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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 2,7x - 2,9x | 2,8x |
| Selected Fwd EBIT Multiple | 4,9x - 5,4x | 5,2x |
| Fair Value | NT$ 232,98 - NT$ 252,02 | NT$ 242,50 |
| Upside | 1,3% - 9,6% | 5,4% |
| Benchmarks | Ticker | Full Ticker |
| Yang Ming Marine Transport Corporation | 2609 | TWSE:2609 |
| Wan Hai Lines Ltd. | 2615 | TWSE:2615 |
| Nippon Yusen Kabushiki Kaisha | 9101 | TSE:9101 |
| Costamare Inc. | CMRE | NYSE:CMRE |
| SITC International Holdings Company Limited | 1308 | SEHK:1308 |
| Evergreen Marine Corporation (Taiwan) Ltd. | 2603 | TWSE:2603 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2609 | 2615 | 9101 | CMRE | 1308 | 2603 | ||
| TWSE:2609 | TWSE:2615 | TSE:9101 | NYSE:CMRE | SEHK:1308 | TWSE:2603 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 76.7% | 73.6% | 18.5% | 35.6% | 104.9% | |
| 3Y CAGR | NM- | -27.3% | 34.7% | 5.5% | -5.0% | -18.4% | |
| Latest Twelve Months | 139.9% | 706.6% | 9.1% | 30.3% | 106.6% | 367.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 29.2% | 26.0% | 8.0% | 38.0% | 29.8% | 34.1% | |
| Prior Fiscal Year | 58.7% | -8.1% | 11.3% | 23.6% | 19.9% | 12.0% | |
| Latest Fiscal Year | -1.2% | 30.4% | 7.3% | 22.3% | 32.6% | 33.4% | |
| Latest Twelve Months | 25.1% | 30.4% | 8.1% | 22.3% | 32.6% | 33.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.46x | 0.90x | 0.37x | 1.27x | 2.15x | 0.82x | |
| EV / LTM EBITDA | 1.6x | 2.4x | 2.6x | 4.2x | 6.0x | 2.1x | |
| EV / LTM EBIT | 1.8x | 3.0x | 4.6x | 5.7x | 6.6x | 2.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 1.8x | 4.6x | 6.6x | ||||
| Historical EV / LTM EBIT | 0.2x | 3.7x | 18.2x | ||||
| Selected EV / LTM EBIT | 2.7x | 2.8x | 2.9x | ||||
| (x) LTM EBIT | 154,680 | 154,680 | 154,680 | ||||
| (=) Implied Enterprise Value | 412,232 | 433,928 | 455,625 | ||||
| (-) Non-shareholder Claims * | 112,773 | 112,773 | 112,773 | ||||
| (=) Equity Value | 525,005 | 546,702 | 568,398 | ||||
| (/) Shares Outstanding | 2,165.0 | 2,165.0 | 2,165.0 | ||||
| Implied Value Range | 242.49 | 252.51 | 262.53 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 242.49 | 252.51 | 262.53 | 230.00 | |||
| Upside / (Downside) | 5.4% | 9.8% | 14.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2609 | 2615 | 9101 | CMRE | 1308 | 2603 | |
| Enterprise Value | 93,502 | 142,470 | 963,731 | 2,640 | 6,581 | 385,186 | |
| (+) Cash & Short Term Investments | 213,356 | 148,628 | 160,737 | 754 | 745 | 261,886 | |
| (+) Investments & Other | 21,873 | 26,765 | 2,009,268 | 222 | 78 | 42,784 | |
| (-) Debt | (57,666) | (83,699) | (776,914) | (2,351) | (389) | (169,769) | |
| (-) Other Liabilities | (776) | (412) | (45,993) | (58) | (17) | (22,127) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 270,289 | 233,752 | 2,310,829 | 1,208 | 6,998 | 497,960 | |
| (/) Shares Outstanding | 3,492.1 | 2,806.1 | 433.4 | 120.0 | 2,687.1 | 2,165.0 | |
| Implied Stock Price | 77.40 | 83.30 | 5,332.00 | 10.07 | 2.60 | 230.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.13 | 1.00 | |
| Implied Stock Price (Trading Cur) | 77.40 | 83.30 | 5,332.00 | 10.07 | 20.25 | 230.00 | |
| Trading Currency | TWD | TWD | JPY | USD | HKD | TWD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.13 | 1.00 | |