Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.8x - 5.3x | 5.0x |
| Selected Fwd EBITDA Multiple | 3.9x - 4.4x | 4.2x |
| Fair Value | NT$ 37.94 - NT$ 40.19 | NT$ 39.06 |
| Upside | 3.7% - 9.8% | 6.7% |
| Benchmarks | Ticker | Full Ticker |
| Tripod Technology Corporation | 3044 | TWSE:3044 |
| Arlitech Electronic Corp. | 6432 | TPEX:6432 |
| Sinher Technology Inc. | 4999 | TWSE:4999 |
| Stark Technology Inc. | 2480 | TWSE:2480 |
| Holy Stone Enterprise Co.,Ltd. | 3026 | TWSE:3026 |
| Kingstate Electronics Corp. | 3206 | TPEX:3206 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 3044 | 6432 | 4999 | 2480 | 3026 | 3206 | ||
| TWSE:3044 | TPEX:6432 | TWSE:4999 | TWSE:2480 | TWSE:3026 | TPEX:3206 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.3% | -10.0% | -24.5% | 11.8% | -0.1% | 4.4% | |
| 3Y CAGR | 10.9% | -26.9% | -37.8% | 6.3% | -19.5% | 14.6% | |
| Latest Twelve Months | 23.3% | 9.6% | 1.4% | 12.1% | -6.0% | -23.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.6% | 8.0% | 14.9% | 11.6% | 12.4% | 7.3% | |
| Prior Fiscal Year | 19.9% | 4.9% | 6.0% | 12.1% | 10.6% | 9.9% | |
| Latest Fiscal Year | 21.9% | 5.7% | 6.0% | 12.4% | 10.3% | 7.4% | |
| Latest Twelve Months | 21.9% | 5.7% | 6.0% | 12.4% | 10.3% | 7.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.14x | 0.50x | 0.29x | 1.89x | 0.94x | 0.34x | |
| EV / LTM EBITDA | 5.2x | 8.8x | 4.8x | 15.3x | 9.1x | 4.6x | |
| EV / LTM EBIT | 7.6x | 21.1x | -46.4x | 15.5x | 19.4x | 5.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.8x | 8.8x | 15.3x | ||||
| Historical EV / LTM EBITDA | 4.5x | 4.9x | 8.6x | ||||
| Selected EV / LTM EBITDA | 4.8x | 5.0x | 5.3x | ||||
| (x) LTM EBITDA | 271 | 271 | 271 | ||||
| (=) Implied Enterprise Value | 1,301 | 1,370 | 1,438 | ||||
| (-) Non-shareholder Claims * | 980 | 980 | 980 | ||||
| (=) Equity Value | 2,281 | 2,350 | 2,418 | ||||
| (/) Shares Outstanding | 58.9 | 58.9 | 58.9 | ||||
| Implied Value Range | 38.72 | 39.88 | 41.05 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 38.72 | 39.88 | 41.05 | 36.60 | |||
| Upside / (Downside) | 5.8% | 9.0% | 12.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3044 | 6432 | 4999 | 2480 | 3026 | 3206 | |
| Enterprise Value | 73,436 | 484 | 532 | 14,632 | 11,813 | 1,176 | |
| (+) Cash & Short Term Investments | 28,914 | 570 | 1,503 | 1,119 | 5,109 | 1,236 | |
| (+) Investments & Other | 2,256 | 78 | 22 | 121 | 544 | 27 | |
| (-) Debt | (7,361) | (289) | (166) | (24) | (3,334) | (119) | |
| (-) Other Liabilities | (8) | 0 | 0 | 0 | (396) | (163) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 97,237 | 843 | 1,892 | 15,848 | 13,736 | 2,156 | |
| (/) Shares Outstanding | 525.6 | 32.2 | 73.6 | 106.4 | 165.9 | 58.9 | |
| Implied Stock Price | 185.00 | 26.15 | 25.70 | 149.00 | 82.80 | 36.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 185.00 | 26.15 | 25.70 | 149.00 | 82.80 | 36.60 | |
| 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 | |