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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12,9x - 14,3x | 13,6x |
| Selected Fwd EBITDA Multiple | 13,1x - 14,5x | 13,8x |
| Fair Value | NT$ 33,58 - NT$ 38,26 | NT$ 35,92 |
| Upside | -21,5% - -10,6% | -16,1% |
| Benchmarks | Ticker | Full Ticker |
| Visco Vision Inc. | 6782 | TWSE:6782 |
| Pacific Hospital Supply Co., Ltd | 4126 | TPEX:4126 |
| Bionime Corporation | 4737 | TWSE:4737 |
| SciVision Biotech Inc. | 1786 | TWSE:1786 |
| St.Shine Optical Co.,Ltd. | 1565 | TPEX:1565 |
| Lagis Enterprise Co., Ltd. | 6730 | TPEX:6730 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 6782 | 4126 | 4737 | 1786 | 1565 | 6730 | ||
| TWSE:6782 | TPEX:4126 | TWSE:4737 | TWSE:1786 | TPEX:1565 | TPEX:6730 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 23.3% | 4.1% | -19.7% | 16.3% | -12.0% | -3.7% | |
| 3Y CAGR | 24.6% | 10.2% | -8.7% | 21.5% | -11.8% | 8.7% | |
| Latest Twelve Months | 41.1% | 5.8% | -94.0% | 18.7% | 22.0% | 6.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 30.4% | 25.0% | 10.3% | 35.1% | 24.9% | 22.9% | |
| Prior Fiscal Year | 28.8% | 26.9% | 12.1% | 36.7% | 20.1% | 21.7% | |
| Latest Fiscal Year | 32.7% | 26.1% | 7.3% | 35.1% | 22.7% | 24.8% | |
| Latest Twelve Months | 32.0% | 26.5% | 0.6% | 35.1% | 22.5% | 24.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.87x | 2.51x | 3.55x | 7.17x | 1.45x | 3.77x | |
| EV / LTM EBITDA | 9.0x | 9.5x | 585.8x | 20.4x | 6.4x | 15.5x | |
| EV / LTM EBIT | 13.9x | 11.7x | -49.1x | 25.5x | 8.2x | 21.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.4x | 9.5x | 585.8x | ||||
| Historical EV / LTM EBITDA | 7.7x | 11.9x | 13.7x | ||||
| Selected EV / LTM EBITDA | 12.9x | 13.6x | 14.3x | ||||
| (x) LTM EBITDA | 111 | 111 | 111 | ||||
| (=) Implied Enterprise Value | 1,431 | 1,506 | 1,581 | ||||
| (-) Non-shareholder Claims * | (347) | (347) | (347) | ||||
| (=) Equity Value | 1,084 | 1,159 | 1,234 | ||||
| (/) Shares Outstanding | 32.1 | 32.1 | 32.1 | ||||
| Implied Value Range | 33.79 | 36.13 | 38.48 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 33.79 | 36.13 | 38.48 | 42.80 | |||
| Upside / (Downside) | -21.1% | -15.6% | -10.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6782 | 4126 | 4737 | 1786 | 1565 | 6730 | |
| Enterprise Value | 10,901 | 5,983 | 6,654 | 6,288 | 6,554 | 1,720 | |
| (+) Cash & Short Term Investments | 835 | 1,179 | 387 | 806 | 2,436 | 63 | |
| (+) Investments & Other | 450 | 0 | 102 | 0 | 55 | 0 | |
| (-) Debt | (449) | (426) | (2,951) | (224) | (399) | (410) | |
| (-) Other Liabilities | (19) | 0 | (9) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,718 | 6,737 | 4,184 | 6,869 | 8,646 | 1,373 | |
| (/) Shares Outstanding | 63.0 | 72.6 | 61.1 | 71.9 | 50.4 | 32.1 | |
| Implied Stock Price | 186.00 | 92.80 | 68.50 | 95.60 | 171.50 | 42.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 186.00 | 92.80 | 68.50 | 95.60 | 171.50 | 42.80 | |
| 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 | |