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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 17.3x - 19.1x | 18.2x |
Selected Fwd EBITDA Multiple | 13.0x - 14.3x | 13.7x |
Fair Value | NT$ 837.03 - NT$ 912.46 | NT$ 874.74 |
Upside | 43.3% - 56.2% | 49.8% |
Benchmarks | Ticker | Full Ticker |
Phison Electronics Corp. | 8299 | TPEX:8299 |
ITE Tech. Inc | 3014 | TWSE:3014 |
Realtek Semiconductor Corp. | 2379 | TWSE:2379 |
MediaTek Inc. | 2454 | TWSE:2454 |
Genesys Logic, Inc. | 6104 | TPEX:6104 |
Parade Technologies, Ltd. | 4966 | TPEX:4966 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
8299 | 3014 | 2379 | 2454 | 6104 | 4966 | ||
TPEX:8299 | TWSE:3014 | TWSE:2379 | TWSE:2454 | TPEX:6104 | TPEX:4966 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | -5.3% | 20.8% | 15.9% | 32.1% | 6.4% | 1.4% | |
3Y CAGR | -23.9% | -4.0% | -6.2% | 1.1% | -20.0% | -22.3% | |
Latest Twelve Months | -12.4% | 7.7% | 81.5% | 12.4% | 151.0% | 18.8% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 10.9% | 27.6% | 13.7% | 21.7% | 15.0% | 24.9% | |
Prior Fiscal Year | 9.0% | 28.9% | 8.8% | 20.5% | 7.7% | 18.3% | |
Latest Fiscal Year | 7.2% | 28.7% | 13.7% | 23.0% | 12.4% | 18.6% | |
Latest Twelve Months | 7.4% | 29.0% | 14.4% | 21.9% | 17.0% | 19.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.50x | 2.26x | 1.86x | 3.51x | 3.59x | 2.21x | |
EV / LTM EBITDA | 20.3x | 7.8x | 12.9x | 16.1x | 21.1x | 11.5x | |
EV / LTM EBIT | 24.5x | 8.1x | 14.6x | 19.3x | 24.5x | 14.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 7.8x | 16.1x | 21.1x | ||||
Historical EV / LTM EBITDA | 7.4x | 22.4x | 37.3x | ||||
Selected EV / LTM EBITDA | 17.3x | 18.2x | 19.1x | ||||
(x) LTM EBITDA | 3,188 | 3,188 | 3,188 | ||||
(=) Implied Enterprise Value | 55,014 | 57,910 | 60,805 | ||||
(-) Non-shareholder Claims * | 9,348 | 9,348 | 9,348 | ||||
(=) Equity Value | 64,362 | 67,258 | 70,153 | ||||
(/) Shares Outstanding | 77.6 | 77.6 | 77.6 | ||||
Implied Value Range | 829.69 | 867.01 | 904.34 | ||||
FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 829.69 | 867.01 | 904.34 | 584.00 | |||
Upside / (Downside) | 42.1% | 48.5% | 54.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 8299 | 3014 | 2379 | 2454 | 6104 | 4966 | |
Enterprise Value | 85,137 | 15,632 | 226,375 | 1,892,765 | 12,364 | 35,956 | |
(+) Cash & Short Term Investments | 18,529 | 4,624 | 59,842 | 210,445 | 1,330 | 9,645 | |
(+) Investments & Other | 4,503 | 1,411 | 12,965 | 169,055 | 73 | 0 | |
(-) Debt | (5,916) | (83) | (5,302) | (40,802) | (713) | (297) | |
(-) Other Liabilities | (10) | 0 | (10) | (8,022) | (5) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 102,244 | 21,585 | 293,870 | 2,223,440 | 13,051 | 45,303 | |
(/) Shares Outstanding | 206.6 | 166.0 | 512.9 | 1,593.9 | 90.9 | 77.6 | |
Implied Stock Price | 495.00 | 130.00 | 573.00 | 1,395.00 | 143.50 | 584.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 495.00 | 130.00 | 573.00 | 1,395.00 | 143.50 | 584.00 | |
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 |