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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.2x - 1.4x | 1.3x |
| Selected Fwd Revenue Multiple | 1.2x - 1.3x | 1.2x |
| Fair Value | NT$ 29.94 - NT$ 33.16 | NT$ 31.55 |
| Upside | -11.4% - -1.9% | -6.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Tycoons Group Enterprise Co.,Ltd. | 2022 | TWSE:2022 |
| Cheng Fwa Industrial Co., Ltd. | 5426 | TPEX:5426 |
| KENT Industrial Co.,Ltd. | 6606 | TWSE:6606 |
| Tongtai Machine & Tool Co., Ltd. | 4526 | TWSE:4526 |
| Tera Autotech Corporation | 6234 | TPEX:6234 |
| JG Environmental Technology Co.,Ltd. | 6723 | TPEX:6723 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 2022 | 5426 | 6606 | 4526 | 6234 | 6723 | |||
| TWSE:2022 | TPEX:5426 | TWSE:6606 | TWSE:4526 | TPEX:6234 | TPEX:6723 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -7.0% | 1.5% | -0.1% | -12.2% | -16.0% | -7.4% | ||
| 3Y CAGR | -9.2% | -3.4% | -5.9% | -15.8% | -19.3% | 1.5% | ||
| Latest Twelve Months | -2.4% | 26.0% | -3.4% | -17.6% | -51.7% | -30.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 2.8% | -0.2% | 19.5% | -3.8% | 11.5% | 4.4% | ||
| Prior Fiscal Year | 4.8% | -1.4% | 21.4% | -2.1% | 12.6% | 8.8% | ||
| Latest Fiscal Year | -2.1% | 1.7% | 17.3% | -18.7% | 8.1% | 4.1% | ||
| Latest Twelve Months | -2.5% | 5.4% | 17.1% | -16.4% | 6.1% | 4.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.79x | 1.51x | 2.99x | 1.65x | 4.00x | 1.41x | ||
| EV / LTM EBIT | -32.1x | 28.2x | 17.4x | -10.0x | 65.7x | 34.5x | ||
| Price / LTM Sales | 0.33x | 2.08x | 3.91x | 1.12x | 4.16x | 1.37x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.79x | 1.65x | 4.00x | |||||
| Historical EV / LTM Revenue | 0.75x | 0.94x | 1.41x | |||||
| Selected EV / LTM Revenue | 1.25x | 1.31x | 1.38x | |||||
| (x) LTM Revenue | 672 | 672 | 672 | |||||
| (=) Implied Enterprise Value | 837 | 881 | 925 | |||||
| (-) Non-shareholder Claims * | (18) | (18) | (18) | |||||
| (=) Equity Value | 820 | 864 | 908 | |||||
| (/) Shares Outstanding | 26.4 | 26.4 | 26.4 | |||||
| Implied Value Range | 31.10 | 32.77 | 34.45 | |||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 31.10 | 32.77 | 34.45 | 33.80 | ||||
| Upside / (Downside) | -8.0% | -3.0% | 1.9% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2022 | 5426 | 6606 | 4526 | 6234 | 6723 | |
| Enterprise Value | 6,464 | 2,440 | 2,187 | 9,790 | 2,206 | 908 | |
| (+) Cash & Short Term Investments | 708 | 1,001 | 759 | 1,321 | 946 | 100 | |
| (+) Investments & Other | 366 | 0 | 0 | 1,110 | 242 | 5 | |
| (-) Debt | (1,422) | (42) | (43) | (5,519) | (1,100) | (123) | |
| (-) Other Liabilities | (3,385) | (6) | (46) | (64) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,731 | 3,394 | 2,857 | 6,638 | 2,294 | 891 | |
| (/) Shares Outstanding | 337.2 | 143.8 | 110.3 | 254.8 | 100.4 | 26.4 | |
| Implied Stock Price | 8.10 | 23.60 | 25.90 | 26.05 | 22.85 | 33.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8.10 | 23.60 | 25.90 | 26.05 | 22.85 | 33.80 | |
| 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 | |