Please Help me with exhibit 8-10. Thank you

EXHIBIT 6: HISTORICAL ACTUAL AND FORECAST CONSOLIDATED BALANCE SHEET RMBm Cash and cash equivalents Restricted cash Accounts receivable Inventories Other current assets Total current assets 2016a 6,772.8 381.0 118.8 20.4 618.6 7,911.6 2017a 6,317.4 381.0 158.4 23.4 699.6 7,579.8 2018 2019 2020e 7,141.2 9,048.6 11,262.0 381.0 381.0 381.0 198.0 238.2 262.8 31.2 38.4 43.2 835.8 972.0 1,032.6 8,587.2 10,678.2 12,981.6 Investments in equity investees Property and equipment, net Land use rights, net Goodwill Deferred tax assets Other non-current assets Total non-current assets Total assets 322.2 319.2 322.2 328.2 337.2 2,439.6 4,171.2 5,163.6 5,463.0 5,704.8 781.8 1,122.0 1,455.0 1,780.8 2,099.4 2,494.2 2,494.2 2,494.2 2,494.2 2,494.2 65.4 65.4 65.4 65.4 27.6 27.6 27.6 27.6 27.6 6,130.8 8,199.6 9,528.0 10,159.2 10,728.6 14,042.4 15,779.4 18,115.2 20,837.4 23,710.2 65.4 Short-term bank borrowing Account payable Advances from customers Income tax payable Other current liabilities Total current liabilities 270.0 381.6 138.0 250.8 1,072.8 2,113.2 420.0 465.0 171.0 250.8 838.2 2,145.0 420.0 579.0 214.2 250.8 926.4 2,390.4 420.0 704.4 258.0 250.8 1,026,6 2,659.8 420.0 784.2 285.0 250.8 1,137.0 2,877.0 Deferred tax liabilities Total non-current liabilities 78.6 78.6 78.6 78.6 78.6 78.6 78.6 78.6 78.6 78.6 0.0 9,564.0 2,106.0 0.0 9,564.0 3,808.2 0.0 9,564.0 5,895.0 0.0 0.0 9,564.0 9,564.0 8,343.0 10,993.8 Share capital Additional paid-in capital Retained earnings Accumulated other comprehensive (loss)/gain shareholders' equity Non-controlling interests Total equity Total liabilities and equities 177.0 177.0 177.0 177.0 177.0 11,847.0 13,549.2 15,636.0 18,084.0 20,734.8 3.6 6.6 10.2 15.0 19.8 11,850.6 13,555.8 15,646.2 18,099.0 20,754.6 14,042.4 15,779.4 18,115.2 20,837.4 23,710.2 E Panda Express: Going Public 18/613C EXHIBIT 5: HISTORICAL ACTUAL AND FORECAST CONSOLIDATED INCOME STATEMENT RMBm Revenue Operating cost Other operating income Adjusted EBITDA Depreciation and amortization Adjusted EBITDA 2016a 2017a 2018e 2019 2020e 5,873.4 7,813.8 9,781.8 11,787.0 13,007.4 (3,962.4)(5,219.4) (6,517.2) (7,936.2) (8,833.8) 57.6 59.4 61.2 64.2. 1930.2 2,652.0 3,324.0 3,912.0 4,237.8 (195.0) (328.2) (474.6) (574.8) (639.6) 1,735.2 2,323.8 2,849.4 3,337.2 3,598.2 19.2 Net interest expenses Associate and JVs Non-recurring Profit before tax (PBT) 19.2 (22.2) 12.0 57.6 (3.0) (1.8) 2,376.6 50.4 3.0 0.0 58.2. 6.0 0.0 3,401.4 77.4 9.0 0.0 3,684.6 1,744.2 2,902.8 Taxes Reported Profit after Tax (PAT) (439.2) 1,305.0 (595.2) 1,781.4 (724.8) 2,178.0 (849.0) 2,552.4 (919.2) 2,765.4 Minorities Reported PAT to equity holders 1.2 1,306.2 (3.0) 1,778.4 (3.6) 2,174.4 (4.8) 2,547.6 (4.8) 2,760.6 2,698.8 3,733.2 4,859.4 6,073.2 6,933.0 Operating data Volumes handled (millions of units) ASP(RMB) Unit operating cost Market share 2.1 1.4 8.64% 2.0 1.3 1.9 1.3 9.42% 1.9 1.2 9.48% 1.8 1.2 9.18% 9.46% to search DO EXHIBIT 8: WACC CALCULATION WACC calculation Assumptions Risk-free rate 2.5% Equity risk premium 6.0% Effective tax rate 25.0% Company leverage 3.50% Company required return on debt 4.00% Company beta 1.38 Cost of Equity Weighted average cost of capital (WACC) Formula tips Cost of equity=risk-free rate+company beta x Equity risk premium WACC = (weight of equity) * cost of equity + (weight of debt) *(cost of debt) * (1- tax rate) Cost of debt = company required return on debt Weight of debt = Company leverage Weight of equity = 1-weight of debt Note: Panda Express management assumed a terminal growth of 3%, a risk-free rate of 2.5%, market risk premium of 6% for China, and company beta of 1.38. EXHIBIT 7: