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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13,6x - 15,1x | 14,3x |
| Selected Fwd EBITDA Multiple | 11,4x - 12,6x | 12,0x |
| Fair Value | ¥72,70 - ¥81,78 | ¥77,24 |
| Upside | -28,4% - -19,4% | -23,9% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 1347 | GFS | AMD_KZEUSW | XFAB | 688249 | 688981 | ||
| SEHK:1347 | NasdaqGS:GFS | KAS:AMD_KZEUSW | ENXTPA:XFAB | SHSE:688249 | XSSC:688981 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 11.2% | 14.7% | 43.3% | 42.6% | NM- | 37.7% | |
| 3Y CAGR | -11.2% | 14.6% | 8.3% | 9.2% | 6.9% | 11.6% | |
| Latest Twelve Months | 34.8% | -10.3% | 36.2% | -16.9% | 6.0% | 38.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 27.9% | 29.6% | 19.8% | 21.1% | 44.9% | 44.0% | |
| Prior Fiscal Year | 28.0% | 35.0% | 17.0% | 26.8% | 45.1% | 43.2% | |
| Latest Fiscal Year | 19.2% | 32.9% | 20.0% | 22.1% | 42.0% | 43.2% | |
| Latest Twelve Months | 21.9% | 31.6% | 18.6% | 22.4% | 41.7% | 46.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.45x | 2.42x | 9.06x | 1.71x | 6.76x | 9.14x | |
| EV / LTM EBITDA | 29.4x | 7.7x | 48.7x | 7.6x | 16.2x | 19.9x | |
| EV / LTM EBIT | -93.4x | 21.6x | 107.2x | 18.7x | 88.3x | 122.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.6x | 16.2x | 48.7x | ||||
| Historical EV / LTM EBITDA | 6.1x | 12.9x | 19.5x | ||||
| Selected EV / LTM EBITDA | 13.6x | 14.3x | 15.1x | ||||
| (x) LTM EBITDA | 4,061 | 4,061 | 4,061 | ||||
| (=) Implied Enterprise Value | 55,352 | 58,266 | 61,179 | ||||
| (-) Non-shareholder Claims * | (9,248) | (9,248) | (9,248) | ||||
| (=) Equity Value | 46,104 | 49,017 | 51,931 | ||||
| (/) Shares Outstanding | 4,877.6 | 4,877.6 | 4,877.6 | ||||
| Implied Value Range | 9.45 | 10.05 | 10.65 | ||||
| FX Rate: USD/CNY | 0.1 | 0.1 | 0.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 67.70 | 71.98 | 76.25 | 101.51 | |||
| Upside / (Downside) | -33.3% | -29.1% | -24.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1347 | GFS | AMD_KZEUSW | XFAB | 688249 | 688981 | |
| Enterprise Value | 13,918 | 16,583 | 267,054 | 1,407 | 64,147 | 78,379 | |
| (+) 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 | 13,330 | 18,764 | 269,960 | 1,092 | 45,685 | 69,131 | |
| (/) Shares Outstanding | 1,966.8 | 555.0 | 1,622.8 | 130.6 | 1,944.0 | 4,877.6 | |
| Implied Stock Price | 6.78 | 33.81 | 166.35 | 8.36 | 23.50 | 14.17 | |
| FX Conversion Rate to Trading Currency | 0.13 | 1.00 | 1.00 | 1.16 | 1.00 | 0.14 | |
| Implied Stock Price (Trading Cur) | 52.75 | 33.81 | 166.35 | 7.22 | 23.50 | 101.51 | |
| Trading Currency | HKD | USD | USD | EUR | CNY | CNY | |
| FX Rate to Reporting Currency | 0.13 | 1.00 | 1.00 | 1.16 | 1.00 | 0.14 | |