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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8,6x - 9,5x | 9,0x |
| Selected Fwd EBITDA Multiple | 3,7x - 4,1x | 3,9x |
| Fair Value | NT$ 19,15 - NT$ 22,47 | NT$ 20,81 |
| Upside | 15,7% - 35,7% | 25,7% |
| Benchmarks | Ticker | Full Ticker |
| De Licacy Industrial Co., Ltd. | 1464 | TWSE:1464 |
| Yi Jinn Industrial Co., Ltd. | 1457 | TWSE:1457 |
| Chyang Sheng Texing Co., Ltd. | 1463 | TWSE:1463 |
| Formosa Taffeta Co., Ltd. | 1434 | TWSE:1434 |
| Shinkong Textile Co., Ltd. | 1419 | TWSE:1419 |
| Toung Loong Textile Mfg.Co.,Ltd. | 4401 | TPEX:4401 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 1464 | 1457 | 1463 | 1434 | 1419 | 4401 | ||
| TWSE:1464 | TWSE:1457 | TWSE:1463 | TWSE:1434 | TWSE:1419 | TPEX:4401 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.1% | -4.0% | 2.0% | -13.4% | 20.1% | -6.3% | |
| 3Y CAGR | 10.4% | -11.7% | 16.8% | -11.9% | 26.2% | -17.5% | |
| Latest Twelve Months | 349.5% | 60.5% | 1350.5% | 35.4% | 42.2% | 29.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.4% | 9.5% | 4.9% | 6.8% | 12.1% | 13.3% | |
| Prior Fiscal Year | 4.1% | 6.1% | -3.3% | 5.2% | 13.6% | 11.9% | |
| Latest Fiscal Year | 10.4% | 10.2% | 9.0% | 6.6% | 13.3% | 11.3% | |
| Latest Twelve Months | 11.4% | 10.5% | 19.7% | 6.7% | 13.9% | 11.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.98x | 4.02x | 0.77x | 0.25x | 2.76x | 0.89x | |
| EV / LTM EBITDA | 8.7x | 38.3x | 3.9x | 3.7x | 19.8x | 7.9x | |
| EV / LTM EBIT | 14.6x | 80.3x | 4.8x | 9.6x | 23.9x | 25.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.7x | 8.7x | 38.3x | ||||
| Historical EV / LTM EBITDA | 7.1x | 9.4x | 15.0x | ||||
| Selected EV / LTM EBITDA | 8.6x | 9.0x | 9.5x | ||||
| (x) LTM EBITDA | 453 | 453 | 453 | ||||
| (=) Implied Enterprise Value | 3,898 | 4,103 | 4,309 | ||||
| (-) Non-shareholder Claims * | (1,515) | (1,515) | (1,515) | ||||
| (=) Equity Value | 2,383 | 2,588 | 2,793 | ||||
| (/) Shares Outstanding | 122.7 | 122.7 | 122.7 | ||||
| Implied Value Range | 19.42 | 21.10 | 22.77 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 19.42 | 21.10 | 22.77 | 16.55 | |||
| Upside / (Downside) | 17.4% | 27.5% | 37.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1464 | 1457 | 1463 | 1434 | 1419 | 4401 | |
| Enterprise Value | 12,569 | 13,525 | 921 | 6,731 | 11,917 | 3,546 | |
| (+) Cash & Short Term Investments | 2,303 | 1,654 | 1,953 | 4,568 | 2,435 | 882 | |
| (+) Investments & Other | 620 | 450 | 655 | 25,778 | 7,860 | 178 | |
| (-) Debt | (9,540) | (8,127) | (3) | (11,419) | (4,557) | (2,519) | |
| (-) Other Liabilities | (857) | (3,450) | (140) | 0 | 0 | (55) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,095 | 4,052 | 3,388 | 25,658 | 17,655 | 2,031 | |
| (/) Shares Outstanding | 405.9 | 233.5 | 171.5 | 1,682.5 | 299.2 | 122.7 | |
| Implied Stock Price | 12.55 | 17.35 | 19.75 | 15.25 | 59.00 | 16.55 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.55 | 17.35 | 19.75 | 15.25 | 59.00 | 16.55 | |
| 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 | |