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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 81,3x - 89,8x | 85,6x |
| Selected Fwd EBIT Multiple | 52,3x - 57,8x | 55,0x |
| Fair Value | ¥71,80 - ¥80,79 | ¥76,29 |
| Upside | -19,7% - -9,7% | -14,7% |
| Benchmarks | Ticker | Full Ticker |
| Hua Hong Semiconductor Limited | 1347 | SEHK:1347 |
| GlobalFoundries Inc. | GFS | NasdaqGS:GFS |
| Advanced Micro Devices, Inc. | AMD_KZEUSW | KAS:AMD_KZEUSW |
| X-FAB Silicon Foundries SE | XFAB | ENXTPA:XFAB |
| Nexchip Semiconductor Corporation | 688249 | SHSE:688249 |
| Semiconductor Manufacturing International Corporation | 688981 | XSSC:688981 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 1347 | GFS | AMD_KZEUSW | XFAB | 688249 | 688981 | ||
| SEHK:1347 | NasdaqGS:GFS | KAS:AMD_KZEUSW | ENXTPA:XFAB | SHSE:688249 | XSSC:688981 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 27.0% | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | -17.0% | 6.8% | -29.3% | -27.0% | |
| Latest Twelve Months | 5.9% | -16.3% | 187.0% | -42.4% | 50.6% | 1286.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.4% | 4.6% | 9.9% | 9.7% | 5.7% | 8.9% | |
| Prior Fiscal Year | 6.7% | 16.2% | 1.8% | 17.6% | 1.5% | 1.9% | |
| Latest Fiscal Year | -7.8% | 10.8% | 8.1% | 10.0% | 6.9% | 3.6% | |
| Latest Twelve Months | -6.9% | 11.2% | 8.4% | 9.1% | 7.7% | 7.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.90x | 2.37x | 10.04x | 1.74x | 6.40x | 8.39x | |
| EV / LTM EBITDA | 27.0x | 7.5x | 54.0x | 7.8x | 15.3x | 18.3x | |
| EV / LTM EBIT | -85.5x | 21.1x | 118.9x | 19.1x | 83.6x | 112.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -85.5x | 21.1x | 118.9x | ||||
| Historical EV / LTM EBIT | 14.1x | 78.2x | 436.7x | ||||
| Selected EV / LTM EBIT | 81.3x | 85.6x | 89.8x | ||||
| (x) LTM EBIT | 657 | 657 | 657 | ||||
| (=) Implied Enterprise Value | 53,385 | 56,195 | 59,005 | ||||
| (-) Non-shareholder Claims * | (9,248) | (9,248) | (9,248) | ||||
| (=) Equity Value | 44,137 | 46,947 | 49,756 | ||||
| (/) Shares Outstanding | 4,877.6 | 4,877.6 | 4,877.6 | ||||
| Implied Value Range | 9.05 | 9.62 | 10.20 | ||||
| FX Rate: USD/CNY | 0.1 | 0.1 | 0.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 64.99 | 69.12 | 73.26 | 89.46 | |||
| Upside / (Downside) | -27.4% | -22.7% | -18.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1347 | GFS | AMD_KZEUSW | XFAB | 688249 | 688981 | |
| Enterprise Value | 12,850 | 16,189 | 289,823 | 1,421 | 61,386 | 70,007 | |
| (+) Cash & Short Term Investments | 3,847 | 3,095 | 5,867 | 158 | 4,268 | 9,967 | |
| (+) Investments & Other | 435 | 823 | 925 | 0 | 1,136 | 4,415 | |
| (-) Debt | (2,296) | (1,684) | (3,886) | (472) | (18,696) | (11,944) | |
| (-) Other Liabilities | (2,574) | (53) | 0 | 0 | (5,169) | (11,686) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 12,262 | 18,370 | 292,729 | 1,107 | 42,925 | 60,758 | |
| (/) Shares Outstanding | 1,966.8 | 555.0 | 1,622.8 | 130.6 | 1,944.0 | 4,877.6 | |
| Implied Stock Price | 6.23 | 33.10 | 180.38 | 8.47 | 22.08 | 12.46 | |
| FX Conversion Rate to Trading Currency | 0.13 | 1.00 | 1.00 | 1.17 | 1.00 | 0.14 | |
| Implied Stock Price (Trading Cur) | 48.76 | 33.10 | 180.38 | 7.27 | 22.08 | 89.46 | |
| Trading Currency | HKD | USD | USD | EUR | CNY | CNY | |
| FX Rate to Reporting Currency | 0.13 | 1.00 | 1.00 | 1.17 | 1.00 | 0.14 | |