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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -25,2x - -27,8x | -26,5x |
| Selected Fwd EBIT Multiple | 26,1x - 28,8x | 27,5x |
| Fair Value | NT$ 22,26 - NT$ 23,92 | NT$ 23,09 |
| Upside | -31,7% - -26,6% | -29,2% |
| Benchmarks | Ticker | Full Ticker |
| Innodisk Corporation | 5289 | TPEX:5289 |
| Silicon Power Computer & Communications Inc. | 4973 | TPEX:4973 |
| Transcend Information, Inc. | 2451 | TWSE:2451 |
| Thermaltake Technology Co., Ltd. | 3540 | TPEX:3540 |
| Promise Technology, Inc. | 3057 | TWSE:3057 |
| Panram International Corp. | 8088 | TPEX:8088 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 5289 | 4973 | 2451 | 3540 | 3057 | 8088 | ||
| TPEX:5289 | TPEX:4973 | TWSE:2451 | TPEX:3540 | TWSE:3057 | TPEX:8088 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -3.2% | -7.0% | 1.4% | NM- | NM- | NM- | |
| 3Y CAGR | -15.4% | 29.7% | -13.0% | NM- | NM- | NM- | |
| Latest Twelve Months | -9.1% | -124.4% | -19.9% | -486.0% | -14.1% | -131.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 17.4% | 1.6% | 16.1% | 3.4% | -12.2% | 7.4% | |
| Prior Fiscal Year | 16.6% | 3.1% | 18.0% | 2.3% | -21.0% | 11.0% | |
| Latest Fiscal Year | 13.2% | 1.7% | 18.9% | -4.0% | -20.8% | -4.3% | |
| Latest Twelve Months | 12.6% | -1.1% | 17.3% | -2.7% | -24.3% | -3.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.05x | 0.28x | 3.14x | 0.94x | 1.21x | 1.45x | |
| EV / LTM EBITDA | 14.6x | -32.9x | 17.4x | -88.4x | -5.4x | 91.3x | |
| EV / LTM EBIT | 16.3x | -25.0x | 18.1x | -35.2x | -5.0x | -44.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -35.2x | -5.0x | 18.1x | ||||
| Historical EV / LTM EBIT | -15.0x | 8.8x | 14.3x | ||||
| Selected EV / LTM EBIT | -25.2x | -26.5x | -27.8x | ||||
| (x) LTM EBIT | (35) | (35) | (35) | ||||
| (=) Implied Enterprise Value | 893 | 940 | 987 | ||||
| (-) Non-shareholder Claims * | 397 | 397 | 397 | ||||
| (=) Equity Value | 1,290 | 1,337 | 1,384 | ||||
| (/) Shares Outstanding | 60.9 | 60.9 | 60.9 | ||||
| Implied Value Range | 21.17 | 21.94 | 22.71 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 21.17 | 21.94 | 22.71 | 32.60 | |||
| Upside / (Downside) | -35.1% | -32.7% | -30.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 5289 | 4973 | 2451 | 3540 | 3057 | 8088 | |
| Enterprise Value | 19,399 | 1,248 | 33,315 | 3,959 | 680 | 1,589 | |
| (+) Cash & Short Term Investments | 3,266 | 306 | 8,686 | 961 | 380 | 377 | |
| (+) Investments & Other | 63 | 662 | 2,253 | 17 | 0 | 35 | |
| (-) Debt | (571) | (541) | (106) | (2,698) | (100) | (15) | |
| (-) Other Liabilities | (178) | 0 | 0 | 46 | (0) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 21,978 | 1,674 | 44,147 | 2,286 | 959 | 1,986 | |
| (/) Shares Outstanding | 91.6 | 65.4 | 430.7 | 72.5 | 92.7 | 60.9 | |
| Implied Stock Price | 240.00 | 25.60 | 102.50 | 31.55 | 10.35 | 32.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 240.00 | 25.60 | 102.50 | 31.55 | 10.35 | 32.60 | |
| 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 | |