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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.3x - 1.5x | 1.4x |
| Selected Fwd Ps Multiple | 1.3x - 1.4x | 1.4x |
| Fair Value | NT$ 33.15 - NT$ 36.64 | NT$ 34.89 |
| Upside | -26.8% - -19.1% | -23.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Trinity Precision Technology Co., Ltd. | 453,400.0% | TPEX:4534 |
| Zhong Yang Technology Co.,Ltd | 666,800.0% | TWSE:6668 |
| Tycoons Group Enterprise Co.,Ltd. | 202,200.0% | TWSE:2022 |
| Taiwan Takisawa Technology Co., Ltd. | 660,900.0% | TPEX:6609 |
| Greenfiltec Ltd. | 682,300.0% | TPEX:6823 |
| JG Environmental Technology Co.,Ltd. | 672,300.0% | TPEX:6723 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| 4534 | 6668 | 2022 | 6609 | 6823 | 6723 | |||
| TPEX:4534 | TWSE:6668 | TWSE:2022 | TPEX:6609 | TPEX:6823 | TPEX:6723 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | -8.2% | -7.9% | -7.0% | 0.3% | 4.5% | -7.4% | ||
| 3Y CAGR | -11.3% | -10.0% | -9.2% | -2.9% | -18.6% | 1.5% | ||
| Latest Twelve Months | 17.7% | -2.1% | -2.4% | 21.1% | 25.8% | -30.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -7.2% | -18.3% | -0.9% | 5.9% | -0.3% | 4.0% | ||
| Prior Fiscal Year | -19.0% | -27.5% | 2.7% | 4.9% | -5.1% | 7.5% | ||
| Latest Fiscal Year | 2.4% | -18.8% | -2.1% | 7.0% | -36.3% | 3.6% | ||
| Latest Twelve Months | -0.1% | -19.5% | -2.8% | 6.9% | -35.2% | 3.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 42.9x | -1542.3x | 92.8x | 11.8x | -10.7x | 33.8x | ||
| Price / LTM Sales | 1.6x | 4.8x | 0.3x | 1.0x | 2.3x | 1.7x | ||
| LTM P/E Ratio | -1345.7x | -24.5x | -11.3x | 14.9x | -6.5x | 47.6x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.3x | 1.6x | 4.8x | |||||
| Historical LTM P/S Ratio | 0.7x | 0.8x | 1.7x | |||||
| Selected Price / Sales Multiple | 1.3x | 1.4x | 1.5x | |||||
| (x) LTM Sales | 672 | 672 | 672 | |||||
| (=) Equity Value | 884 | 931 | 977 | |||||
| (/) Shares Outstanding | 26.4 | 26.4 | 26.4 | |||||
| Implied Value Range | 33.55 | 35.31 | 37.08 | |||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 33.55 | 35.31 | 37.08 | 45.30 | ||||
| Upside / (Downside) | -25.9% | -22.0% | -18.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4534 | 6668 | 2022 | 6609 | 6823 | 6723 | |
| Value of Common Equity | 1,354 | 4,422 | 2,579 | 2,934 | 1,137 | 1,194 | |
| (/) Shares Outstanding | 86.8 | 96.8 | 337.2 | 72.5 | 27.7 | 26.4 | |
| Implied Stock Price | 15.60 | 45.70 | 7.65 | 40.50 | 41.00 | 45.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15.60 | 45.70 | 7.65 | 40.50 | 41.00 | 45.30 | |
| 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 | |