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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 5,2x - 5,7x | 5,5x |
| Selected Fwd Revenue Multiple | 4,3x - 4,7x | 4,5x |
| Fair Value | NT$ 112,42 - NT$ 123,37 | NT$ 117,90 |
| Upside | 44,1% - 58,2% | 51,2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| GCS Holdings, Inc. | 4991 | TPEX:4991 |
| Vanguard International Semiconductor Corporation | 5347 | TPEX:5347 |
| WIN Semiconductors Corp. | 3105 | TPEX:3105 |
| United Microelectronics Corporation | 2303 | TWSE:2303 |
| Taiwan Semiconductor Manufacturing Company Limited | 2330 | TWSE:2330 |
| Advanced Wireless Semiconductor Company | 8086 | TPEX:8086 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 4991 | 5347 | 3105 | 2303 | 2330 | 8086 | |||
| TPEX:4991 | TPEX:5347 | TPEX:3105 | TWSE:2303 | TWSE:2330 | TPEX:8086 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -0.4% | 9.3% | -4.0% | 9.4% | 22.0% | 15.1% | ||
| 3Y CAGR | 12.3% | 0.1% | -12.6% | 2.9% | 22.2% | -1.9% | ||
| Latest Twelve Months | 31.5% | 16.7% | -4.8% | 5.6% | 39.9% | 7.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -1.2% | 24.3% | 14.1% | 23.9% | 44.0% | 11.2% | ||
| Prior Fiscal Year | -16.8% | 15.1% | -0.8% | 25.9% | 42.6% | 2.5% | ||
| Latest Fiscal Year | 11.0% | 16.1% | 4.8% | 22.2% | 45.7% | 11.8% | ||
| Latest Twelve Months | 12.1% | 17.5% | 2.3% | 21.1% | 47.2% | 9.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 4.07x | 2.51x | 2.07x | 1.99x | 7.48x | 3.47x | ||
| EV / LTM EBIT | 33.6x | 14.4x | 89.8x | 9.4x | 15.9x | 35.8x | ||
| Price / LTM Sales | 4.67x | 3.37x | 2.19x | 2.49x | 7.98x | 3.89x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.99x | 2.51x | 7.48x | |||||
| Historical EV / LTM Revenue | 3.85x | 5.51x | 11.89x | |||||
| Selected EV / LTM Revenue | 5.19x | 5.47x | 5.74x | |||||
| (x) LTM Revenue | 3,941 | 3,941 | 3,941 | |||||
| (=) Implied Enterprise Value | 20,473 | 21,550 | 22,628 | |||||
| (-) Non-shareholder Claims * | 1,651 | 1,651 | 1,651 | |||||
| (=) Equity Value | 22,124 | 23,201 | 24,279 | |||||
| (/) Shares Outstanding | 196.5 | 196.5 | 196.5 | |||||
| Implied Value Range | 112.58 | 118.06 | 123.55 | |||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 112.58 | 118.06 | 123.55 | 78.00 | ||||
| Upside / (Downside) | 44.3% | 51.4% | 58.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4991 | 5347 | 3105 | 2303 | 2330 | 8086 | |
| Enterprise Value | 7,635 | 116,595 | 34,354 | 467,563 | 23,331,505 | 13,677 | |
| (+) Cash & Short Term Investments | 646 | 62,159 | 5,759 | 116,869 | 2,703,031 | 2,852 | |
| (+) Investments & Other | 677 | 7,470 | 17,664 | 71,407 | 160,793 | 0 | |
| (-) Debt | (187) | (24,777) | (20,488) | (68,599) | (1,081,028) | (1,201) | |
| (-) Other Liabilities | 0 | (5,312) | (958) | (224) | (37,462) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,770 | 156,135 | 36,332 | 587,017 | 25,076,839 | 15,328 | |
| (/) Shares Outstanding | 113.6 | 1,867.6 | 423.9 | 12,556.5 | 25,932.6 | 196.5 | |
| Implied Stock Price | 77.20 | 83.60 | 85.70 | 46.75 | 967.00 | 78.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 77.20 | 83.60 | 85.70 | 46.75 | 967.00 | 78.00 | |
| 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 | |