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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 73.4x - 81.1x | 77.3x |
| Selected Fwd EBIT Multiple | 40.6x - 44.9x | 42.7x |
| Fair Value | ¥67.70 - ¥76.50 | ¥72.10 |
| Upside | -24.8% - -15.0% | -19.9% |
| Benchmarks | Ticker | Full Ticker |
| Hua Hong Semiconductor Limited | 1347 | SEHK:1347 |
| GlobalFoundries Inc. | GFS | NasdaqGS:GFS |
| Advanced Micro Devices, Inc. | AMD_KZEUSW | KAS:AMD_KZEUSW |
| X-FAB Silicon Foundries SE | XFAB | ENXTPA:XFAB |
| Nexchip Semiconductor Corporation | 688249 | SHSE:688249 |
| Semiconductor Manufacturing International Corporation | 688981 | XSSC:688981 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 1347 | GFS | AMD_KZEUSW | XFAB | 688249 | 688981 | ||
| SEHK:1347 | NasdaqGS:GFS | KAS:AMD_KZEUSW | ENXTPA:XFAB | SHSE:688249 | XSSC:688981 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 27.0% | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | -17.0% | 6.8% | -29.3% | -27.0% | |
| Latest Twelve Months | -640.9% | -30.4% | 390.7% | -42.4% | 50.6% | 1396.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.7% | 4.3% | 10.1% | 9.7% | 5.7% | 8.4% | |
| Prior Fiscal Year | 6.7% | 16.2% | 1.8% | 17.6% | 1.5% | 1.9% | |
| Latest Fiscal Year | -7.8% | 10.8% | 8.1% | 10.0% | 6.9% | 3.6% | |
| Latest Twelve Months | -7.4% | 10.8% | 10.3% | 9.1% | 7.7% | 7.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.36x | 2.66x | 10.24x | 1.71x | 6.33x | 8.54x | |
| EV / LTM EBITDA | 26.3x | 8.3x | 48.3x | 7.7x | 15.2x | 18.7x | |
| EV / LTM EBIT | -72.6x | 24.7x | 99.5x | 18.7x | 82.6x | 122.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -72.6x | 24.7x | 99.5x | ||||
| Historical EV / LTM EBIT | 14.1x | 78.2x | 436.7x | ||||
| Selected EV / LTM EBIT | 73.4x | 77.3x | 81.1x | ||||
| (x) LTM EBIT | 593 | 593 | 593 | ||||
| (=) Implied Enterprise Value | 43,535 | 45,827 | 48,118 | ||||
| (-) Non-shareholder Claims * | (8,619) | (8,619) | (8,619) | ||||
| (=) Equity Value | 34,916 | 37,208 | 39,499 | ||||
| (/) Shares Outstanding | 3,884.6 | 3,884.6 | 3,884.6 | ||||
| Implied Value Range | 8.99 | 9.58 | 10.17 | ||||
| FX Rate: USD/CNY | 0.1 | 0.1 | 0.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 64.58 | 68.82 | 73.06 | 90.00 | |||
| Upside / (Downside) | -28.2% | -23.5% | -18.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1347 | GFS | AMD_KZEUSW | XFAB | 688249 | 688981 | |
| Enterprise Value | 12,851 | 18,061 | 281,981 | 1,395 | 60,764 | 57,277 | |
| (+) Cash & Short Term Investments | 4,080 | 2,877 | 7,310 | 158 | 4,268 | 8,537 | |
| (+) Investments & Other | 430 | 820 | 807 | 0 | 1,136 | 5,489 | |
| (-) Debt | (2,301) | (1,631) | (4,731) | (472) | (18,696) | (11,255) | |
| (-) Other Liabilities | (2,607) | (50) | 0 | 0 | (5,169) | (11,390) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 12,452 | 20,077 | 285,367 | 1,080 | 42,302 | 48,658 | |
| (/) Shares Outstanding | 2,253.3 | 554.9 | 1,621.4 | 130.6 | 1,944.0 | 3,884.6 | |
| Implied Stock Price | 5.53 | 36.18 | 176.00 | 8.27 | 21.76 | 12.53 | |
| FX Conversion Rate to Trading Currency | 0.13 | 1.00 | 1.00 | 1.16 | 1.00 | 0.14 | |
| Implied Stock Price (Trading Cur) | 43.38 | 36.18 | 176.00 | 7.14 | 21.76 | 90.00 | |
| Trading Currency | HKD | USD | USD | EUR | CNY | CNY | |
| FX Rate to Reporting Currency | 0.13 | 1.00 | 1.00 | 1.16 | 1.00 | 0.14 | |