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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 70.2x - 77.5x | 73.8x |
| Selected Fwd EBITDA Multiple | 34.3x - 37.9x | 36.1x |
| Fair Value | ¥98.08 - ¥107.70 | ¥102.89 |
| Upside | 31.1% - 44.0% | 37.6% |
| Benchmarks | Ticker | Full Ticker |
| Amlogic (Shanghai) Co.,Ltd. | 688099 | SHSE:688099 |
| Parade Technologies, Ltd. | 4966 | TPEX:4966 |
| ALi Corporation | 3041 | TWSE:3041 |
| Advanced Micro Devices, Inc. | AMD_KZ | KAS:AMD_KZ |
| MACOM Technology Solutions Holdings, Inc. | MTSI | NasdaqGS:MTSI |
| Montage Technology Co., Ltd. | 688008 | SHSE:688008 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 688099 | 4966 | 3041 | AMD_KZ | MTSI | 688008 | ||
| SHSE:688099 | TPEX:4966 | TWSE:3041 | KAS:AMD_KZ | NasdaqGS:MTSI | SHSE:688008 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 34.0% | 1.4% | NM- | 43.3% | 77.8% | 13.6% | |
| 3Y CAGR | 3.5% | -22.3% | NM- | 8.3% | -0.5% | 33.9% | |
| Latest Twelve Months | 154.0% | 19.6% | 62.2% | 33.6% | 0.6% | 415.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.4% | 25.2% | -13.4% | 19.3% | 22.2% | 28.6% | |
| Prior Fiscal Year | 7.4% | 18.3% | -43.1% | 17.0% | 26.0% | 12.7% | |
| Latest Fiscal Year | 17.0% | 18.6% | -14.5% | 20.0% | 20.4% | 41.2% | |
| Latest Twelve Months | 17.0% | 18.6% | -14.5% | 20.0% | 18.9% | 41.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.65x | 2.37x | 1.63x | 5.79x | 8.20x | 21.42x | |
| EV / LTM EBITDA | 27.4x | 12.8x | -11.3x | 29.0x | 43.3x | 52.0x | |
| EV / LTM EBIT | 32.2x | 15.7x | -10.4x | 71.5x | 80.2x | 55.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -11.3x | 27.4x | 43.3x | ||||
| Historical EV / LTM EBITDA | 52.0x | 113.0x | 187.2x | ||||
| Selected EV / LTM EBITDA | 70.2x | 73.8x | 77.5x | ||||
| (x) LTM EBITDA | 1,500 | 1,500 | 1,500 | ||||
| (=) Implied Enterprise Value | 105,252 | 110,791 | 116,331 | ||||
| (-) Non-shareholder Claims * | 7,698 | 7,698 | 7,698 | ||||
| (=) Equity Value | 112,950 | 118,489 | 124,029 | ||||
| (/) Shares Outstanding | 1,144.8 | 1,144.8 | 1,144.8 | ||||
| Implied Value Range | 98.66 | 103.50 | 108.34 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 98.66 | 103.50 | 108.34 | 74.79 | |||
| Upside / (Downside) | 31.9% | 38.4% | 44.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 688099 | 4966 | 3041 | AMD_KZ | MTSI | 688008 | |
| Enterprise Value | 27,505 | 38,563 | 2,652 | 153,885 | 6,735 | 77,921 | |
| (+) Cash & Short Term Investments | 3,593 | 10,532 | 941 | 5,132 | 657 | 7,736 | |
| (+) Investments & Other | 0 | 0 | 262 | 150 | 0 | 0 | |
| (-) Debt | (23) | (323) | (569) | (2,321) | (540) | (38) | |
| (-) Other Liabilities | 0 | 0 | (1) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 31,075 | 48,772 | 3,285 | 156,846 | 6,852 | 85,619 | |
| (/) Shares Outstanding | 419.9 | 79.3 | 116.3 | 1,620.5 | 74.3 | 1,144.8 | |
| Implied Stock Price | 74.00 | 615.00 | 28.25 | 96.79 | 92.17 | 74.79 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 74.00 | 615.00 | 28.25 | 96.79 | 92.17 | 74.79 | |
| Trading Currency | CNY | TWD | TWD | USD | USD | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |