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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 31.5x - 34.8x | 33.1x |
Selected Fwd EBIT Multiple | 27.4x - 30.3x | 28.9x |
Fair Value | NT$ 75.52 - NT$ 82.43 | NT$ 78.97 |
Upside | -50.6% - -46.1% | -48.4% |
Benchmarks | Ticker | Full Ticker |
TrueLight Corporation | 3234 | TPEX:3234 |
Advanced Wireless Semiconductor Company | 8086 | TPEX:8086 |
WIN Semiconductors Corp. | 3105 | TPEX:3105 |
MACOM Technology Solutions Holdings, Inc. | MTSI | NasdaqGS:MTSI |
Qorvo, Inc. | QRVO | NasdaqGS:QRVO |
GCS Holdings, Inc. | 4991 | TPEX:4991 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
3234 | 8086 | 3105 | MTSI | QRVO | 4991 | ||
TPEX:3234 | TPEX:8086 | TPEX:3105 | NasdaqGS:MTSI | NasdaqGS:QRVO | TPEX:4991 | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 3.6% | -31.5% | NM- | -4.7% | -8.6% | |
3Y CAGR | NM- | -18.7% | -49.3% | 0.1% | -33.9% | NM- | |
Latest Twelve Months | 55.7% | -21.5% | -44.0% | 38.2% | -7.3% | 267.2% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -20.7% | 11.2% | 14.1% | 12.9% | 16.5% | -1.2% | |
Prior Fiscal Year | -52.1% | 2.5% | -0.8% | 18.0% | 10.8% | -16.8% | |
Latest Fiscal Year | -44.5% | 11.8% | 4.8% | 11.2% | 10.1% | 11.0% | |
Latest Twelve Months | -24.7% | 9.7% | 2.3% | 11.8% | 10.1% | 12.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 6.16x | 3.46x | 2.03x | 11.82x | 2.36x | 8.66x | |
EV / LTM EBITDA | -47.2x | 13.1x | 7.0x | 60.8x | 13.0x | 45.5x | |
EV / LTM EBIT | -24.9x | 35.6x | 87.9x | 100.0x | 23.3x | 71.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -24.9x | 35.6x | 100.0x | ||||
Historical EV / LTM EBIT | -465.4x | -5.7x | 120.7x | ||||
Selected EV / LTM EBIT | 31.5x | 33.1x | 34.8x | ||||
(x) LTM EBIT | 227 | 227 | 227 | ||||
(=) Implied Enterprise Value | 7,136 | 7,512 | 7,888 | ||||
(-) Non-shareholder Claims * | 1,128 | 1,128 | 1,128 | ||||
(=) Equity Value | 8,265 | 8,640 | 9,016 | ||||
(/) Shares Outstanding | 113.6 | 113.6 | 113.6 | ||||
Implied Value Range | 72.75 | 76.06 | 79.36 | ||||
FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 72.75 | 76.06 | 79.36 | 153.00 | |||
Upside / (Downside) | -52.4% | -50.3% | -48.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 3234 | 8086 | 3105 | MTSI | QRVO | 4991 | |
Enterprise Value | 3,864 | 13,618 | 33,633 | 9,991 | 8,759 | 16,253 | |
(+) Cash & Short Term Investments | 249 | 2,852 | 5,759 | 682 | 1,021 | 646 | |
(+) Investments & Other | 29 | 0 | 17,664 | 0 | 23 | 677 | |
(-) Debt | (205) | (1,201) | (20,488) | (540) | (1,611) | (194) | |
(-) Other Liabilities | 49 | 0 | (958) | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 3,985 | 15,269 | 35,611 | 10,132 | 8,192 | 17,381 | |
(/) Shares Outstanding | 111.5 | 196.5 | 423.9 | 74.4 | 92.9 | 113.6 | |
Implied Stock Price | 35.75 | 77.70 | 84.00 | 136.20 | 88.23 | 153.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 35.75 | 77.70 | 84.00 | 136.20 | 88.23 | 153.00 | |
Trading Currency | TWD | TWD | TWD | USD | USD | TWD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |