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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5,2x - 5,7x | 5,4x |
| Selected Fwd EBITDA Multiple | 3,9x - 4,3x | 4,1x |
| Fair Value | NT$ 39,15 - NT$ 41,33 | NT$ 40,24 |
| Upside | 4,4% - 10,2% | 7,3% |
| Benchmarks | Ticker | Full Ticker |
| Higgstec Inc. | 5220 | TPEX:5220 |
| TAI-TECH Advanced Electronics Co., Ltd. | 3357 | TPEX:3357 |
| Aker Technology Co., Ltd | 6174 | TPEX:6174 |
| Optimax Technology Corporation | 3051 | TWSE:3051 |
| Unitech Electronics Co., Ltd. | 3652 | TWSE:3652 |
| Kingstate Electronics Corp. | 3206 | TPEX:3206 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 5220 | 3357 | 6174 | 3051 | 3652 | 3206 | ||
| TPEX:5220 | TPEX:3357 | TPEX:6174 | TWSE:3051 | TWSE:3652 | TPEX:3206 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -24.7% | 7.4% | -6.1% | -0.8% | 22.6% | 4.4% | |
| 3Y CAGR | -44.1% | -13.6% | -34.1% | 1.9% | -5.2% | 14.6% | |
| Latest Twelve Months | -41.0% | 38.9% | 50.7% | 24.2% | 139.2% | -29.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 14.6% | 25.2% | 15.9% | 15.4% | 3.9% | 7.3% | |
| Prior Fiscal Year | 9.1% | 22.0% | 10.5% | 13.8% | 2.6% | 9.9% | |
| Latest Fiscal Year | 5.1% | 20.2% | 8.1% | 22.5% | 3.9% | 7.4% | |
| Latest Twelve Months | 4.9% | 20.5% | 10.2% | 22.1% | 4.7% | 6.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.04x | 1.52x | 2.00x | 2.92x | 0.55x | 0.31x | |
| EV / LTM EBITDA | 21.2x | 7.4x | 19.7x | 13.2x | 11.7x | 4.6x | |
| EV / LTM EBIT | -117.1x | 13.6x | 236.9x | 15.8x | 15.8x | 5.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.4x | 13.2x | 21.2x | ||||
| Historical EV / LTM EBITDA | 4.5x | 4.9x | 8.6x | ||||
| Selected EV / LTM EBITDA | 5.2x | 5.4x | 5.7x | ||||
| (x) LTM EBITDA | 245 | 245 | 245 | ||||
| (=) Implied Enterprise Value | 1,262 | 1,328 | 1,395 | ||||
| (-) Non-shareholder Claims * | 1,083 | 1,083 | 1,083 | ||||
| (=) Equity Value | 2,345 | 2,411 | 2,478 | ||||
| (/) Shares Outstanding | 58.9 | 58.9 | 58.9 | ||||
| Implied Value Range | 39.80 | 40.93 | 42.05 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 39.80 | 40.93 | 42.05 | 37.50 | |||
| Upside / (Downside) | 6.1% | 9.1% | 12.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 5220 | 3357 | 6174 | 3051 | 3652 | 3206 | |
| Enterprise Value | 732 | 8,674 | 1,011 | 5,634 | 1,358 | 1,127 | |
| (+) Cash & Short Term Investments | 333 | 2,211 | 103 | 261 | 972 | 1,243 | |
| (+) Investments & Other | 0 | 2,789 | 49 | 150 | 30 | 34 | |
| (-) Debt | (292) | (2,987) | (121) | (1,094) | (67) | (26) | |
| (-) Other Liabilities | 0 | (128) | 0 | 0 | (3) | (169) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 774 | 10,561 | 1,043 | 4,950 | 2,290 | 2,209 | |
| (/) Shares Outstanding | 39.7 | 102.0 | 50.0 | 165.0 | 75.1 | 58.9 | |
| Implied Stock Price | 19.50 | 103.50 | 20.85 | 30.00 | 30.50 | 37.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 19.50 | 103.50 | 20.85 | 30.00 | 30.50 | 37.50 | |
| 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 | |