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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.8x - 0.9x | 0.8x |
| Selected Fwd Revenue Multiple | 0.2x - 0.3x | 0.3x |
| Fair Value | NT$ 82.25 - NT$ 92.17 | NT$ 87.21 |
| Upside | 24.8% - 39.9% | 32.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Mister International Enterprise Corp. | 2941 | TPEX:2941 |
| H.H.Galaxy Co., Ltd. | 2949 | TPEX:2949 |
| Pan German Universal Motors Ltd. | 2247 | TWSE:2247 |
| Sunfar Computer Co., Ltd | 6154 | TPEX:6154 |
| Zhen Yu Hardware Co., Ltd. | 2947 | TPEX:2947 |
| Acer Gaming Inc. | 6908 | TPEX:6908 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 2941 | 2949 | 2247 | 6154 | 2947 | 6908 | |||
| TPEX:2941 | TPEX:2949 | TWSE:2247 | TPEX:6154 | TPEX:2947 | TPEX:6908 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 34.2% | NM- | 11.3% | -0.8% | 9.2% | NM- | ||
| 3Y CAGR | 31.4% | 21.6% | 11.0% | -10.3% | 7.9% | 107.6% | ||
| Latest Twelve Months | 10.6% | 9.0% | 13.4% | -0.5% | 10.5% | 13.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 7.3% | 4.2% | 3.8% | 1.9% | 6.4% | 2.2% | ||
| Prior Fiscal Year | 9.9% | 4.8% | 4.3% | 1.2% | 3.5% | 2.1% | ||
| Latest Fiscal Year | 7.5% | 2.6% | 4.1% | 1.2% | 4.2% | 1.7% | ||
| Latest Twelve Months | 7.5% | 2.6% | 4.1% | 1.2% | 4.2% | 1.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.11x | 0.50x | 0.44x | 0.31x | 1.43x | 0.63x | ||
| EV / LTM EBIT | 14.9x | 19.6x | 10.9x | 25.6x | 34.2x | 57.0x | ||
| Price / LTM Sales | 1.23x | 0.47x | 0.43x | 0.34x | 0.75x | 0.54x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.31x | 0.50x | 1.43x | |||||
| Historical EV / LTM Revenue | 0.73x | 1.00x | 1.27x | |||||
| Selected EV / LTM Revenue | 0.80x | 0.84x | 0.88x | |||||
| (x) LTM Revenue | 4,306 | 4,306 | 4,306 | |||||
| (=) Implied Enterprise Value | 3,435 | 3,616 | 3,797 | |||||
| (-) Non-shareholder Claims * | (420) | (420) | (420) | |||||
| (=) Equity Value | 3,016 | 3,196 | 3,377 | |||||
| (/) Shares Outstanding | 35.0 | 35.0 | 35.0 | |||||
| Implied Value Range | 86.16 | 91.33 | 96.49 | |||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 86.16 | 91.33 | 96.49 | 65.90 | ||||
| Upside / (Downside) | 30.7% | 38.6% | 46.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2941 | 2949 | 2247 | 6154 | 2947 | 6908 | |
| Enterprise Value | 915 | 2,372 | 25,436 | 1,151 | 3,104 | 2,726 | |
| (+) Cash & Short Term Investments | 187 | 587 | 2,928 | 406 | 267 | 520 | |
| (+) Investments & Other | 1 | 0 | 122 | 2 | 0 | 48 | |
| (-) Debt | (91) | (597) | (3,829) | (289) | (1,734) | (609) | |
| (-) Other Liabilities | 0 | (136) | 0 | 0 | 0 | (378) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,011 | 2,226 | 24,657 | 1,269 | 1,638 | 2,307 | |
| (/) Shares Outstanding | 15.4 | 25.4 | 80.7 | 80.1 | 19.3 | 35.0 | |
| Implied Stock Price | 65.70 | 87.60 | 305.50 | 15.85 | 85.00 | 65.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 65.70 | 87.60 | 305.50 | 15.85 | 85.00 | 65.90 | |
| 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 | |