(as of 18/10/19)

Ticker | Company | Share price (local) | Market cap (US$MM) | Firm value (US$MM) | 2019E FV/Sales | 2020E FV/Sales | 2019E FV/EBITDA | 2020E FV/EBITDA | 2019E P/E | 2020E P/E |
---|---|---|---|---|---|---|---|---|---|---|

Global Education | ||||||||||

CHGG | Chegg, Inc. | 32.37 | 3,873MM | 3,951MM | 9.8x | 8.0x | 32.8x | 25.0x | 43.9x | 35.6x |

PS | Pluralsight, Inc. | 16.79 | 2,351MM | 2,376MM | 7.6x | 5.8x | - | - | - | - |

RST | Rosetta Stone | 18.60 | 447MM | 444MM | - | - | - | - | - | - |

Mean | 8.7x | 6.9x | 32.8x | 25.0x | 43.9x | 35.6x | ||||

Median | 8.7x | 6.9x | 32.8x | 25.0x | 43.9x | 35.6x | ||||

China Schools | ||||||||||

6169.HK | China YuHua Education 中国宇华教育集团 | 4.51 | 1,899MM | 1,767MM | 7.7x | 5.8x | 13.3x | 10.3x | 19.1x | 15.2x |

HLG | Hailiang Education | 66.23 | 1,707MM | 1,473MM | - | - | - | - | - | - |

1317.HK | China Maple Leaf Educational Systems 中国枫叶教育集团 | 2.36 | 906MM | 694MM | 3.0x | 2.5x | 7.8x | 6.5x | 9.8x | 8.4x |

1569.HK | Minsheng Education Group 民生教育集团 | 1.32 | 680MM | 673MM | 4.8x | 3.9x | 8.6x | 7.1x | 11.6x | 9.6x |

Mean | 5.2x | 4.1x | 9.9x | 8.0x | 13.5x | 11.1x | ||||

Median | 4.8x | 3.9x | 8.6x | 7.1x | 11.6x | 9.6x | ||||

China After-School Tutoring | ||||||||||

TAL | TAL Education Group | 38.96 | 23,054MM | 22,254MM | 6.5x | 4.8x | 44.6x | 29.4x | 57.2x | 36.4x |

EDU | New Oriental Education & Technology Group, Inc. | 113.82 | 18,032MM | 15,210MM | 3.8x | 3.1x | 24.3x | 17.8x | 33.8x | 25.6x |

1797.HK | Koolearn Technology Holding 新东方在线科技控股 | 15.32 | 1,839MM | 1,420MM | 7.3x | 4.8x | - | - | - | - |

BEDU | Bright Scholar Education Holdings | 9.41 | 1,171MM | 891MM | 2.6x | 2.0x | 12.1x | 9.6x | 23.1x | 20.5x |

ONE | OneSmart International Education | 6.95 | 1,116MM | 1,090MM | 1.9x | 1.5x | 13.6x | 9.7x | 20.7x | 16.0x |

STG | Sunlands Technology Group | 2.80 | 478MM | 333MM | - | - | - | - | - | - |

REDU | RISE Education Cayman | 7.25 | 412MM | 422MM | 1.9x | 1.6x | 10.2x | 8.7x | 16.8x | 14.9x |

RYB | RYB Education, Inc. | 6.30 | 180MM | 207MM | 1.1x | 0.8x | 14.3x | 11.0x | 35.0x | 21.0x |

LAIX | LAIX Inc. | 3.18 | 156MM | 75MM | 0.5x | 0.3x | - | - | - | - |

COE | China Online Education Group | 6.90 | 141MM | 39MM | - | - | - | - | - | - |

FEDU | Four Seasons Education (Cayman) Inc. | 1.80 | 89MM | 43MM | - | - | - | - | - | - |

TEDU | Tarena International, Inc. | 0.93 | 49MM | -23MM | - | - | 0.6x | 25.7x | - | - |

Mean | 3.2x | 2.4x | 17.1x | 16.0x | 31.1x | 22.4x | ||||

Median | 2.3x | 1.8x | 13.6x | 11.0x | 28.4x | 20.7x |