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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 7.1x - 7.8x | 7.5x |
Selected Fwd EBITDA Multiple | 5.9x - 6.5x | 6.2x |
Fair Value | NT$ 100.14 - NT$ 109.05 | NT$ 104.60 |
Upside | 5.1% - 14.4% | 9.8% |
Benchmarks | Ticker | Full Ticker |
King Core Electronics Inc. | 6155 | TWSE:6155 |
Arlitech Electronic Corp. | 6432 | TPEX:6432 |
ABC Taiwan Electronics Corp. | 3236 | TPEX:3236 |
Delta Electronics, Inc. | 2308 | TWSE:2308 |
Thinking Electronic Industrial Co., Ltd. | 2428 | TWSE:2428 |
TAI-TECH Advanced Electronics Co., Ltd. | 3357 | TPEX:3357 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
6155 | 6432 | 3236 | 2308 | 2428 | 3357 | ||
TWSE:6155 | TPEX:6432 | TPEX:3236 | TWSE:2308 | TWSE:2428 | TPEX:3357 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | -16.6% | -10.0% | -5.4% | 17.1% | 4.9% | 7.4% | |
3Y CAGR | -40.2% | -26.9% | -17.4% | 14.5% | -3.8% | -13.6% | |
Latest Twelve Months | 206.1% | 27.6% | 48.9% | 29.5% | 18.9% | 38.9% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 12.3% | 7.8% | 10.6% | 15.9% | 29.2% | 25.2% | |
Prior Fiscal Year | 6.6% | 4.9% | 10.0% | 15.4% | 26.9% | 22.0% | |
Latest Fiscal Year | 6.2% | 5.7% | 8.3% | 17.1% | 28.4% | 20.2% | |
Latest Twelve Months | 8.5% | 6.0% | 9.9% | 17.7% | 28.5% | 20.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.97x | 0.51x | 1.11x | 2.96x | 1.57x | 1.39x | |
EV / LTM EBITDA | 23.1x | 8.4x | 11.2x | 16.7x | 5.5x | 6.8x | |
EV / LTM EBIT | 47.5x | 16.3x | 229.9x | 24.4x | 6.7x | 12.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 5.5x | 11.2x | 23.1x | ||||
Historical EV / LTM EBITDA | 5.0x | 8.3x | 10.7x | ||||
Selected EV / LTM EBITDA | 7.1x | 7.5x | 7.8x | ||||
(x) LTM EBITDA | 1,207 | 1,207 | 1,207 | ||||
(=) Implied Enterprise Value | 8,552 | 9,002 | 9,452 | ||||
(-) Non-shareholder Claims * | 1,575 | 1,575 | 1,575 | ||||
(=) Equity Value | 10,127 | 10,577 | 11,027 | ||||
(/) Shares Outstanding | 102.0 | 102.0 | 102.0 | ||||
Implied Value Range | 99.25 | 103.66 | 108.07 | ||||
FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 99.25 | 103.66 | 108.07 | 95.30 | |||
Upside / (Downside) | 4.1% | 8.8% | 13.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 6155 | 6432 | 3236 | 2308 | 2428 | 3357 | |
Enterprise Value | 1,216 | 563 | 2,068 | 1,337,642 | 12,525 | 8,149 | |
(+) Cash & Short Term Investments | 742 | 523 | 735 | 144,160 | 5,049 | 2,211 | |
(+) Investments & Other | 555 | 79 | 32 | 3,847 | 1,496 | 2,789 | |
(-) Debt | (528) | (280) | (1,112) | (80,427) | (1,336) | (3,298) | |
(-) Other Liabilities | 0 | 0 | 0 | (54,500) | (119) | (128) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,985 | 885 | 1,722 | 1,350,723 | 17,616 | 9,724 | |
(/) Shares Outstanding | 87.8 | 32.2 | 105.0 | 2,597.5 | 128.1 | 102.0 | |
Implied Stock Price | 22.60 | 27.45 | 16.40 | 520.00 | 137.50 | 95.30 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 22.60 | 27.45 | 16.40 | 520.00 | 137.50 | 95.30 | |
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 |