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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.0x - 13.2x | 12.6x |
| Selected Fwd EBITDA Multiple | 12.1x - 13.4x | 12.8x |
| Fair Value | NT$ 518.44 - NT$ 626.58 | NT$ 572.51 |
| Upside | -11.4% - 7.1% | -2.1% |
| Benchmarks | Ticker | Full Ticker |
| Wonder Pets Enterprises Corporation | 6968 | TPEX:6968 |
| North-Star International Co., LTD. | 8927 | TPEX:8927 |
| Shan-Loong Transportation Co.,Ltd | 2616 | TWSE:2616 |
| Formosa Optical Technology Co.,Ltd. | 5312 | TPEX:5312 |
| United Recommend International Co., Ltd. | 5321 | TPEX:5321 |
| Hotai Motor Co.,Ltd. | 2207 | TWSE:2207 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 6968 | 8927 | 2616 | 5312 | 5321 | 2207 | ||
| TPEX:6968 | TPEX:8927 | TWSE:2616 | TPEX:5312 | TPEX:5321 | TWSE:2207 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 25.2% | -0.7% | 12.3% | 19.3% | 11.7% | |
| 3Y CAGR | 12.4% | 47.7% | -12.3% | 35.8% | 104.4% | 9.3% | |
| Latest Twelve Months | 1.3% | 614.5% | -68.7% | 4.0% | -53.1% | 0.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.5% | 4.2% | 3.0% | 9.8% | 6.9% | 12.4% | |
| Prior Fiscal Year | 6.5% | 0.4% | 3.2% | 12.6% | 9.6% | 17.0% | |
| Latest Fiscal Year | 5.8% | 6.7% | 2.6% | 12.7% | 7.0% | 16.9% | |
| Latest Twelve Months | 5.8% | 16.7% | 1.2% | 12.7% | 4.5% | 16.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.32x | 3.10x | 0.22x | 1.70x | 1.47x | 2.18x | |
| EV / LTM EBITDA | 22.8x | 18.6x | 18.6x | 13.4x | 33.0x | 12.9x | |
| EV / LTM EBIT | 37.9x | 23.9x | -8.8x | 20.3x | 78.8x | 17.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 13.4x | 18.6x | 33.0x | ||||
| Historical EV / LTM EBITDA | 12.9x | 15.3x | 34.5x | ||||
| Selected EV / LTM EBITDA | 12.0x | 12.6x | 13.2x | ||||
| (x) LTM EBITDA | 47,678 | 47,678 | 47,678 | ||||
| (=) Implied Enterprise Value | 570,629 | 600,662 | 630,696 | ||||
| (-) Non-shareholder Claims * | (283,516) | (283,516) | (283,516) | ||||
| (=) Equity Value | 287,113 | 317,147 | 347,180 | ||||
| (/) Shares Outstanding | 557.1 | 557.1 | 557.1 | ||||
| Implied Value Range | 515.37 | 569.28 | 623.19 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 515.37 | 569.28 | 623.19 | 585.00 | |||
| Upside / (Downside) | -11.9% | -2.7% | 6.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6968 | 8927 | 2616 | 5312 | 5321 | 2207 | |
| Enterprise Value | 3,806 | 39,409 | 2,882 | 6,562 | 4,639 | 609,421 | |
| (+) Cash & Short Term Investments | 210 | 1,254 | 1,004 | 2,759 | 642 | 30,897 | |
| (+) Investments & Other | 90 | 990 | 2,005 | 586 | 9 | 36,736 | |
| (-) Debt | (1,484) | (20,343) | (3,415) | (2,754) | (3,051) | (315,311) | |
| (-) Other Liabilities | (0) | (3,048) | (220) | (6) | (88) | (35,838) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,622 | 18,262 | 2,256 | 7,147 | 2,151 | 325,905 | |
| (/) Shares Outstanding | 43.6 | 369.3 | 135.9 | 60.1 | 53.2 | 557.1 | |
| Implied Stock Price | 60.10 | 49.45 | 16.60 | 119.00 | 40.45 | 585.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 60.10 | 49.45 | 16.60 | 119.00 | 40.45 | 585.00 | |
| 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 | |