HISTORICAL ACTUAL AND FORECAST CONSOLIDATED CASH FLOW STATEMENT 2016a 2017a 2018e RMBm 2019 e 2020e Net income 1,231 1,706 2,089 2,453 2,656 74 77 Share-based compensation 100 88 110 194 Depreciation and amortization 328 475 640 575 0 3 Other non-cash changes (3) (6) (9) 23 (319) (25) (15) 16 Working capital changes Net cash provided by operating activities 1,522 1,795 2,624 3,107 3,413 (840) Purchased of property and equipment (1,192) (2,040) (1,440) (840) Purchased of land use rights (422) (360) (360) (360) 360) (437) 0 0 0 Others 0 Net cash used in investing activities (2,051) (2,400) (1,800) (1,200) (1,200) Net issuance of common stock 5,551 0 0 0 0 0 0 0 0 0 Net issuance of preferred stock Net proceeds from short-term borrowing 85 150 0 0 0 13 Proceeds from capital contribution 0 0 0 0 0 0 0 0 0 Payment of dividends Net cash provided by financing activities 5,649 150 0 0 0 Net change in cash 5,120 (455) 824 1,907 2,213 182 Exchange fluctuations 0.0 0.0 0.0 0.0 Cash at beginning 1,471 6,772 6,318 7,142 9,049 Cash at end 6,773 6,317 7,142 9,049 11,262 EXHIBIT 9: DCF VALUATION SUMMERY 2016 2017 2018e 2019e 2020e 2021e Revenues 14094.6 Adjusted EBITDA 4502.4 Less: Taxes (949.8) (900) Less: Capex Less: Working capital change 27.6 Free Cash Flows 2,680.2 Discount Factor Present Value Note: Capex = Purchases of property and equipment+purchases of land use rights Discount Factor = 1/(1+WACC)^n EXHIBIT 10: SUMMARY EXHIBIT 10: SUMMARY NPV 2018-21e Terminal value Enterprise value Add: net cash (Cash and cash equivalents + restricted cash of 2017) Less: minorities (3.0) Add: Associates 320.0 Equity Valuation No.of shares(mn) 433.0 Target price per share (CNY) Target price per share (USD) Formula Tips I Terminal Value = ((Present value of Free cash flow in 2021e) * (1+growth rate))/ (WACC-growth rate) Enterprise Value = NPV+Terminal Value 16 EXHIBIT 6: HISTORICAL ACTUAL AND FORECAST CONSOLIDATED BALANCE SHEET RMBm Cash and cash equivalents Restricted cash Accounts receivable Inventories Other current assets Total current assets 2016a 6,772.8 381.0 118.8 20.4 618.6 7,911.6 2017a 6,317.4 381.0 158.4 23.4 699.6 7,579.8 2018 2019 2020e 7,141.2 9,048.6 11,262.0 381.0 381.0 381.0 198.0 238.2 262.8 31.2 38.4 43.2 835.8 972.0 1,032.6 8,587.2 10,678.2 12,981.6 Investments in equity investees Property and equipment, net Land use rights, net Goodwill Deferred tax assets Other non-current assets Total non-current assets Total assets 322.2 319.2 322.2 328.2 337.2 2,439.6 4,171.2 5,163.6 5,463.0 5,704.8 781.8 1,122.0 1,455.0 1,780.8 2,099.4 2,494.2 2,494.2 2,494.2 2,494.2 2,494.2 65.4 65.4 65.4 65.4 27.6 27.6 27.6 27.6 27.6 6,130.8 8,199.6 9,528.0 10,159.2 10,728.6 14,042.4 15,779.4 18,115.2 20,837.4 23,710.2 65.4 Short-term bank borrowing Account payable Advances from customers Income tax payable Other current liabilities Total current liabilities 270.0 381.6 138.0 250.8 1,072.8 2,113.2 420.0 465.0 171.0 250.8 838.2 2,145.0 420.0 579.0 214.2 250.8 926.4 2,390.4 420.0 704.4 258.0 250.8 1,026,6 2,659.8 420.0 784.2 285.0 250.8 1,137.0 2,877.0 Deferred tax liabilities Total non-current liabilities 78.6 78.6 78.6 78.6 78.6 78.6 78.6 78.6 78.6 78.6 0.0 9,564.0 2,106.0 0.0 9,564.0 3,808.2 0.0 9,564.0 5,895.0 0.0 0.0 9,564.0 9,564.0 8,343.0 10,993.8 Share capital Additional paid-in capital Retained earnings Accumulated other comprehensive (loss)/gain shareholders' equity Non-controlling interests Total equity Total liabilities and equities 177.0 177.0 177.0 177.0 177.0 11,847.0 13,549.2 15,636.0 18,084.0 20,734.8 3.6 6.6 10.2 15.0 19.8 11,850.6 13,555.8 15,646.2 18,099.0 20,754.6 14,042.4 15,779.4 18,115.2 20,837.4 23,710.2 E Panda Express: Going Public 18/613C EXHIBIT 5: HISTORICAL ACTUAL AND FORECAST CONSOLIDATED INCOME STATEMENT RMBm Revenue Operating cost Other operating income Adjusted EBITDA Depreciation and amortization Adjusted EBITDA 2016a 2017a 2018e 2019 2020e 5,873.4 7,813.8 9,781.8 11,787.0 13,007.4 (3,962.4)(5,219.4) (6,517.2) (7,936.2) (8,833.8) 57.6 59.4 61.2 64.2. 