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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 17.7x - 19.5x | 18.6x |
| Selected Fwd EBITDA Multiple | 14.4x - 15.9x | 15.2x |
| Fair Value | NT$ 74.84 - NT$ 89.77 | NT$ 82.31 |
| Upside | -18.7% - -2.4% | -10.5% |
| Benchmarks | Ticker | Full Ticker |
| Tsann Kuen Enterprise Co.,Ltd | 2430 | TWSE:2430 |
| Scan-D Corporation | 6195 | TPEX:6195 |
| National Petroleum Co., Ltd. | 9937 | TWSE:9937 |
| Sunfar Computer Co., Ltd | 6154 | TPEX:6154 |
| Acer Gaming Inc. | 6908 | TPEX:6908 |
| Zhen Yu Hardware Co., Ltd. | 2947 | TPEX:2947 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 2430 | 6195 | 9937 | 6154 | 6908 | 2947 | ||
| TWSE:2430 | TPEX:6195 | TWSE:9937 | TPEX:6154 | TPEX:6908 | TPEX:2947 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -1.4% | -3.7% | 2.2% | 1.9% | NM- | 4.0% | |
| 3Y CAGR | -21.7% | -25.0% | -1.1% | -30.2% | 22.2% | -4.2% | |
| Latest Twelve Months | -15.7% | -3.2% | -6.0% | -13.3% | -40.7% | 17.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.2% | 10.8% | 4.3% | 2.4% | 1.6% | 8.7% | |
| Prior Fiscal Year | 2.8% | 7.5% | 4.1% | 1.8% | 3.2% | 6.6% | |
| Latest Fiscal Year | 2.5% | 6.2% | 4.1% | 1.8% | 2.1% | 7.6% | |
| Latest Twelve Months | 2.2% | 6.3% | 4.1% | 1.7% | 2.1% | 7.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.36x | 1.32x | 0.89x | 0.27x | 0.61x | 1.51x | |
| EV / LTM EBITDA | 16.6x | 21.1x | 21.8x | 15.7x | 29.4x | 19.5x | |
| EV / LTM EBIT | 28.1x | 25.1x | 27.6x | 23.8x | 607.0x | 34.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 15.7x | 21.1x | 29.4x | ||||
| Historical EV / LTM EBITDA | 16.9x | 18.9x | 24.3x | ||||
| Selected EV / LTM EBITDA | 17.7x | 18.6x | 19.5x | ||||
| (x) LTM EBITDA | 174 | 174 | 174 | ||||
| (=) Implied Enterprise Value | 3,079 | 3,241 | 3,403 | ||||
| (-) Non-shareholder Claims * | (1,420) | (1,420) | (1,420) | ||||
| (=) Equity Value | 1,659 | 1,821 | 1,983 | ||||
| (/) Shares Outstanding | 21.2 | 21.2 | 21.2 | ||||
| Implied Value Range | 78.27 | 85.92 | 93.56 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 78.27 | 85.92 | 93.56 | 92.00 | |||
| Upside / (Downside) | -14.9% | -6.6% | 1.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2430 | 6195 | 9937 | 6154 | 6908 | 2947 | |
| Enterprise Value | 6,552 | 2,988 | 20,560 | 1,012 | 2,604 | 3,370 | |
| (+) Cash & Short Term Investments | 1,233 | 179 | 594 | 378 | 1,453 | 237 | |
| (+) Investments & Other | 51 | 0 | 176 | 2 | 48 | 22 | |
| (-) Debt | (5,004) | (1,740) | (2,231) | (271) | (1,044) | (1,679) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (733) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,832 | 1,428 | 19,099 | 1,121 | 2,328 | 1,950 | |
| (/) Shares Outstanding | 116.8 | 50.2 | 309.0 | 80.1 | 35.0 | 21.2 | |
| Implied Stock Price | 24.25 | 28.45 | 61.80 | 14.00 | 66.50 | 92.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 24.25 | 28.45 | 61.80 | 14.00 | 66.50 | 92.00 | |
| Trading Currency | TWD | TWD | TWD | TWD | TWD | TWD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |