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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18,8x - 20,8x | 19,8x |
| Selected Fwd EBIT Multiple | 17,0x - 18,8x | 17,9x |
| Fair Value | NT$ 120,84 - NT$ 130,77 | NT$ 125,81 |
| Upside | 9,9% - 18,9% | 14,4% |
| Benchmarks | Ticker | Full Ticker |
| Acer Gaming Inc. | 6908 | TPEX:6908 |
| Mister International Enterprise Corp. | 2941 | TPEX:2941 |
| Tsann Kuen Enterprise Co.,Ltd | 2430 | TWSE:2430 |
| Scan-D Corporation | 6195 | TPEX:6195 |
| National Petroleum Co., Ltd. | 9937 | TWSE:9937 |
| Formosa Optical Technology Co.,Ltd. | 5312 | TPEX:5312 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 6908 | 2941 | 2430 | 6195 | 9937 | 5312 | ||
| TPEX:6908 | TPEX:2941 | TWSE:2430 | TPEX:6195 | TWSE:9937 | TPEX:5312 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | -4.6% | -1.1% | 0.9% | 14.9% | |
| 3Y CAGR | -55.1% | 45.4% | -29.5% | -27.3% | -1.8% | 69.6% | |
| Latest Twelve Months | -110.0% | -17.7% | -15.8% | 4.9% | -8.3% | -0.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.7% | 8.5% | 2.4% | 9.0% | 3.5% | 5.9% | |
| Prior Fiscal Year | 1.7% | 9.9% | 1.8% | 6.1% | 3.3% | 8.5% | |
| Latest Fiscal Year | 0.1% | 7.5% | 1.5% | 4.8% | 3.2% | 8.4% | |
| Latest Twelve Months | -0.1% | 6.1% | 1.3% | 5.2% | 3.2% | 7.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.60x | 0.99x | 0.36x | 1.32x | 0.87x | 1.30x | |
| EV / LTM EBITDA | 31.9x | 10.6x | 16.6x | 20.0x | 21.4x | 10.4x | |
| EV / LTM EBIT | -586.0x | 16.3x | 28.7x | 25.2x | 27.1x | 16.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -586.0x | 25.2x | 28.7x | ||||
| Historical EV / LTM EBIT | 9.9x | 19.5x | 737.6x | ||||
| Selected EV / LTM EBIT | 18.8x | 19.8x | 20.8x | ||||
| (x) LTM EBIT | 313 | 313 | 313 | ||||
| (=) Implied Enterprise Value | 5,890 | 6,200 | 6,510 | ||||
| (-) Non-shareholder Claims * | 1,594 | 1,594 | 1,594 | ||||
| (=) Equity Value | 7,484 | 7,794 | 8,104 | ||||
| (/) Shares Outstanding | 60.1 | 60.1 | 60.1 | ||||
| Implied Value Range | 124.61 | 129.78 | 134.94 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 124.61 | 129.78 | 134.94 | 110.00 | |||
| Upside / (Downside) | 13.3% | 18.0% | 22.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6908 | 2941 | 2430 | 6195 | 9937 | 5312 | |
| Enterprise Value | 2,700 | 976 | 6,688 | 2,997 | 20,436 | 5,012 | |
| (+) Cash & Short Term Investments | 846 | 203 | 1,103 | 173 | 594 | 3,838 | |
| (+) Investments & Other | 43 | 0 | 51 | 0 | 176 | 630 | |
| (-) Debt | (757) | (114) | (5,004) | (1,740) | (2,231) | (2,868) | |
| (-) Other Liabilities | (687) | 0 | 0 | 0 | 0 | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,146 | 1,065 | 2,838 | 1,431 | 18,975 | 6,607 | |
| (/) Shares Outstanding | 35.0 | 15.4 | 116.8 | 50.2 | 309.0 | 60.1 | |
| Implied Stock Price | 61.30 | 69.20 | 24.30 | 28.50 | 61.40 | 110.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 61.30 | 69.20 | 24.30 | 28.50 | 61.40 | 110.00 | |
| 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 | |