Epstein Secrets

3329 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets

USDm 190,720 Weighted average shares (m) Average market cap (CNYm) Enterprise value (CNYm) Valuation Metrics P/E (DB) (x) P/E (Reported) (x) P/BV (x) FCF Yield (%) Dividend Yield (%) EV/Sales (x) EV/EBITDA (x) EV/EBIT (x) Income Statement (CNYm) Sales revenue Gross profit EBITDA Depre

3408 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets

Valuation Metrics Price/Sales (x) Bloomberg: RTRX US USD 26.87 USD 52.00 USD 8.09 - 26.98 USDm 949 EURm 871 P/E (DB) (x) P/E (Reported) (x) P/BV (x) FCF yield (%) Dividend yield (%) EV/Sales EV/EBITDA EV/EBIT Income Statement (USDm) Sales EBITDA EBIT Pre-tax profit Net income Cash

hout the broader economy (Figure 32 and Figure 33). So far this appears to be working — most economists, including DB's own senior Asian economist, Michael Spencer, now acknowledge the extent to which the incremental capital to output ratio (ICOR) has deteriorated since the financial crisis, as the Chinese au

aversion towards those sectors which face the most severe structural challenges, and nothing has changed in the past twelve months. Figure 2: EM — P/BV (x) versus RoE (%) 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Healthcare Consumer Staples Consumer Discretionary Industrials Financials