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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.3x - 0.3x | 0.3x |
| Selected Fwd Revenue Multiple | 0.2x - 0.3x | 0.2x |
| Fair Value | NT$ 25.96 - NT$ 27.50 | NT$ 26.73 |
| Upside | 0.6% - 6.6% | 3.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| WPG Holdings Limited | 3702 | TWSE:3702 |
| Lelon Electronics Corp. | 2472 | TWSE:2472 |
| Taiwan Chinsan Electronic Industrial Co., Ltd. | 8042 | TPEX:8042 |
| Holy Stone Enterprise Co.,Ltd. | 3026 | TWSE:3026 |
| Nichidenbo Corporation | 3090 | TWSE:3090 |
| Honey Hope Honesty Enterprise Co.,Ltd | 8043 | TPEX:8043 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 3702 | 2472 | 8042 | 3026 | 3090 | 8043 | |||
| TWSE:3702 | TWSE:2472 | TPEX:8042 | TWSE:3026 | TWSE:3090 | TPEX:8043 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 10.8% | 8.3% | -1.7% | -2.6% | 6.6% | -2.7% | ||
| 3Y CAGR | 4.2% | 1.7% | -7.3% | -8.3% | 5.4% | -8.7% | ||
| Latest Twelve Months | 30.2% | 17.0% | 8.9% | 5.7% | 27.4% | 6.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 1.7% | 17.6% | 4.1% | 8.2% | 9.1% | 0.5% | ||
| Prior Fiscal Year | 1.5% | 16.4% | 1.4% | 5.4% | 8.2% | -1.1% | ||
| Latest Fiscal Year | 1.7% | 17.9% | 4.1% | 4.8% | 9.2% | -0.3% | ||
| Latest Twelve Months | 1.7% | 19.5% | 4.2% | 6.9% | 9.5% | -0.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.23x | 1.31x | 1.35x | 0.80x | 0.97x | 0.24x | ||
| EV / LTM EBIT | 13.5x | 6.7x | 31.9x | 11.5x | 10.3x | -70.1x | ||
| Price / LTM Sales | 0.11x | 1.21x | 1.13x | 1.01x | 1.03x | 0.43x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.23x | 0.97x | 1.35x | |||||
| Historical EV / LTM Revenue | 0.18x | 0.23x | 0.35x | |||||
| Selected EV / LTM Revenue | 0.26x | 0.28x | 0.29x | |||||
| (x) LTM Revenue | 4,864 | 4,864 | 4,864 | |||||
| (=) Implied Enterprise Value | 1,281 | 1,349 | 1,416 | |||||
| (-) Non-shareholder Claims * | 903 | 903 | 903 | |||||
| (=) Equity Value | 2,185 | 2,252 | 2,320 | |||||
| (/) Shares Outstanding | 79.9 | 79.9 | 79.9 | |||||
| Implied Value Range | 27.34 | 28.18 | 29.03 | |||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 27.34 | 28.18 | 29.03 | 25.80 | ||||
| Upside / (Downside) | 6.0% | 9.2% | 12.5% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3702 | 2472 | 8042 | 3026 | 3090 | 8043 | |
| Enterprise Value | 230,069 | 14,443 | 5,266 | 10,647 | 14,009 | 1,158 | |
| (+) Cash & Short Term Investments | 21,687 | 4,988 | 1,997 | 6,160 | 2,833 | 1,009 | |
| (+) Investments & Other | 19,776 | 25 | 689 | 548 | 488 | 29 | |
| (-) Debt | (156,351) | (2,070) | (3,395) | (3,665) | (2,597) | (134) | |
| (-) Other Liabilities | (1,844) | (3,960) | (71) | (268) | (42) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 113,336 | 13,426 | 4,486 | 13,421 | 14,690 | 2,062 | |
| (/) Shares Outstanding | 1,679.1 | 164.7 | 129.5 | 165.9 | 212.6 | 79.9 | |
| Implied Stock Price | 67.50 | 81.50 | 34.65 | 80.90 | 69.10 | 25.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 67.50 | 81.50 | 34.65 | 80.90 | 69.10 | 25.80 | |
| 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 | |