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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 26.4x - 29.1x | 27.8x |
| Selected Fwd EBIT Multiple | 9.1x - 10.1x | 9.6x |
| Fair Value | NT$ 21.32 - NT$ 23.40 | NT$ 22.36 |
| Upside | -1.3% - 8.3% | 3.5% |
| Benchmarks | Ticker | Full Ticker |
| GOMAJI Corp., LTD | 8472 | TPEX:8472 |
| Les Enphants Co., Ltd. | 2911 | TWSE:2911 |
| Newretail Co., Ltd | 3085 | TPEX:3085 |
| United Recommend International Co., Ltd. | 5321 | TPEX:5321 |
| Acer Gaming Inc. | 6908 | TPEX:6908 |
| Lifestyle Global Enterprise Inc. | 8066 | TPEX:8066 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 8472 | 2911 | 3085 | 5321 | 6908 | 8066 | ||
| TPEX:8472 | TWSE:2911 | TPEX:3085 | TPEX:5321 | TPEX:6908 | TPEX:8066 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 7.2% | NM- | -41.8% | |
| 3Y CAGR | NM- | NM- | NM- | -16.2% | -55.1% | -47.8% | |
| Latest Twelve Months | 31.6% | 13.2% | -3.8% | 55.9% | -94.5% | -78.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -10.6% | -14.8% | -81.1% | 4.7% | 2.0% | 2.4% | |
| Prior Fiscal Year | -23.2% | -18.3% | -71.1% | 5.0% | 1.7% | 1.7% | |
| Latest Fiscal Year | -23.1% | -15.6% | -103.7% | 3.6% | 0.1% | 0.5% | |
| Latest Twelve Months | -19.4% | -17.2% | -117.6% | 4.8% | 0.1% | 0.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.30x | 0.88x | 18.28x | 1.47x | 0.49x | 0.12x | |
| EV / LTM EBITDA | -8.2x | -5.9x | -19.6x | 10.6x | 22.3x | 18.2x | |
| EV / LTM EBIT | -6.7x | -5.1x | -15.5x | 30.4x | 492.8x | 28.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -15.5x | -5.1x | 492.8x | ||||
| Historical EV / LTM EBIT | 5.6x | 8.6x | 15.8x | ||||
| Selected EV / LTM EBIT | 26.4x | 27.8x | 29.1x | ||||
| (x) LTM EBIT | 21 | 21 | 21 | ||||
| (=) Implied Enterprise Value | 547 | 576 | 605 | ||||
| (-) Non-shareholder Claims * | 47 | 47 | 47 | ||||
| (=) Equity Value | 594 | 623 | 652 | ||||
| (/) Shares Outstanding | 29.6 | 29.6 | 29.6 | ||||
| Implied Value Range | 20.05 | 21.03 | 22.00 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 20.05 | 21.03 | 22.00 | 21.60 | |||
| Upside / (Downside) | -7.2% | -2.7% | 1.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 8472 | 2911 | 3085 | 5321 | 6908 | 8066 | |
| Enterprise Value | 431 | 2,370 | 836 | 5,002 | 2,114 | 593 | |
| (+) Cash & Short Term Investments | 79 | 364 | 402 | 568 | 1,453 | 379 | |
| (+) Investments & Other | 254 | 128 | 0 | 9 | 48 | 0 | |
| (-) Debt | (257) | (2,251) | (33) | (3,165) | (1,044) | (231) | |
| (-) Other Liabilities | 0 | (61) | 0 | (118) | (733) | (101) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 507 | 551 | 1,204 | 2,295 | 1,838 | 640 | |
| (/) Shares Outstanding | 17.7 | 105.1 | 69.0 | 53.2 | 35.0 | 29.6 | |
| Implied Stock Price | 28.60 | 5.24 | 17.45 | 43.15 | 52.50 | 21.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 28.60 | 5.24 | 17.45 | 43.15 | 52.50 | 21.60 | |
| 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 | |