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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.7x - 7.4x | 7.1x |
| Selected Fwd EBITDA Multiple | 7.1x - 7.9x | 7.5x |
| Fair Value | NT$ 93.79 - NT$ 101.87 | NT$ 97.83 |
| Upside | 36.3% - 48.1% | 42.2% |
| Benchmarks | Ticker | Full Ticker |
| Wendell Industrial Co., Ltd | 6761 | TPEX:6761 |
| Promate Solutions Corporation | 6577 | TPEX:6577 |
| Jarllytec Co. , Ltd. | 3548 | TPEX:3548 |
| King Core Electronics Inc. | 6155 | TWSE:6155 |
| AzureWave Technologies, Inc. | 3694 | TWSE:3694 |
| Topview Optronics Corporation | 6556 | TPEX:6556 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 6761 | 6577 | 3548 | 6155 | 3694 | 6556 | ||
| TPEX:6761 | TPEX:6577 | TPEX:3548 | TWSE:6155 | TWSE:3694 | TPEX:6556 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 17.6% | 5.9% | 5.0% | -16.6% | 19.4% | 23.1% | |
| 3Y CAGR | -0.9% | 4.0% | 26.1% | -40.2% | -3.0% | 20.6% | |
| Latest Twelve Months | 49.3% | 52.5% | 0.2% | -2.1% | -4.5% | 23.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.9% | 13.7% | 8.8% | 12.5% | 6.6% | 13.0% | |
| Prior Fiscal Year | 10.2% | 11.1% | 10.3% | 6.6% | 6.9% | 14.4% | |
| Latest Fiscal Year | 13.1% | 12.5% | 8.8% | 6.2% | 6.8% | 20.1% | |
| Latest Twelve Months | 13.1% | 19.2% | 8.8% | 6.2% | 6.8% | 20.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.13x | 1.84x | 0.70x | 1.99x | 0.55x | 1.01x | |
| EV / LTM EBITDA | 8.6x | 9.6x | 8.0x | 32.4x | 8.0x | 5.0x | |
| EV / LTM EBIT | 9.5x | 10.0x | 12.5x | 143.8x | 14.4x | 5.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.0x | 8.6x | 32.4x | ||||
| Historical EV / LTM EBITDA | 5.0x | 10.0x | 14.9x | ||||
| Selected EV / LTM EBITDA | 6.7x | 7.1x | 7.4x | ||||
| (x) LTM EBITDA | 340 | 340 | 340 | ||||
| (=) Implied Enterprise Value | 2,284 | 2,405 | 2,525 | ||||
| (-) Non-shareholder Claims * | 489 | 489 | 489 | ||||
| (=) Equity Value | 2,774 | 2,894 | 3,014 | ||||
| (/) Shares Outstanding | 28.8 | 28.8 | 28.8 | ||||
| Implied Value Range | 96.48 | 100.66 | 104.84 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 96.48 | 100.66 | 104.84 | 68.80 | |||
| Upside / (Downside) | 40.2% | 46.3% | 52.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6761 | 6577 | 3548 | 6155 | 3694 | 6556 | |
| Enterprise Value | 2,287 | 3,764 | 5,888 | 951 | 4,329 | 1,489 | |
| (+) Cash & Short Term Investments | 820 | 907 | 3,367 | 727 | 2,169 | 639 | |
| (+) Investments & Other | 0 | 238 | 102 | 558 | 50 | 0 | |
| (-) Debt | (610) | (69) | (1,492) | (537) | (156) | (115) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (35) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,496 | 4,841 | 7,865 | 1,699 | 6,392 | 1,978 | |
| (/) Shares Outstanding | 30.4 | 60.1 | 66.1 | 87.8 | 152.6 | 28.8 | |
| Implied Stock Price | 82.10 | 80.60 | 119.00 | 19.35 | 41.90 | 68.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 82.10 | 80.60 | 119.00 | 19.35 | 41.90 | 68.80 | |
| 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 | |