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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 24.6x - 27.2x | 25.9x |
| Selected Fwd EBIT Multiple | 23.9x - 26.4x | 25.1x |
| Fair Value | NT$ 140.25 - NT$ 153.75 | NT$ 147 |
| Upside | -3.6% - 5.7% | 1.0% |
| Benchmarks | Ticker | Full Ticker |
| North-Star International Co., LTD. | 8927 | TPEX:8927 |
| Wonder Pets Enterprises Corporation | 6968 | TPEX:6968 |
| Shan-Loong Transportation Co.,Ltd | 2616 | TWSE:2616 |
| Hotai Motor Co.,Ltd. | 2207 | TWSE:2207 |
| Scan-D Corporation | 6195 | TPEX:6195 |
| Formosa Optical Technology Co.,Ltd. | 5312 | TPEX:5312 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 8927 | 6968 | 2616 | 2207 | 6195 | 5312 | ||
| TPEX:8927 | TPEX:6968 | TWSE:2616 | TWSE:2207 | TPEX:6195 | TPEX:5312 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 74.4% | NM- | NM- | 12.5% | -1.1% | 14.9% | |
| 3Y CAGR | 166.4% | 7.8% | NM- | 9.3% | -27.3% | 69.6% | |
| Latest Twelve Months | 351.5% | 7.7% | -1139.8% | -0.9% | -31.3% | 0.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.7% | 4.1% | 0.2% | 8.1% | 9.1% | 5.7% | |
| Prior Fiscal Year | 3.4% | 4.0% | -0.2% | 12.5% | 6.1% | 8.5% | |
| Latest Fiscal Year | 12.5% | 3.5% | -5.0% | 12.2% | 4.8% | 8.4% | |
| Latest Twelve Months | 12.0% | 3.8% | -8.0% | 12.0% | 4.5% | 8.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.19x | 1.32x | 0.38x | 2.06x | 1.34x | 2.11x | |
| EV / LTM EBITDA | 20.0x | 21.5x | -7.8x | 12.2x | 22.9x | 16.9x | |
| EV / LTM EBIT | 26.5x | 35.0x | -4.8x | 17.1x | 30.1x | 26.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -4.8x | 26.5x | 35.0x | ||||
| Historical EV / LTM EBIT | 9.9x | 19.5x | 737.6x | ||||
| Selected EV / LTM EBIT | 24.6x | 25.9x | 27.2x | ||||
| (x) LTM EBIT | 316 | 316 | 316 | ||||
| (=) Implied Enterprise Value | 7,790 | 8,199 | 8,609 | ||||
| (-) Non-shareholder Claims * | 716 | 716 | 716 | ||||
| (=) Equity Value | 8,506 | 8,916 | 9,326 | ||||
| (/) Shares Outstanding | 60.1 | 60.1 | 60.1 | ||||
| Implied Value Range | 141.62 | 148.45 | 155.27 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 141.62 | 148.45 | 155.27 | 145.50 | |||
| Upside / (Downside) | -2.7% | 2.0% | 6.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 8927 | 6968 | 2616 | 2207 | 6195 | 5312 | |
| Enterprise Value | 41,752 | 3,907 | 3,517 | 589,401 | 2,986 | 8,023 | |
| (+) Cash & Short Term Investments | 1,277 | 208 | 910 | 34,532 | 189 | 2,934 | |
| (+) Investments & Other | 463 | 90 | 1,520 | 36,053 | 0 | 611 | |
| (-) Debt | (22,683) | (1,439) | (3,681) | (308,592) | (1,756) | (2,823) | |
| (-) Other Liabilities | (3,064) | (0) | (214) | (35,518) | (4) | (6) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 17,746 | 2,766 | 2,053 | 315,877 | 1,415 | 8,739 | |
| (/) Shares Outstanding | 369.3 | 43.6 | 135.9 | 557.1 | 50.2 | 60.1 | |
| Implied Stock Price | 48.05 | 63.40 | 15.10 | 567.00 | 28.20 | 145.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 48.05 | 63.40 | 15.10 | 567.00 | 28.20 | 145.50 | |
| 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 | |