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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 22.3x - 24.7x | 23.5x |
| Selected Fwd EBITDA Multiple | 18.9x - 20.9x | 19.9x |
| Fair Value | NT$ 128.61 - NT$ 141.26 | NT$ 134.93 |
| Upside | 34.5% - 47.8% | 41.1% |
| Benchmarks | Ticker | Full Ticker |
| WIN Semiconductors Corp. | 3105 | TPEX:3105 |
| RichWave Technology Corporation | 4968 | TWSE:4968 |
| Taiwan Semiconductor Manufacturing Company Limited | 2330 | TWSE:2330 |
| Vanguard International Semiconductor Corporation | 5347 | TPEX:5347 |
| United Microelectronics Corporation | 2303 | TWSE:2303 |
| Advanced Wireless Semiconductor Company | 8086 | TPEX:8086 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 3105 | 4968 | 2330 | 5347 | 2303 | 8086 | ||
| TPEX:3105 | TWSE:4968 | TWSE:2330 | TPEX:5347 | TWSE:2303 | TPEX:8086 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -9.6% | -9.9% | 24.6% | 11.7% | 13.0% | 11.3% | |
| 3Y CAGR | -19.7% | -34.5% | 22.9% | -4.8% | -0.4% | -4.0% | |
| Latest Twelve Months | -9.0% | 271.0% | 43.6% | 21.7% | 5.1% | -3.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 34.9% | 5.9% | 67.6% | 37.2% | 44.1% | 25.4% | |
| Prior Fiscal Year | 27.8% | -7.2% | 66.8% | 34.7% | 43.0% | 23.7% | |
| Latest Fiscal Year | 30.6% | 4.5% | 68.3% | 34.8% | 41.9% | 26.2% | |
| Latest Twelve Months | 29.1% | 4.3% | 69.3% | 35.2% | 41.9% | 26.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.15x | 2.84x | 8.24x | 2.99x | 1.81x | 4.35x | |
| EV / LTM EBITDA | 7.4x | 66.0x | 11.9x | 8.5x | 4.3x | 16.5x | |
| EV / LTM EBIT | 93.4x | 143.2x | 16.9x | 17.1x | 8.6x | 44.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.3x | 8.5x | 66.0x | ||||
| Historical EV / LTM EBITDA | 15.1x | 20.2x | 61.2x | ||||
| Selected EV / LTM EBITDA | 22.3x | 23.5x | 24.7x | ||||
| (x) LTM EBITDA | 1,040 | 1,040 | 1,040 | ||||
| (=) Implied Enterprise Value | 23,224 | 24,446 | 25,669 | ||||
| (-) Non-shareholder Claims * | 1,651 | 1,651 | 1,651 | ||||
| (=) Equity Value | 24,875 | 26,097 | 27,319 | ||||
| (/) Shares Outstanding | 196.5 | 196.5 | 196.5 | ||||
| Implied Value Range | 126.58 | 132.80 | 139.02 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 126.58 | 132.80 | 139.02 | 95.60 | |||
| Upside / (Downside) | 32.4% | 38.9% | 45.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3105 | 4968 | 2330 | 5347 | 2303 | 8086 | |
| Enterprise Value | 35,711 | 10,396 | 27,899,296 | 138,796 | 426,754 | 17,136 | |
| (+) Cash & Short Term Investments | 5,759 | 972 | 2,634,429 | 62,159 | 116,869 | 2,852 | |
| (+) Investments & Other | 17,664 | 10 | 137,427 | 7,470 | 71,407 | 0 | |
| (-) Debt | (20,488) | (121) | (942,749) | (24,777) | (68,599) | (1,201) | |
| (-) Other Liabilities | (958) | 0 | (35,558) | (5,312) | (224) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 37,688 | 11,257 | 29,692,845 | 178,336 | 546,208 | 18,787 | |
| (/) Shares Outstanding | 423.9 | 91.9 | 25,932.6 | 1,867.4 | 12,556.5 | 196.5 | |
| Implied Stock Price | 88.90 | 122.50 | 1,145.00 | 95.50 | 43.50 | 95.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 88.90 | 122.50 | 1,145.00 | 95.50 | 43.50 | 95.60 | |
| 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 | |