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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 23,3x - 25,8x | 24,6x |
| Selected Fwd EBIT Multiple | 14,1x - 15,6x | 14,8x |
| Fair Value | NT$ 225,44 - NT$ 245,44 | NT$ 235,44 |
| Upside | 0,6% - 9,6% | 5,1% |
| Benchmarks | Ticker | Full Ticker |
| HannStar Display Corporation | 6116 | TWSE:6116 |
| Simplo Technology Co., Ltd. | 6121 | TPEX:6121 |
| TPK Holding Co., Ltd. | 3673 | TWSE:3673 |
| Chang Wah Electromaterials Inc. | 8070 | TWSE:8070 |
| Chroma ATE Inc. | 2360 | TWSE:2360 |
| E Ink Holdings Inc. | 8069 | TPEX:8069 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 6116 | 6121 | 3673 | 8070 | 2360 | 8069 | ||
| TWSE:6116 | TPEX:6121 | TWSE:3673 | TWSE:8070 | TWSE:2360 | TPEX:8069 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 8.7% | NM- | 11.3% | 21.6% | 68.6% | |
| 3Y CAGR | NM- | -11.6% | NM- | -9.1% | 21.3% | 36.1% | |
| Latest Twelve Months | -3.6% | 8.1% | -260.2% | 25.1% | 53.8% | 41.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -12.4% | 8.9% | 0.4% | 11.4% | 21.5% | 21.1% | |
| Prior Fiscal Year | -39.3% | 8.2% | 0.0% | 10.3% | 25.0% | 26.9% | |
| Latest Fiscal Year | -55.8% | 8.0% | -0.4% | 11.2% | 25.4% | 23.7% | |
| Latest Twelve Months | -49.7% | 8.6% | -0.2% | 11.5% | 28.0% | 25.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.86x | 0.52x | -0.06x | 1.02x | 7.13x | 6.10x | |
| EV / LTM EBITDA | -4.1x | 4.4x | -1.3x | 6.5x | 23.3x | 20.4x | |
| EV / LTM EBIT | -1.7x | 6.0x | 28.5x | 8.9x | 25.4x | 23.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -1.7x | 8.9x | 28.5x | ||||
| Historical EV / LTM EBIT | 20.8x | 26.8x | 64.3x | ||||
| Selected EV / LTM EBIT | 23.3x | 24.6x | 25.8x | ||||
| (x) LTM EBIT | 8,933 | 8,933 | 8,933 | ||||
| (=) Implied Enterprise Value | 208,510 | 219,484 | 230,459 | ||||
| (-) Non-shareholder Claims * | 40,774 | 40,774 | 40,774 | ||||
| (=) Equity Value | 249,284 | 260,258 | 271,232 | ||||
| (/) Shares Outstanding | 1,149.9 | 1,149.9 | 1,149.9 | ||||
| Implied Value Range | 216.79 | 226.33 | 235.88 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 216.79 | 226.33 | 235.88 | 224.00 | |||
| Upside / (Downside) | -3.2% | 1.0% | 5.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6116 | 6121 | 3673 | 8070 | 2360 | 8069 | |
| Enterprise Value | 9,041 | 43,709 | (4,738) | 19,141 | 173,565 | 216,802 | |
| (+) Cash & Short Term Investments | 5,414 | 33,845 | 48,759 | 11,353 | 6,051 | 24,646 | |
| (+) Investments & Other | 11,741 | 857 | 1,594 | 14,213 | 6,798 | 36,896 | |
| (-) Debt | (6,414) | (144) | (32,110) | (10,674) | (2,827) | (20,072) | |
| (-) Other Liabilities | 0 | (7,145) | (187) | (4,948) | (563) | (696) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 19,782 | 71,121 | 13,318 | 29,086 | 183,024 | 257,576 | |
| (/) Shares Outstanding | 2,858.7 | 185.0 | 406.7 | 705.1 | 423.7 | 1,149.9 | |
| Implied Stock Price | 6.92 | 384.50 | 32.75 | 41.25 | 432.00 | 224.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.92 | 384.50 | 32.75 | 41.25 | 432.00 | 224.00 | |
| 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 | |