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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 14,5x - 16,0x | 15,3x |
Selected Fwd EBIT Multiple | 13,5x - 14,9x | 14,2x |
Fair Value | NT$ 43,32 - NT$ 47,76 | NT$ 45,54 |
Upside | -0,6% - 9,5% | 4,5% |
Benchmarks | Ticker | Full Ticker |
Waffer Technology Corporation | 6235 | TWSE:6235 |
Kaori Heat Treatment Co., Ltd. | 8996 | TWSE:8996 |
Taiwan Benefit Company | 3379 | TPEX:3379 |
Kinik Company | 1560 | TWSE:1560 |
Cheng Fwa Industrial Co., Ltd. | 5426 | TPEX:5426 |
Kenturn Nano. Tec. Co., Ltd. | 4561 | TPEX:4561 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
6235 | 8996 | 3379 | 1560 | 5426 | 4561 | ||
TWSE:6235 | TWSE:8996 | TPEX:3379 | TWSE:1560 | TPEX:5426 | TPEX:4561 | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 25.9% | NM- | 11.4% | NM- | 31.4% | |
3Y CAGR | 73.1% | 41.1% | 130.4% | 7.4% | NM- | 3.2% | |
Latest Twelve Months | -39.5% | 8.6% | 247.1% | 13.0% | 406.1% | -34.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 7.4% | 12.5% | -6.1% | 16.4% | -0.2% | 13.6% | |
Prior Fiscal Year | 15.8% | 16.4% | -3.7% | 15.5% | -1.4% | 17.2% | |
Latest Fiscal Year | 10.8% | 16.2% | 1.8% | 16.5% | 1.7% | 17.5% | |
Latest Twelve Months | 9.6% | 16.6% | 3.0% | 16.3% | 5.4% | 14.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.05x | 6.55x | 1.73x | 6.88x | 1.47x | 2.15x | |
EV / LTM EBITDA | 11.5x | 32.0x | 46.0x | 28.3x | 13.8x | 10.3x | |
EV / LTM EBIT | 21.4x | 39.5x | 57.4x | 42.1x | 27.5x | 14.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 21.4x | 39.5x | 57.4x | ||||
Historical EV / LTM EBIT | 9.1x | 13.1x | 39.2x | ||||
Selected EV / LTM EBIT | 14.5x | 15.3x | 16.0x | ||||
(x) LTM EBIT | 164 | 164 | 164 | ||||
(=) Implied Enterprise Value | 2,379 | 2,504 | 2,629 | ||||
(-) Non-shareholder Claims * | 69 | 69 | 69 | ||||
(=) Equity Value | 2,448 | 2,573 | 2,698 | ||||
(/) Shares Outstanding | 58.5 | 58.5 | 58.5 | ||||
Implied Value Range | 41.82 | 43.96 | 46.10 | ||||
FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 41.82 | 43.96 | 46.10 | 43.60 | |||
Upside / (Downside) | -4.1% | 0.8% | 5.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 6235 | 8996 | 3379 | 1560 | 5426 | 4561 | |
Enterprise Value | 11,786 | 27,779 | 2,251 | 49,999 | 2,454 | 2,482 | |
(+) Cash & Short Term Investments | 838 | 1,227 | 370 | 2,202 | 1,001 | 665 | |
(+) Investments & Other | 0 | 123 | 140 | 893 | 0 | 0 | |
(-) Debt | (2,270) | (1,413) | (11) | (2,111) | (42) | (596) | |
(-) Other Liabilities | 0 | 0 | 0 | (302) | (6) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 10,355 | 27,716 | 2,750 | 50,682 | 3,408 | 2,552 | |
(/) Shares Outstanding | 199.9 | 91.5 | 38.0 | 146.3 | 143.8 | 58.5 | |
Implied Stock Price | 51.80 | 303.00 | 72.30 | 346.50 | 23.70 | 43.60 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 51.80 | 303.00 | 72.30 | 346.50 | 23.70 | 43.60 | |
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 |