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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7,1x - 7,8x | 7,5x |
| Selected Fwd EBIT Multiple | 7,2x - 8,0x | 7,6x |
| Fair Value | NT$ 120,86 - NT$ 127,53 | NT$ 124,19 |
| Upside | 9,4% - 15,4% | 12,4% |
| Benchmarks | Ticker | Full Ticker |
| Getac Holdings Corporation | 3005 | TWSE:3005 |
| Acer Incorporated | 2353 | TWSE:2353 |
| Dell Technologies Inc. | DELL | NYSE:DELL |
| Shuttle Inc. | 2405 | TWSE:2405 |
| Kinpo Electronics, Inc. | 2312 | TWSE:2312 |
| Mildef Crete Inc. | 3213 | TPEX:3213 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 3005 | 2353 | DELL | 2405 | 2312 | 3213 | ||
| TWSE:3005 | TWSE:2353 | NYSE:DELL | TWSE:2405 | TWSE:2312 | TPEX:3213 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 11.8% | 9.4% | 18.3% | NM- | 28.5% | 11.0% | |
| 3Y CAGR | 25.8% | -29.9% | 13.1% | NM- | 52.1% | 18.7% | |
| Latest Twelve Months | 21.5% | 7.7% | 23.9% | -192.7% | 39.4% | -20.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.0% | 2.7% | 5.6% | 0.3% | 1.5% | 14.5% | |
| Prior Fiscal Year | 11.4% | 1.8% | 6.9% | -1.2% | 1.9% | 19.4% | |
| Latest Fiscal Year | 14.6% | 1.8% | 7.3% | -3.0% | 2.7% | 19.0% | |
| Latest Twelve Months | 14.7% | 1.9% | 7.4% | -3.5% | 2.6% | 19.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.75x | 0.25x | 0.99x | 2.93x | 0.35x | 1.09x | |
| EV / LTM EBITDA | 9.8x | 10.9x | 9.7x | -133.6x | 8.4x | 5.2x | |
| EV / LTM EBIT | 11.9x | 12.8x | 13.4x | -82.9x | 13.5x | 5.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -82.9x | 12.8x | 13.5x | ||||
| Historical EV / LTM EBIT | 5.3x | 6.1x | 8.1x | ||||
| Selected EV / LTM EBIT | 7.1x | 7.5x | 7.8x | ||||
| (x) LTM EBIT | 560 | 560 | 560 | ||||
| (=) Implied Enterprise Value | 3,978 | 4,187 | 4,396 | ||||
| (-) Non-shareholder Claims * | 3,374 | 3,374 | 3,374 | ||||
| (=) Equity Value | 7,352 | 7,561 | 7,771 | ||||
| (/) Shares Outstanding | 58.7 | 58.7 | 58.7 | ||||
| Implied Value Range | 125.28 | 128.85 | 132.41 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 125.28 | 128.85 | 132.41 | 110.50 | |||
| Upside / (Downside) | 13.4% | 16.6% | 19.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3005 | 2353 | DELL | 2405 | 2312 | 3213 | |
| Enterprise Value | 63,979 | 65,618 | 95,541 | 4,858 | 60,167 | 3,110 | |
| (+) Cash & Short Term Investments | 14,101 | 48,830 | 7,700 | 983 | 18,400 | 3,380 | |
| (+) Investments & Other | 3,387 | 25,545 | 1,591 | 278 | 11,277 | 93 | |
| (-) Debt | (3,560) | (28,339) | (28,781) | (250) | (42,916) | (73) | |
| (-) Other Liabilities | (2,550) | (7,340) | 0 | (133) | (14,578) | (26) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 75,356 | 104,315 | 76,051 | 5,735 | 32,351 | 6,485 | |
| (/) Shares Outstanding | 620.2 | 3,006.2 | 683.5 | 343.4 | 1,504.7 | 58.7 | |
| Implied Stock Price | 121.50 | 34.70 | 111.27 | 16.70 | 21.50 | 110.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 121.50 | 34.70 | 111.27 | 16.70 | 21.50 | 110.50 | |
| Trading Currency | TWD | TWD | USD | TWD | TWD | TWD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |