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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11,7x - 12,9x | 12,3x |
| Selected Fwd EBIT Multiple | 12,0x - 13,3x | 12,6x |
| Fair Value | NT$ 54,89 - NT$ 59,18 | NT$ 57,04 |
| Upside | -21,4% - -15,2% | -18,3% |
| Benchmarks | Ticker | Full Ticker |
| Silicon Power Computer & Communications Inc. | 4973 | TPEX:4973 |
| Netronix, Inc. | 6143 | TPEX:6143 |
| Lite-On Technology Corporation | 2301 | TWSE:2301 |
| Jess-link Products Co., Ltd. | 6197 | TWSE:6197 |
| ASUSTeK Computer Inc. | 2357 | TWSE:2357 |
| BASO Precision Optics Co., LTD | 6517 | TPEX:6517 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 4973 | 6143 | 2301 | 6197 | 2357 | 6517 | ||
| TPEX:4973 | TPEX:6143 | TWSE:2301 | TWSE:6197 | TWSE:2357 | TPEX:6517 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -7.0% | 19.3% | 6.7% | 40.7% | 20.6% | 102.7% | |
| 3Y CAGR | 29.7% | 27.3% | -0.3% | 49.7% | -15.7% | 18.7% | |
| Latest Twelve Months | -124.4% | 9.7% | -1.5% | 56.2% | 95.1% | -6.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.6% | 8.1% | 8.4% | 11.6% | 5.1% | 17.0% | |
| Prior Fiscal Year | 3.1% | 10.9% | 9.8% | 12.9% | 2.3% | 25.0% | |
| Latest Fiscal Year | 1.7% | 10.1% | 9.4% | 17.8% | 5.0% | 20.5% | |
| Latest Twelve Months | -1.1% | 10.4% | 9.9% | 17.9% | 6.1% | 20.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.26x | 1.19x | 1.28x | 2.02x | 0.49x | 3.41x | |
| EV / LTM EBITDA | -30.2x | 10.4x | 10.6x | 10.5x | 7.7x | 13.6x | |
| EV / LTM EBIT | -23.0x | 11.5x | 12.9x | 11.3x | 8.1x | 16.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -23.0x | 11.3x | 12.9x | ||||
| Historical EV / LTM EBIT | 4.3x | 17.8x | 23.3x | ||||
| Selected EV / LTM EBIT | 11.7x | 12.3x | 12.9x | ||||
| (x) LTM EBIT | 101 | 101 | 101 | ||||
| (=) Implied Enterprise Value | 1,174 | 1,235 | 1,297 | ||||
| (-) Non-shareholder Claims * | 432 | 432 | 432 | ||||
| (=) Equity Value | 1,605 | 1,667 | 1,729 | ||||
| (/) Shares Outstanding | 30.6 | 30.6 | 30.6 | ||||
| Implied Value Range | 52.50 | 54.52 | 56.54 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 52.50 | 54.52 | 56.54 | 69.80 | |||
| Upside / (Downside) | -24.8% | -21.9% | -19.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4973 | 6143 | 2301 | 6197 | 2357 | 6517 | |
| Enterprise Value | 1,146 | 9,133 | 185,796 | 14,094 | 303,425 | 1,703 | |
| (+) Cash & Short Term Investments | 306 | 3,169 | 105,673 | 3,060 | 120,115 | 435 | |
| (+) Investments & Other | 662 | 1 | 6,692 | 544 | 122,041 | 0 | |
| (-) Debt | (541) | (502) | (33,270) | (1,056) | (30,422) | (3) | |
| (-) Other Liabilities | 0 | (1,732) | (139) | (221) | (28,651) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,573 | 10,069 | 264,753 | 16,421 | 486,508 | 2,134 | |
| (/) Shares Outstanding | 65.4 | 86.1 | 2,253.2 | 122.1 | 742.8 | 30.6 | |
| Implied Stock Price | 24.05 | 117.00 | 117.50 | 134.50 | 655.00 | 69.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 24.05 | 117.00 | 117.50 | 134.50 | 655.00 | 69.80 | |
| 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 | |