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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 19,8x - 21,9x | 20,9x |
| Selected Fwd EBITDA Multiple | 15,7x - 17,3x | 16,5x |
| Fair Value | NT$ 43,84 - NT$ 49,28 | NT$ 46,56 |
| Upside | -21,7% - -12,0% | -16,9% |
| Benchmarks | Ticker | Full Ticker |
| Tsann Kuen Enterprise Co.,Ltd | 2430 | TWSE:2430 |
| Sunfar Computer Co., Ltd | 6154 | TPEX:6154 |
| Scan-D Corporation | 6195 | TPEX:6195 |
| Senao International Co.,Ltd. | 2450 | TWSE:2450 |
| National Petroleum Co., Ltd. | 9937 | TWSE:9937 |
| Acer Gaming Inc. | 6908 | TPEX:6908 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 2430 | 6154 | 6195 | 2450 | 9937 | 6908 | ||
| TWSE:2430 | TPEX:6154 | TPEX:6195 | TWSE:2450 | TWSE:9937 | TPEX:6908 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -1.4% | 1.9% | -3.7% | 4.7% | 2.2% | NM- | |
| 3Y CAGR | -21.7% | -30.2% | -25.0% | -7.5% | -1.1% | 22.2% | |
| Latest Twelve Months | -11.4% | -13.3% | -26.6% | -21.0% | -6.3% | -40.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.3% | 2.4% | 11.0% | 1.5% | 4.3% | 1.6% | |
| Prior Fiscal Year | 2.8% | 1.8% | 7.5% | 1.5% | 4.1% | 3.2% | |
| Latest Fiscal Year | 2.5% | 1.8% | 6.2% | 1.4% | 4.1% | 2.1% | |
| Latest Twelve Months | 2.3% | 1.7% | 5.9% | 1.2% | 4.0% | 2.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.35x | 0.28x | 1.31x | 0.15x | 0.86x | 0.52x | |
| EV / LTM EBITDA | 15.0x | 16.1x | 22.3x | 12.7x | 21.4x | 25.3x | |
| EV / LTM EBIT | 25.2x | 24.4x | 29.2x | 14.9x | 27.1x | 521.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 12.7x | 16.1x | 22.3x | ||||
| Historical EV / LTM EBITDA | 25.3x | 25.3x | 25.3x | ||||
| Selected EV / LTM EBITDA | 19.8x | 20.9x | 21.9x | ||||
| (x) LTM EBITDA | 89 | 89 | 89 | ||||
| (=) Implied Enterprise Value | 1,757 | 1,849 | 1,942 | ||||
| (-) Non-shareholder Claims * | (276) | (276) | (276) | ||||
| (=) Equity Value | 1,480 | 1,573 | 1,665 | ||||
| (/) Shares Outstanding | 35.0 | 35.0 | 35.0 | ||||
| Implied Value Range | 42.29 | 44.94 | 47.58 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 42.29 | 44.94 | 47.58 | 56.00 | |||
| Upside / (Downside) | -24.5% | -19.8% | -15.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2430 | 6154 | 6195 | 2450 | 9937 | 6908 | |
| Enterprise Value | 6,533 | 1,040 | 2,999 | 4,873 | 19,859 | 2,236 | |
| (+) Cash & Short Term Investments | 1,493 | 378 | 189 | 1,481 | 2,344 | 1,453 | |
| (+) Investments & Other | 54 | 2 | 0 | 2,063 | 183 | 48 | |
| (-) Debt | (5,207) | (271) | (1,756) | (634) | (2,298) | (1,044) | |
| (-) Other Liabilities | 0 | 0 | (4) | (9) | 0 | (733) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,873 | 1,149 | 1,428 | 7,773 | 20,088 | 1,960 | |
| (/) Shares Outstanding | 116.8 | 80.1 | 50.2 | 258.3 | 309.0 | 35.0 | |
| Implied Stock Price | 24.60 | 14.35 | 28.45 | 30.10 | 65.00 | 56.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 24.60 | 14.35 | 28.45 | 30.10 | 65.00 | 56.00 | |
| 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 | |