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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 2,6x - 2,9x | 2,7x |
| Selected Fwd EBITDA Multiple | 3,7x - 4,1x | 3,9x |
| Fair Value | €1,74 - €1,83 | €1,78 |
| Upside | 34,4% - 41,8% | 38,1% |
| Benchmarks | Ticker | Full Ticker |
| Yang Ming Marine Transport Corporation | 2609 | TWSE:2609 |
| Evergreen Marine Corporation (Taiwan) Ltd. | 2603 | TWSE:2603 |
| ZIM Integrated Shipping Services Ltd. | 2SV | DB:2SV |
| A.P. Møller - Mærsk A/S | AMKB.F | OTCPK:AMKB.F |
| Hapag-Lloyd Aktiengesellschaft | HLAG | DB:HLAG |
| COSCO SHIPPING Holdings Co., Ltd. | C6G | DB:C6G |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 2609 | 2603 | 2SV | AMKB.F | HLAG | C6G | ||
| TWSE:2609 | TWSE:2603 | DB:2SV | OTCPK:AMKB.F | DB:HLAG | DB:C6G | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 74.4% | 68.6% | 48.1% | 15.3% | 19.0% | 41.0% | |
| 3Y CAGR | -28.7% | -15.4% | -27.0% | -25.7% | -29.7% | -21.0% | |
| Latest Twelve Months | 1206.6% | 243.5% | 793.8% | 41.9% | 3.2% | 120.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 34.2% | 38.2% | 29.3% | 24.2% | 30.0% | 26.9% | |
| Prior Fiscal Year | 4.1% | 18.8% | -7.2% | 12.5% | 19.0% | 17.1% | |
| Latest Fiscal Year | 34.1% | 38.6% | 30.4% | 16.3% | 18.3% | 28.3% | |
| Latest Twelve Months | 34.1% | 38.6% | 30.4% | 16.3% | 18.3% | 28.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.41x | 0.76x | 0.53x | 0.29x | 1.21x | 0.30x | |
| EV / LTM EBITDA | 1.2x | 2.0x | 1.7x | 1.8x | 6.6x | 1.1x | |
| EV / LTM EBIT | 1.3x | 2.3x | 1.8x | 2.7x | 9.2x | 1.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.2x | 1.8x | 6.6x | ||||
| Historical EV / LTM EBITDA | -0.1x | 1.1x | 15.6x | ||||
| Selected EV / LTM EBITDA | 2.6x | 2.7x | 2.9x | ||||
| (x) LTM EBITDA | 66,166 | 66,166 | 66,166 | ||||
| (=) Implied Enterprise Value | 171,160 | 180,168 | 189,177 | ||||
| (-) Non-shareholder Claims * | 136,764 | 136,764 | 136,764 | ||||
| (=) Equity Value | 307,924 | 316,933 | 325,941 | ||||
| (/) Shares Outstanding | 19,859.2 | 19,859.2 | 19,859.2 | ||||
| Implied Value Range | 15.51 | 15.96 | 16.41 | ||||
| FX Rate: CNY/EUR | 8.3 | 8.3 | 8.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.87 | 1.92 | 1.98 | 1.29 | |||
| Upside / (Downside) | 44.4% | 48.7% | 52.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2609 | 2603 | 2SV | AMKB.F | HLAG | C6G | |
| Enterprise Value | 87,889 | 348,381 | 4,450 | 16,176 | 21,716 | 76,411 | |
| (+) Cash & Short Term Investments | 226,499 | 261,886 | 2,115 | 24,035 | 7,513 | 185,170 | |
| (+) Investments & Other | 25,997 | 42,784 | 1,106 | 2,104 | 1,476 | 78,207 | |
| (-) Debt | (86,433) | (169,769) | (6,030) | (16,477) | (6,608) | (76,222) | |
| (-) Other Liabilities | (775) | (22,127) | (6) | (1,030) | (69) | (50,391) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 253,178 | 461,154 | 1,636 | 24,808 | 24,026 | 213,176 | |
| (/) Shares Outstanding | 3,492.1 | 2,165.0 | 120.5 | 15.5 | 175.8 | 19,859.2 | |
| Implied Stock Price | 72.50 | 213.00 | 13.58 | 1,598.38 | 136.70 | 10.73 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.14 | 1.00 | 1.00 | 8.31 | |
| Implied Stock Price (Trading Cur) | 72.50 | 213.00 | 11.94 | 1,598.38 | 136.70 | 1.29 | |
| Trading Currency | TWD | TWD | EUR | USD | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.14 | 1.00 | 1.00 | 8.31 | |