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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18,3x - 20,3x | 19,3x |
| Selected Fwd EBIT Multiple | 12,0x - 13,2x | 12,6x |
| Fair Value | NT$ 45,31 - NT$ 50,45 | NT$ 47,88 |
| Upside | 8,5% - 20,8% | 14,7% |
| Benchmarks | Ticker | Full Ticker |
| Hsin Kao Gas Co.,Ltd. | 9931 | TWSE:9931 |
| Nanjing Public Utilities Development Co., Ltd. | 421 | SZSE:000421 |
| HIROSHIMA GAS Co.,Ltd. | 9535 | TSE:9535 |
| Suburban Propane Partners, L.P. | SPH | NYSE:SPH |
| Toell Co.,Ltd. | 3361 | TSE:3361 |
| ShinHsiung Natural Gas Inc. | 8908 | TPEX:8908 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 9931 | 421 | 9535 | SPH | 3361 | 8908 | ||
| TWSE:9931 | SZSE:000421 | TSE:9535 | NYSE:SPH | TSE:3361 | TPEX:8908 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.4% | 2.5% | -15.9% | 2.6% | 6.4% | 8.0% | |
| 3Y CAGR | 21.3% | 2.0% | -26.9% | -7.0% | 4.7% | 6.8% | |
| Latest Twelve Months | 45.9% | 1104.6% | -60.7% | -0.4% | -15.2% | 21.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.7% | 6.0% | 4.3% | 14.2% | 7.5% | 8.8% | |
| Prior Fiscal Year | 13.9% | 0.5% | 3.5% | 14.8% | 8.4% | 9.5% | |
| Latest Fiscal Year | 15.2% | 4.3% | 1.4% | 12.9% | 7.1% | 9.1% | |
| Latest Twelve Months | 16.4% | 4.6% | 1.4% | 14.3% | 7.1% | 8.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.70x | 0.85x | 0.28x | 1.86x | 0.32x | 1.52x | |
| EV / LTM EBITDA | 5.6x | 10.3x | 2.9x | 9.7x | 2.6x | 11.4x | |
| EV / LTM EBIT | 10.4x | 18.5x | 20.4x | 13.0x | 4.5x | 17.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.5x | 13.0x | 20.4x | ||||
| Historical EV / LTM EBIT | 21.8x | 23.1x | 28.6x | ||||
| Selected EV / LTM EBIT | 18.3x | 19.3x | 20.3x | ||||
| (x) LTM EBIT | 812 | 812 | 812 | ||||
| (=) Implied Enterprise Value | 14,872 | 15,655 | 16,438 | ||||
| (-) Non-shareholder Claims * | (1,092) | (1,092) | (1,092) | ||||
| (=) Equity Value | 13,780 | 14,563 | 15,346 | ||||
| (/) Shares Outstanding | 306.1 | 306.1 | 306.1 | ||||
| Implied Value Range | 45.01 | 47.57 | 50.13 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 45.01 | 47.57 | 50.13 | 41.75 | |||
| Upside / (Downside) | 7.8% | 13.9% | 20.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9931 | 421 | 9535 | SPH | 3361 | 8908 | |
| Enterprise Value | 2,916 | 6,053 | 25,517 | 2,656 | 8,651 | 13,874 | |
| (+) Cash & Short Term Investments | 1,437 | 1,659 | 20,615 | 4 | 5,208 | 979 | |
| (+) Investments & Other | 294 | 756 | 19,356 | 0 | 1,917 | 350 | |
| (-) Debt | (241) | (3,705) | (38,073) | (1,423) | (926) | (2,322) | |
| (-) Other Liabilities | (73) | (1,155) | (3,336) | 0 | (7) | (100) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,333 | 3,607 | 24,079 | 1,237 | 14,843 | 12,782 | |
| (/) Shares Outstanding | 120.4 | 574.4 | 68.6 | 65.0 | 18.8 | 306.1 | |
| Implied Stock Price | 36.00 | 6.28 | 351.00 | 19.04 | 788.00 | 41.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 36.00 | 6.28 | 351.00 | 19.04 | 788.00 | 41.75 | |
| Trading Currency | TWD | CNY | JPY | USD | JPY | TWD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |