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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16,4x - 18,2x | 17,3x |
| Selected Fwd EBITDA Multiple | 8,3x - 9,2x | 8,8x |
| Fair Value | NT$ 40,88 - NT$ 51,92 | NT$ 46,40 |
| Upside | -14,4% - 8,7% | -2,8% |
| Benchmarks | Ticker | Full Ticker |
| United Recommend International Co., Ltd. | 5321 | TPEX:5321 |
| Les Enphants Co., Ltd. | 2911 | TWSE:2911 |
| Acer Gaming Inc. | 6908 | TPEX:6908 |
| Lifestyle Global Enterprise Inc. | 8066 | TPEX:8066 |
| Shan-Loong Transportation Co.,Ltd | 2616 | TWSE:2616 |
| North-Star International Co., LTD. | 8927 | TPEX:8927 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 5321 | 2911 | 6908 | 8066 | 2616 | 8927 | ||
| TPEX:5321 | TWSE:2911 | TPEX:6908 | TPEX:8066 | TWSE:2616 | TPEX:8927 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 28.6% | NM- | NM- | -37.0% | NM- | 72.8% | |
| 3Y CAGR | 16.1% | NM- | 22.2% | -41.0% | NM- | 157.1% | |
| Latest Twelve Months | 173.6% | 12.1% | -40.7% | -69.8% | -161.3% | 231.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.4% | -11.9% | 1.6% | 2.6% | 2.6% | 5.7% | |
| Prior Fiscal Year | 7.0% | -15.4% | 3.2% | 2.0% | 2.6% | 6.7% | |
| Latest Fiscal Year | 12.2% | -13.2% | 2.1% | 0.7% | -0.6% | 18.0% | |
| Latest Twelve Months | 13.9% | -14.8% | 2.1% | 0.7% | -2.8% | 17.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.47x | 0.88x | 0.48x | 0.12x | 0.37x | 3.14x | |
| EV / LTM EBITDA | 10.6x | -5.9x | 21.8x | 18.2x | -13.3x | 17.8x | |
| EV / LTM EBIT | 30.4x | -5.1x | 480.5x | 28.6x | -4.6x | 26.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -13.3x | 10.6x | 21.8x | ||||
| Historical EV / LTM EBITDA | 19.0x | 78.9x | 298.5x | ||||
| Selected EV / LTM EBITDA | 16.4x | 17.3x | 18.2x | ||||
| (x) LTM EBITDA | 2,314 | 2,314 | 2,314 | ||||
| (=) Implied Enterprise Value | 38,063 | 40,067 | 42,070 | ||||
| (-) Non-shareholder Claims * | (23,655) | (23,655) | (23,655) | ||||
| (=) Equity Value | 14,408 | 16,411 | 18,415 | ||||
| (/) Shares Outstanding | 369.3 | 369.3 | 369.3 | ||||
| Implied Value Range | 39.01 | 44.44 | 49.86 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 39.01 | 44.44 | 49.86 | 47.75 | |||
| Upside / (Downside) | -18.3% | -6.9% | 4.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 5321 | 2911 | 6908 | 8066 | 2616 | 8927 | |
| Enterprise Value | 4,919 | 2,345 | 2,061 | 595 | 3,341 | 41,290 | |
| (+) Cash & Short Term Investments | 568 | 364 | 1,453 | 379 | 1,087 | 1,277 | |
| (+) Investments & Other | 9 | 128 | 48 | 0 | 1,520 | 463 | |
| (-) Debt | (3,165) | (2,251) | (1,044) | (231) | (3,681) | (22,332) | |
| (-) Other Liabilities | (118) | (61) | (733) | (101) | (214) | (3,064) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,212 | 526 | 1,785 | 642 | 2,053 | 17,635 | |
| (/) Shares Outstanding | 53.2 | 105.1 | 35.0 | 29.6 | 135.9 | 369.3 | |
| Implied Stock Price | 41.60 | 5.00 | 51.00 | 21.65 | 15.10 | 47.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 41.60 | 5.00 | 51.00 | 21.65 | 15.10 | 47.75 | |
| 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 | |