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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15,1x - 16,7x | 15,9x |
| Selected Fwd EBIT Multiple | 11,8x - 13,0x | 12,4x |
| Fair Value | $16,83 - $18,47 | $17,65 |
| Upside | 2,9% - 12,9% | 7,9% |
| Benchmarks | Ticker | Full Ticker |
| King Yuan Electronics Co., Ltd. | 2449 | TWSE:2449 |
| Niko Semiconductor Co., Ltd. | 3317 | TPEX:3317 |
| Amazing Microelectronic Corp. | 6411 | TPEX:6411 |
| Sinopower Semiconductor, Inc. | 6435 | TPEX:6435 |
| WIN Semiconductors Corp. | 3105 | TPEX:3105 |
| Taiwan Semiconductor Manufacturing Company Limited | TSMW.F | OTCPK:TSMW.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2449 | 3317 | 6411 | 6435 | 3105 | TSMW.F | ||
| TWSE:2449 | TPEX:3317 | TPEX:6411 | TPEX:6435 | TPEX:3105 | OTCPK:TSMW.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.8% | -1.9% | -10.2% | 2.9% | -31.5% | 28.6% | |
| 3Y CAGR | -2.2% | -20.3% | -33.0% | -22.6% | -49.3% | 26.7% | |
| Latest Twelve Months | 18.9% | -0.7% | -1.1% | 65.0% | -44.0% | 57.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 21.0% | 12.0% | 17.3% | 11.1% | 14.1% | 44.0% | |
| Prior Fiscal Year | 21.9% | 10.8% | 14.4% | 5.6% | -0.8% | 42.6% | |
| Latest Fiscal Year | 23.0% | 9.2% | 12.5% | 8.5% | 4.8% | 45.7% | |
| Latest Twelve Months | 22.7% | 9.7% | 11.8% | 9.3% | 2.3% | 47.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.73x | 0.75x | 1.46x | 1.13x | 2.07x | 7.48x | |
| EV / LTM EBITDA | 8.1x | 6.6x | 11.2x | 10.7x | 7.1x | 10.9x | |
| EV / LTM EBIT | 16.4x | 7.7x | 12.4x | 12.0x | 89.8x | 15.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.7x | 12.4x | 89.8x | ||||
| Historical EV / LTM EBIT | 11.2x | 23.1x | 24.9x | ||||
| Selected EV / LTM EBIT | 15.1x | 15.9x | 16.7x | ||||
| (x) LTM EBIT | 1,481,266 | 1,481,266 | 1,481,266 | ||||
| (=) Implied Enterprise Value | 22,385,108 | 23,563,272 | 24,741,436 | ||||
| (-) Non-shareholder Claims * | 1,745,334 | 1,745,334 | 1,745,334 | ||||
| (=) Equity Value | 24,130,442 | 25,308,606 | 26,486,770 | ||||
| (/) Shares Outstanding | 49,216.5 | 49,216.5 | 49,216.5 | ||||
| Implied Value Range | 490.29 | 514.23 | 538.17 | ||||
| FX Rate: TWD/USD | 29.9 | 29.9 | 29.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 16.38 | 17.18 | 17.98 | 16.36 | |||
| Upside / (Downside) | 0.2% | 5.0% | 9.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2449 | 3317 | 6411 | 6435 | 3105 | TSMW.F | |
| Enterprise Value | 105,070 | 1,941 | 4,025 | 3,300 | 34,354 | 22,347,830 | |
| (+) Cash & Short Term Investments | 20,001 | 1,651 | 3,065 | 404 | 5,759 | 2,703,031 | |
| (+) Investments & Other | 6,056 | 92 | 392 | 201 | 17,664 | 160,793 | |
| (-) Debt | (12,511) | (9) | (7) | (8) | (20,488) | (1,081,028) | |
| (-) Other Liabilities | (9) | (99) | (121) | 0 | (958) | (37,462) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 118,606 | 3,576 | 7,355 | 3,898 | 36,332 | 24,093,164 | |
| (/) Shares Outstanding | 1,222.7 | 81.0 | 99.3 | 37.5 | 423.9 | 49,216.5 | |
| Implied Stock Price | 97.00 | 44.15 | 74.10 | 104.00 | 85.70 | 489.53 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 29.93 | |
| Implied Stock Price (Trading Cur) | 97.00 | 44.15 | 74.10 | 104.00 | 85.70 | 16.36 | |
| Trading Currency | TWD | TWD | TWD | TWD | TWD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 29.93 | |