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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 13,7x - 15,1x | 14,4x |
Selected Fwd EBIT Multiple | 9,0x - 10,0x | 9,5x |
Fair Value | NT$ 107,07 - NT$ 116,72 | NT$ 111,90 |
Upside | 15,6% - 26,0% | 20,8% |
Benchmarks | Ticker | Full Ticker |
King Core Electronics Inc. | 6155 | TWSE:6155 |
Arlitech Electronic Corp. | 6432 | TPEX:6432 |
ABC Taiwan Electronics Corp. | 3236 | TPEX:3236 |
Delta Electronics, Inc. | 2308 | TWSE:2308 |
Thinking Electronic Industrial Co., Ltd. | 2428 | TWSE:2428 |
TAI-TECH Advanced Electronics Co., Ltd. | 3357 | TPEX:3357 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
6155 | 6432 | 3236 | 2308 | 2428 | 3357 | ||
TWSE:6155 | TPEX:6432 | TPEX:3236 | TWSE:2308 | TWSE:2428 | TPEX:3357 | ||
Historical EBIT Growth | |||||||
5Y CAGR | -30.3% | -16.0% | NM- | 19.8% | 4.1% | 2.4% | |
3Y CAGR | -60.5% | -41.4% | NM- | 15.1% | -5.8% | -24.8% | |
Latest Twelve Months | 320.9% | 93.4% | 121.3% | 36.1% | 18.1% | 87.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 7.2% | 4.9% | 4.0% | 10.6% | 25.0% | 16.5% | |
Prior Fiscal Year | 1.3% | 1.8% | 1.8% | 10.2% | 22.5% | 10.5% | |
Latest Fiscal Year | 1.4% | 2.4% | -1.1% | 11.3% | 23.6% | 10.3% | |
Latest Twelve Months | 4.1% | 3.1% | 0.5% | 12.1% | 23.6% | 11.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.03x | 0.50x | 1.09x | 2.58x | 1.52x | 1.35x | |
EV / LTM EBITDA | 23.8x | 8.3x | 11.0x | 14.6x | 5.3x | 6.6x | |
EV / LTM EBIT | 48.9x | 16.1x | 226.4x | 21.3x | 6.5x | 12.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 6.5x | 21.3x | 226.4x | ||||
Historical EV / LTM EBIT | 7.2x | 10.8x | 22.2x | ||||
Selected EV / LTM EBIT | 13.7x | 14.4x | 15.1x | ||||
(x) LTM EBIT | 659 | 659 | 659 | ||||
(=) Implied Enterprise Value | 9,027 | 9,502 | 9,977 | ||||
(-) Non-shareholder Claims * | 1,575 | 1,575 | 1,575 | ||||
(=) Equity Value | 10,602 | 11,077 | 11,552 | ||||
(/) Shares Outstanding | 102.0 | 102.0 | 102.0 | ||||
Implied Value Range | 103.90 | 108.56 | 113.22 | ||||
FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 103.90 | 108.56 | 113.22 | 92.60 | |||
Upside / (Downside) | 12.2% | 17.2% | 22.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 6155 | 6432 | 3236 | 2308 | 2428 | 3357 | |
Enterprise Value | 1,216 | 542 | 2,041 | 1,158,412 | 11,821 | 7,874 | |
(+) Cash & Short Term Investments | 742 | 523 | 735 | 144,160 | 5,049 | 2,211 | |
(+) Investments & Other | 555 | 79 | 32 | 3,847 | 1,496 | 2,789 | |
(-) Debt | (528) | (280) | (1,112) | (80,427) | (1,336) | (3,298) | |
(-) Other Liabilities | 0 | 0 | 0 | (54,500) | (119) | (128) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,985 | 864 | 1,696 | 1,171,492 | 16,911 | 9,448 | |
(/) Shares Outstanding | 87.8 | 32.2 | 105.0 | 2,597.5 | 128.1 | 102.0 | |
Implied Stock Price | 22.60 | 26.80 | 16.15 | 451.00 | 132.00 | 92.60 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 22.60 | 26.80 | 16.15 | 451.00 | 132.00 | 92.60 | |
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 |