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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 17,9x - 19,8x | 18,8x |
Selected Fwd EBITDA Multiple | 14,6x - 16,1x | 15,3x |
Fair Value | NT$ 73,77 - NT$ 88,82 | NT$ 81,29 |
Upside | -19,4% - -2,9% | -11,2% |
Benchmarks | Ticker | Full Ticker |
Acer Gaming Inc. | 6908 | TPEX:6908 |
Tsann Kuen Enterprise Co.,Ltd | 2430 | TWSE:2430 |
Scan-D Corporation | 6195 | TPEX:6195 |
National Petroleum Co., Ltd. | 9937 | TWSE:9937 |
Senao International Co.,Ltd. | 2450 | TWSE:2450 |
Zhen Yu Hardware Co., Ltd. | 2947 | TPEX:2947 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
6908 | 2430 | 6195 | 9937 | 2450 | 2947 | ||
TPEX:6908 | TWSE:2430 | TPEX:6195 | TWSE:9937 | TWSE:2450 | TPEX:2947 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | -1.4% | -3.7% | 2.2% | 4.7% | 4.0% | |
3Y CAGR | 22.2% | -21.7% | -25.0% | -1.1% | -7.5% | -4.2% | |
Latest Twelve Months | -40.7% | -11.4% | -26.6% | -6.3% | -21.0% | 22.1% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 1.6% | 3.3% | 11.0% | 4.3% | 1.5% | 8.8% | |
Prior Fiscal Year | 3.2% | 2.8% | 7.5% | 4.1% | 1.5% | 6.6% | |
Latest Fiscal Year | 2.1% | 2.5% | 6.2% | 4.1% | 1.4% | 7.6% | |
Latest Twelve Months | 2.1% | 2.3% | 5.9% | 4.0% | 1.2% | 7.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.52x | 0.35x | 1.30x | 0.85x | 0.15x | 1.54x | |
EV / LTM EBITDA | 25.3x | 15.1x | 22.2x | 21.0x | 12.2x | 19.7x | |
EV / LTM EBIT | 521.3x | 25.3x | 29.2x | 26.6x | 14.3x | 34.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 12.2x | 21.0x | 25.3x | ||||
Historical EV / LTM EBITDA | 16.9x | 18.9x | 24.3x | ||||
Selected EV / LTM EBITDA | 17.9x | 18.8x | 19.8x | ||||
(x) LTM EBITDA | 173 | 173 | 173 | ||||
(=) Implied Enterprise Value | 3,098 | 3,261 | 3,424 | ||||
(-) Non-shareholder Claims * | (1,467) | (1,467) | (1,467) | ||||
(=) Equity Value | 1,631 | 1,794 | 1,957 | ||||
(/) Shares Outstanding | 21.2 | 21.2 | 21.2 | ||||
Implied Value Range | 76.95 | 84.64 | 92.33 | ||||
FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 76.95 | 84.64 | 92.33 | 91.50 | |||
Upside / (Downside) | -15.9% | -7.5% | 0.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 6908 | 2430 | 6195 | 9937 | 2450 | 2947 | |
Enterprise Value | 2,236 | 6,551 | 2,969 | 20,138 | 4,653 | 3,406 | |
(+) Cash & Short Term Investments | 1,453 | 1,493 | 189 | 2,344 | 1,481 | 197 | |
(+) Investments & Other | 48 | 54 | 0 | 183 | 2,063 | 0 | |
(-) Debt | (1,044) | (5,207) | (1,756) | (2,298) | (634) | (1,664) | |
(-) Other Liabilities | (733) | 0 | (4) | 0 | (9) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,960 | 2,891 | 1,398 | 20,366 | 7,554 | 1,939 | |
(/) Shares Outstanding | 35.0 | 116.8 | 50.2 | 309.0 | 258.3 | 21.2 | |
Implied Stock Price | 56.00 | 24.75 | 27.85 | 65.90 | 29.25 | 91.50 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 56.00 | 24.75 | 27.85 | 65.90 | 29.25 | 91.50 | |
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 |