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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.9x - 9.9x | 9.4x |
| Selected Fwd EBIT Multiple | 8.5x - 9.4x | 8.9x |
| Fair Value | NT$ 159.38 - NT$ 172.29 | NT$ 165.83 |
| Upside | -0.7% - 7.3% | 3.3% |
| Benchmarks | Ticker | Full Ticker |
| Everspring Industry Co., Ltd. | 2390 | TWSE:2390 |
| T-Conn Precision Corporation | 6833 | TPEX:6833 |
| Transtouch Technology Inc. | 3623 | TPEX:3623 |
| WT Microelectronics Co., Ltd. | 3036 | TWSE:3036 |
| Cheng Mei Materials Technology Corporation | 4960 | TWSE:4960 |
| Argosy Research Inc. | 3217 | TPEX:3217 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2390 | 6833 | 3623 | 3036 | 4960 | 3217 | ||
| TWSE:2390 | TPEX:6833 | TPEX:3623 | TWSE:3036 | TWSE:4960 | TPEX:3217 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 23.8% | NM- | 14.3% | |
| 3Y CAGR | NM- | NM- | NM- | 13.1% | NM- | 10.4% | |
| Latest Twelve Months | 93.2% | 27.0% | -61.9% | 95.1% | -84.2% | 35.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -13.3% | 0.8% | -11.2% | 1.8% | -2.5% | 26.8% | |
| Prior Fiscal Year | -2.2% | -4.5% | -4.7% | 1.4% | -5.8% | 27.5% | |
| Latest Fiscal Year | -1.4% | -3.8% | -16.7% | 1.6% | -6.4% | 30.4% | |
| Latest Twelve Months | -0.2% | -3.8% | -15.5% | 1.7% | -8.1% | 31.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.72x | 1.49x | 1.03x | 0.19x | 0.91x | 3.00x | |
| EV / LTM EBITDA | 20.8x | 201.0x | -8.2x | 10.5x | -24.7x | 8.5x | |
| EV / LTM EBIT | -334.5x | -38.8x | -6.7x | 11.0x | -11.1x | 9.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -334.5x | -11.1x | 11.0x | ||||
| Historical EV / LTM EBIT | 7.9x | 11.0x | 18.5x | ||||
| Selected EV / LTM EBIT | 8.9x | 9.4x | 9.9x | ||||
| (x) LTM EBIT | 1,187 | 1,187 | 1,187 | ||||
| (=) Implied Enterprise Value | 10,617 | 11,176 | 11,735 | ||||
| (-) Non-shareholder Claims * | 3,303 | 3,303 | 3,303 | ||||
| (=) Equity Value | 13,920 | 14,479 | 15,038 | ||||
| (/) Shares Outstanding | 90.0 | 90.0 | 90.0 | ||||
| Implied Value Range | 154.72 | 160.93 | 167.14 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 154.72 | 160.93 | 167.14 | 160.50 | |||
| Upside / (Downside) | -3.6% | 0.3% | 4.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2390 | 6833 | 3623 | 3036 | 4960 | 3217 | |
| Enterprise Value | 527 | 1,344 | 272 | 189,834 | 8,287 | 11,137 | |
| (+) Cash & Short Term Investments | 1,021 | 400 | 173 | 43,867 | 3,443 | 2,063 | |
| (+) Investments & Other | 540 | 0 | 119 | 10,894 | 598 | 1,253 | |
| (-) Debt | (206) | (367) | (29) | (93,840) | (4,576) | (13) | |
| (-) Other Liabilities | 0 | 0 | 0 | (269) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | (1,350) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,881 | 1,377 | 536 | 149,137 | 7,752 | 14,440 | |
| (/) Shares Outstanding | 173.4 | 50.0 | 29.2 | 1,117.1 | 563.8 | 90.0 | |
| Implied Stock Price | 10.85 | 27.55 | 18.35 | 133.50 | 13.75 | 160.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.85 | 27.55 | 18.35 | 133.50 | 13.75 | 160.50 | |
| 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 | |