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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.4x - 1.5x | 1.5x |
| Selected Fwd Revenue Multiple | 1.1x - 1.2x | 1.2x |
| Fair Value | NT$ 61.65 - NT$ 70.94 | NT$ 66.30 |
| Upside | -7.1% - 6.8% | -0.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Formosa Optical Technology Co.,Ltd. | 5312 | TPEX:5312 |
| Shan-Loong Transportation Co.,Ltd | 2616 | TWSE:2616 |
| Hotai Motor Co.,Ltd. | 2207 | TWSE:2207 |
| Zhen Yu Hardware Co., Ltd. | 2947 | TPEX:2947 |
| Pan German Universal Motors Ltd. | 2247 | TWSE:2247 |
| Wonder Pets Enterprises Corporation | 6968 | TPEX:6968 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 5312 | 2616 | 2207 | 2947 | 2247 | 6968 | |||
| TPEX:5312 | TWSE:2616 | TWSE:2207 | TPEX:2947 | TWSE:2247 | TPEX:6968 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 4.3% | -2.9% | 5.7% | 9.2% | 9.5% | NM- | ||
| 3Y CAGR | 10.9% | 1.0% | 4.6% | 7.9% | 8.7% | 31.2% | ||
| Latest Twelve Months | 2.8% | -21.6% | 1.2% | 10.5% | 5.4% | 15.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 5.5% | 0.9% | 8.0% | 6.4% | 3.7% | 4.2% | ||
| Prior Fiscal Year | 8.5% | 0.6% | 12.5% | 3.5% | 4.1% | 4.2% | ||
| Latest Fiscal Year | 8.4% | -0.2% | 12.2% | 4.2% | 4.3% | 4.0% | ||
| Latest Twelve Months | 8.4% | -2.5% | 12.2% | 4.2% | 4.2% | 3.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.66x | 0.23x | 2.22x | 1.45x | 0.47x | 1.49x | ||
| EV / LTM EBIT | 19.8x | -9.0x | 18.2x | 34.8x | 11.3x | 40.3x | ||
| Price / LTM Sales | 2.10x | 0.18x | 1.22x | 0.78x | 0.47x | 1.08x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.23x | 1.45x | 2.22x | |||||
| Historical EV / LTM Revenue | 1.98x | 1.98x | 1.98x | |||||
| Selected EV / LTM Revenue | 1.40x | 1.47x | 1.54x | |||||
| (x) LTM Revenue | 2,788 | 2,788 | 2,788 | |||||
| (=) Implied Enterprise Value | 3,895 | 4,100 | 4,305 | |||||
| (-) Non-shareholder Claims * | (1,159) | (1,159) | (1,159) | |||||
| (=) Equity Value | 2,736 | 2,941 | 3,146 | |||||
| (/) Shares Outstanding | 43.6 | 43.6 | 43.6 | |||||
| Implied Value Range | 62.72 | 67.42 | 72.12 | |||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 62.72 | 67.42 | 72.12 | 66.40 | ||||
| Upside / (Downside) | -5.5% | 1.5% | 8.6% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 5312 | 2616 | 2207 | 2947 | 2247 | 6968 | |
| Enterprise Value | 6,580 | 2,943 | 626,134 | 3,162 | 25,490 | 4,056 | |
| (+) Cash & Short Term Investments | 3,942 | 1,004 | 30,897 | 267 | 3,070 | 209 | |
| (+) Investments & Other | 586 | 2,005 | 36,736 | 0 | 30 | 91 | |
| (-) Debt | (2,754) | (3,415) | (315,311) | (1,734) | (3,166) | (1,458) | |
| (-) Other Liabilities | (6) | (220) | (35,838) | 0 | 0 | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,348 | 2,318 | 342,618 | 1,696 | 25,423 | 2,897 | |
| (/) Shares Outstanding | 60.1 | 135.9 | 557.1 | 19.3 | 80.7 | 43.6 | |
| Implied Stock Price | 139.00 | 17.05 | 615.00 | 88.00 | 315.00 | 66.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 139.00 | 17.05 | 615.00 | 88.00 | 315.00 | 66.40 | |
| 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 | |