprehensively use various relative valuation indicators such as PE and PB of comparable companies in the same industry.
  Taking micro-core organisms as an example, the company explicitly mentioned in the first round of inquiry letters that peripheral T-cell lymphoma (PTCL) is a rare disease. There is no research data on market capacity and market share published by third parties. Based on the current industry data and public market research data, the issuer estimates that the potential market size of the company‘s products for peripheral T-cell lymphoma is about 600 million yuan/year.
  The Shenwan Hongyuan research report recommends the use of DCF or P/S methods for the evaluation of microcore organisms. Shenwan Hongyuan Securities believes that it can give a 2-4 times P/S valuation for the future peak sales of each indication for each drug, and finally add the total to get the company‘s valuation. However, based on the company‘s last year‘s revenue of 148 million yuan and 4 times the market-to-sales ratio, it is estimated that the market value after the issuance will be about 600 million yuan, corresponding to a price-to-earnings ratio of about 30 times.
  According to the Industrial Securities Research Report, after the completion of the last round of equity transfer of Microchip, the company‘s valuation is about 5.3 billion yuan. At the same time, Industrial Securities also used the DCF model to give valuations to the company‘s main products. Among them, the risk-adjusted NPV (net present value) of the indications currently in the market and stage III clinical stage is nearly 3.178 billion yuan, West Oroni At present, the risk-adjusted NPV of the indications in the phase II clinical stage is nearly 2.083 billion yuan.