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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 0.4x - 0.4x | 0.4x |
Selected Fwd Revenue Multiple | 0.4x - 0.4x | 0.4x |
Fair Value | NT$ 36.52 - NT$ 43.41 | NT$ 39.96 |
Upside | 6.8% - 26.9% | 16.9% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
momo.com Inc. | 8454 | TWSE:8454 |
GOMAJI Corp., LTD | 8472 | TPEX:8472 |
Amazon.com, Inc. | AMZN_KZ | KAS:AMZN_KZ |
Yong Yi International Group Co., Ltd | 2939 | TWSE:2939 |
Xxtechec Co., Ltd. | 8477 | TPEX:8477 |
PChome Online Inc. | 8044 | TPEX:8044 |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
8454 | 8472 | AMZN_KZ | 2939 | 8477 | 8044 | |||
TWSE:8454 | TPEX:8472 | KAS:AMZN_KZ | TWSE:2939 | TPEX:8477 | TPEX:8044 | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 16.8% | -5.4% | 17.9% | -33.0% | -29.6% | -0.7% | ||
3Y CAGR | 8.4% | 3.4% | 10.7% | -36.0% | -37.9% | -8.2% | ||
Latest Twelve Months | 1.0% | -14.9% | 10.1% | -9.8% | -40.7% | -9.5% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 3.9% | -10.6% | 6.0% | -12.8% | -5.3% | -0.2% | ||
Prior Fiscal Year | 4.0% | -23.2% | 6.4% | -35.2% | -8.6% | -1.2% | ||
Latest Fiscal Year | 3.8% | -23.1% | 10.8% | -38.4% | -11.5% | -0.9% | ||
Latest Twelve Months | 3.5% | -19.4% | 11.0% | -39.8% | -14.2% | -1.2% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 0.57x | 2.97x | 3.79x | 2.24x | 0.61x | 0.34x | ||
EV / LTM EBIT | 16.0x | -15.3x | 34.4x | -5.6x | -4.3x | -29.0x | ||
Price / LTM Sales | 0.60x | 2.43x | 3.69x | 3.85x | 1.13x | 0.19x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.57x | 2.24x | 3.79x | |||||
Historical EV / LTM Revenue | 0.19x | 0.28x | 0.33x | |||||
Selected EV / LTM Revenue | 0.39x | 0.41x | 0.43x | |||||
(x) LTM Revenue | 36,862 | 36,862 | 36,862 | |||||
(=) Implied Enterprise Value | 14,504 | 15,268 | 16,031 | |||||
(-) Non-shareholder Claims * | (5,857) | (5,857) | (5,857) | |||||
(=) Equity Value | 8,648 | 9,411 | 10,174 | |||||
(/) Shares Outstanding | 202.9 | 202.9 | 202.9 | |||||
Implied Value Range | 42.63 | 46.39 | 50.15 | |||||
FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 42.63 | 46.39 | 50.15 | 34.20 | ||||
Upside / (Downside) | 24.6% | 35.6% | 46.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 8454 | 8472 | AMZN_KZ | 2939 | 8477 | 8044 | |
Enterprise Value | 63,869 | 1,064 | 2,469,090 | 739 | 443 | 12,795 | |
(+) Cash & Short Term Investments | 5,479 | 79 | 94,565 | 665 | 202 | 3,529 | |
(+) Investments & Other | 1,214 | 0 | 9,200 | 0 | 200 | 1,449 | |
(-) Debt | (3,098) | (257) | (157,953) | (126) | (17) | (8,548) | |
(-) Other Liabilities | (83) | 0 | 0 | 0 | 0 | (2,286) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 67,379 | 886 | 2,414,902 | 1,278 | 828 | 6,938 | |
(/) Shares Outstanding | 252.4 | 17.7 | 10,616.4 | 45.5 | 64.2 | 202.9 | |
Implied Stock Price | 267.00 | 49.95 | 227.47 | 28.05 | 12.90 | 34.20 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 267.00 | 49.95 | 227.47 | 28.05 | 12.90 | 34.20 | |
Trading Currency | TWD | TWD | USD | TWD | TWD | TWD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |