Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.7x - 4.1x | 3.9x |
| Selected Fwd Revenue Multiple | 1.5x - 1.6x | 1.6x |
| Fair Value | NT$ 71.79 - NT$ 78.58 | NT$ 75.19 |
| Upside | -34.4% - -28.2% | -31.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Tainet Communication System Corp. | 4905 | TPEX:4905 |
| Arcadyan Technology Corporation | 3596 | TWSE:3596 |
| EDIMAX Technology Co., Ltd. | 3047 | TWSE:3047 |
| Planet Technology Corporation | 6263 | TPEX:6263 |
| OPNET Technologies Co., Ltd. | 8034 | TPEX:8034 |
| TWOWAY Communications, Inc. | 8045 | TWSE:8045 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 4905 | 3596 | 3047 | 6263 | 8034 | 8045 | |||
| TPEX:4905 | TWSE:3596 | TWSE:3047 | TPEX:6263 | TPEX:8034 | TWSE:8045 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 56.1% | 8.3% | 4.4% | 6.9% | 0.7% | 6.4% | ||
| 3Y CAGR | 115.5% | 8.6% | 9.1% | 9.6% | -6.9% | 13.9% | ||
| Latest Twelve Months | 184.5% | -4.4% | 74.8% | 4.2% | -43.8% | -45.6% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -32.9% | 5.9% | 1.6% | 29.4% | 11.7% | 10.5% | ||
| Prior Fiscal Year | -34.6% | 6.2% | -5.7% | 31.8% | 16.2% | 24.4% | ||
| Latest Fiscal Year | 0.5% | 6.2% | 5.2% | 32.9% | 14.4% | 10.7% | ||
| Latest Twelve Months | 2.6% | 6.7% | 8.2% | 33.2% | 14.7% | 4.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.68x | 0.77x | 0.64x | 4.02x | 1.50x | 6.44x | ||
| EV / LTM EBIT | 65.2x | 11.4x | 7.8x | 12.1x | 10.2x | 130.4x | ||
| Price / LTM Sales | 2.92x | 1.02x | 0.57x | 4.89x | 2.64x | 6.89x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.64x | 1.50x | 4.02x | |||||
| Historical EV / LTM Revenue | 0.92x | 1.14x | 4.90x | |||||
| Selected EV / LTM Revenue | 3.71x | 3.90x | 4.10x | |||||
| (x) LTM Revenue | 1,493 | 1,493 | 1,493 | |||||
| (=) Implied Enterprise Value | 5,533 | 5,824 | 6,116 | |||||
| (-) Non-shareholder Claims * | 682 | 682 | 682 | |||||
| (=) Equity Value | 6,215 | 6,506 | 6,798 | |||||
| (/) Shares Outstanding | 93.9 | 93.9 | 93.9 | |||||
| Implied Value Range | 66.16 | 69.26 | 72.37 | |||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 66.16 | 69.26 | 72.37 | 109.50 | ||||
| Upside / (Downside) | -39.6% | -36.7% | -33.9% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4905 | 3596 | 3047 | 6263 | 8034 | 8045 | |
| Enterprise Value | 1,044 | 38,369 | 4,580 | 7,632 | 583 | 9,604 | |
| (+) Cash & Short Term Investments | 1,715 | 13,583 | 1,853 | 1,771 | 463 | 977 | |
| (+) Investments & Other | 462 | 231 | 156 | 50 | 0 | 3 | |
| (-) Debt | (1,222) | (755) | (1,686) | (110) | (20) | (298) | |
| (-) Other Liabilities | (182) | (85) | (867) | 0 | 0 | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,817 | 51,343 | 4,035 | 9,344 | 1,026 | 10,286 | |
| (/) Shares Outstanding | 29.3 | 220.4 | 222.3 | 62.5 | 56.2 | 93.9 | |
| Implied Stock Price | 62.10 | 233.00 | 18.15 | 149.50 | 18.25 | 109.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 62.10 | 233.00 | 18.15 | 149.50 | 18.25 | 109.50 | |
| 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 | |