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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 8,8x - 9,7x | 9,3x |
Selected Fwd EBIT Multiple | 8,4x - 9,3x | 8,8x |
Fair Value | NT$ 157,75 - NT$ 170,49 | NT$ 164,12 |
Upside | 6,2% - 14,8% | 10,5% |
Benchmarks | Ticker | Full Ticker |
Everspring Industry Co., Ltd. | 2390 | TWSE:2390 |
T-Conn Precision Corporation | 6833 | TPEX:6833 |
Transtouch Technology Inc. | 3623 | TPEX:3623 |
WT Microelectronics Co., Ltd. | 3036 | TWSE:3036 |
Cheng Mei Materials Technology Corporation | 4960 | TWSE:4960 |
Argosy Research Inc. | 3217 | TPEX:3217 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
2390 | 6833 | 3623 | 3036 | 4960 | 3217 | ||
TWSE:2390 | TPEX:6833 | TPEX:3623 | TWSE:3036 | TWSE:4960 | TPEX:3217 | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | 23.8% | NM- | 14.3% | |
3Y CAGR | NM- | NM- | NM- | 13.1% | NM- | 10.4% | |
Latest Twelve Months | 93.2% | 27.0% | -61.9% | 95.1% | -84.2% | 35.7% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -13.3% | 0.8% | -11.2% | 1.8% | -2.5% | 26.8% | |
Prior Fiscal Year | -2.2% | -4.5% | -4.7% | 1.4% | -5.8% | 27.5% | |
Latest Fiscal Year | -1.4% | -3.8% | -16.7% | 1.6% | -6.4% | 30.4% | |
Latest Twelve Months | -0.2% | -3.8% | -15.5% | 1.7% | -8.1% | 31.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.70x | 1.46x | 0.98x | 0.18x | 0.90x | 2.71x | |
EV / LTM EBITDA | 20.4x | 196.9x | -7.8x | 10.1x | -24.6x | 7.6x | |
EV / LTM EBIT | -329.0x | -38.0x | -6.3x | 10.6x | -11.1x | 8.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -329.0x | -11.1x | 10.6x | ||||
Historical EV / LTM EBIT | 7.9x | 11.0x | 18.5x | ||||
Selected EV / LTM EBIT | 8.8x | 9.3x | 9.7x | ||||
(x) LTM EBIT | 1,187 | 1,187 | 1,187 | ||||
(=) Implied Enterprise Value | 10,461 | 11,012 | 11,562 | ||||
(-) Non-shareholder Claims * | 3,303 | 3,303 | 3,303 | ||||
(=) Equity Value | 13,765 | 14,315 | 14,866 | ||||
(/) Shares Outstanding | 90.0 | 90.0 | 90.0 | ||||
Implied Value Range | 152.99 | 159.11 | 165.23 | ||||
FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 152.99 | 159.11 | 165.23 | 148.50 | |||
Upside / (Downside) | 3.0% | 7.1% | 11.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 2390 | 6833 | 3623 | 3036 | 4960 | 3217 | |
Enterprise Value | 518 | 1,317 | 259 | 183,096 | 8,230 | 10,057 | |
(+) Cash & Short Term Investments | 1,021 | 400 | 173 | 43,867 | 3,443 | 2,063 | |
(+) Investments & Other | 540 | 0 | 119 | 10,894 | 598 | 1,253 | |
(-) Debt | (206) | (367) | (29) | (93,840) | (4,576) | (13) | |
(-) Other Liabilities | 0 | 0 | 0 | (269) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | (1,350) | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,872 | 1,349 | 522 | 142,399 | 7,695 | 13,361 | |
(/) Shares Outstanding | 173.4 | 50.0 | 29.2 | 1,121.3 | 563.8 | 90.0 | |
Implied Stock Price | 10.80 | 27.00 | 17.90 | 127.00 | 13.65 | 148.50 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 10.80 | 27.00 | 17.90 | 127.00 | 13.65 | 148.50 | |
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 |