1930.2 2,652.0 3,324.0 3,912.0 4,237.8 (195.0) (328.2) (474.6) (574.8) (639.6) 1,735.2 2,323.8 2,849.4 3,337.2 3,598.2 19.2 Net interest expenses Associate and JVs Non-recurring Profit before tax (PBT) 19.2 (22.2) 12.0 57.6 (3.0) (1.8) 2,376.6 50.4 3.0 0.0 58.2. 6.0 0.0 3,401.4 77.4 9.0 0.0 3,684.6 1,744.2 2,902.8 Taxes Reported Profit after Tax (PAT) (439.2) 1,305.0 (595.2) 1,781.4 (724.8) 2,178.0 (849.0) 2,552.4 (919.2) 2,765.4 Minorities Reported PAT to equity holders 1.2 1,306.2 (3.0) 1,778.4 (3.6) 2,174.4 (4.8) 2,547.6 (4.8) 2,760.6 2,698.8 3,733.2 4,859.4 6,073.2 6,933.0 Operating data Volumes handled (millions of units) ASP(RMB) Unit operating cost Market share 2.1 1.4 8.64% 2.0 1.3 1.9 1.3 9.42% 1.9 1.2 9.48% 1.8 1.2 9.18% 9.46% to search DO EXHIBIT 8: WACC CALCULATION WACC calculation Assumptions Risk-free rate 2.5% Equity risk premium 6.0% Effective tax rate 25.0% Company leverage 3.50% Company required return on debt 4.00% Company beta 1.38 Cost of Equity Weighted average cost of capital (WACC) Formula tips Cost of equity=risk-free rate+company beta x Equity risk premium WACC = (weight of equity) * cost of equity + (weight of debt) *(cost of debt) * (1- tax rate) Cost of debt = company required return on debt Weight of debt = Company leverage Weight of equity = 1-weight of debt Note: Panda Express management assumed a terminal growth of 3%, a risk-free rate of 2.5%, market risk premium of 6% for China, and company beta of 1.38. EXHIBIT 7: HISTORICAL ACTUAL AND FORECAST CONSOLIDATED CASH FLOW STATEMENT 2016a 2017a 2018e RMBm 2019 e 2020e Net income 1,231 1,706 2,089 2,453 2,656 74 77 Share-based compensation 100 88 110 194 Depreciation and amortization 328 475 640 575 0 3 Other non-cash changes (3) (6) (9) 23 (319) (25) (15) 16 Working capital changes Net cash provided by operating activities 1,522 1,795 2,624 3,107 3,413 (840) Purchased of property and equipment (1,192) (2,040) (1,440) (840) Purchased of land use rights (422) (360) (360) (360) 360) (437) 0 0 0 Others 0 Net cash used in investing activities (2,051) (2,400) (1,800) (1,200) (1,200) Net issuance of common stock 5,551 0 0 0 0 0 0 0 0 0 Net issuance of preferred stock Net proceeds from short-term borrowing 85 150 0 0 0 13 Proceeds from capital contribution 0 0 0 0 0 0 0 0 0 Payment of dividends Net cash provided by financing activities 5,649 150 0 0 0 Net change in cash 5,120 (455) 824 1,907 2,213 182 Exchange fluctuations 0.0 0.0 0.0 0.0 Cash at beginning 1,471 6,772 6,318 7,142 9,049 Cash at end 6,773 6,317 7,142 9,049 11,262 EXHIBIT 9: DCF VALUATION SUMMERY 2016 2017 2018e 2019e 2020e 2021e Revenues 14094.6 Adjusted EBITDA 4502.4 Less: Taxes (949.8) (900) Less: Capex Less: Working capital change 27.6 Free Cash Flows 2,680.2 Discount Factor Present Value Note: Capex = Purchases of property and equipment+purchases of land use rights Discount Factor = 1/(1+WACC)^n EXHIBIT 10: SUMMARY EXHIBIT 10: SUMMARY NPV 2018-21e Terminal value Enterprise value Add: net cash (Cash and cash equivalents + restricted cash of 2017) Less: minorities (3.0) Add: Associates 320.0 Equity Valuation No.of shares(mn) 433.0 Target price per share (CNY) Target price per share (USD) Formula Tips I Terminal Value = ((Present value of Free cash flow in 2021e) * (1+growth rate))/ (WACC-growth rate) Enterprise Value = NPV+Terminal Value 16