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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14,5x - 16,0x | 15,2x |
| Selected Fwd EBITDA Multiple | 10,7x - 11,9x | 11,3x |
| Fair Value | ¥89,72 - ¥100,84 | ¥95,28 |
| Upside | 4,0% - 16,9% | 10,5% |
| Benchmarks | Ticker | Full Ticker |
| Hua Hong Semiconductor Limited | 1347 | SEHK:1347 |
| GlobalFoundries Inc. | GFS | NasdaqGS:GFS |
| X-FAB Silicon Foundries SE | XFAB | ENXTPA:XFAB |
| Advanced Micro Devices, Inc. | AMD_KZEUSW | KAS:AMD_KZEUSW |
| Nexchip Semiconductor Corporation | 688249 | SHSE:688249 |
| Semiconductor Manufacturing International Corporation | 688981 | XSSC:688981 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 1347 | GFS | XFAB | AMD_KZEUSW | 688249 | 688981 | ||
| SEHK:1347 | NasdaqGS:GFS | ENXTPA:XFAB | KAS:AMD_KZEUSW | SHSE:688249 | XSSC:688981 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 11.2% | 14.7% | 42.6% | 43.3% | NM- | 37.7% | |
| 3Y CAGR | -11.2% | 14.6% | 9.2% | 8.3% | 6.9% | 11.6% | |
| Latest Twelve Months | -11.0% | -11.6% | -24.4% | 53.2% | 6.0% | 41.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 27.7% | 29.5% | 20.4% | 19.6% | 44.9% | 42.9% | |
| Prior Fiscal Year | 28.0% | 35.0% | 26.8% | 17.0% | 45.1% | 43.2% | |
| Latest Fiscal Year | 19.2% | 32.9% | 22.1% | 20.0% | 42.0% | 43.2% | |
| Latest Twelve Months | 20.4% | 32.2% | 22.2% | 21.2% | 41.7% | 45.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.35x | 2.96x | 1.68x | 8.00x | 5.98x | 7.70x | |
| EV / LTM EBITDA | 21.3x | 9.2x | 7.6x | 37.8x | 14.3x | 16.9x | |
| EV / LTM EBIT | -58.9x | 27.4x | 17.9x | 77.7x | 78.0x | 110.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.6x | 14.3x | 37.8x | ||||
| Historical EV / LTM EBITDA | 6.1x | 12.9x | 19.5x | ||||
| Selected EV / LTM EBITDA | 14.5x | 15.2x | 16.0x | ||||
| (x) LTM EBITDA | 3,895 | 3,895 | 3,895 | ||||
| (=) Implied Enterprise Value | 56,297 | 59,260 | 62,223 | ||||
| (-) Non-shareholder Claims * | (8,619) | (8,619) | (8,619) | ||||
| (=) Equity Value | 47,678 | 50,641 | 53,604 | ||||
| (/) Shares Outstanding | 3,884.6 | 3,884.6 | 3,884.6 | ||||
| Implied Value Range | 12.27 | 13.04 | 13.80 | ||||
| FX Rate: USD/CNY | 0.1 | 0.1 | 0.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 87.98 | 93.45 | 98.92 | 86.24 | |||
| Upside / (Downside) | 2.0% | 8.4% | 14.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1347 | GFS | XFAB | AMD_KZEUSW | 688249 | 688981 | |
| Enterprise Value | 10,167 | 19,931 | 1,327 | 226,837 | 57,323 | 55,353 | |
| (+) Cash & Short Term Investments | 4,080 | 2,877 | 157 | 7,310 | 4,268 | 8,537 | |
| (+) Investments & Other | 430 | 820 | 0 | 807 | 1,136 | 5,489 | |
| (-) Debt | (2,301) | (1,631) | (426) | (4,731) | (18,696) | (11,255) | |
| (-) Other Liabilities | (2,607) | (50) | 0 | 0 | (5,169) | (11,390) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,769 | 21,947 | 1,058 | 230,223 | 38,861 | 46,734 | |
| (/) Shares Outstanding | 2,252.2 | 554.9 | 130.6 | 1,621.4 | 1,944.0 | 3,884.6 | |
| Implied Stock Price | 4.34 | 39.55 | 8.10 | 141.99 | 19.99 | 12.03 | |
| FX Conversion Rate to Trading Currency | 0.13 | 1.00 | 1.18 | 1.00 | 1.00 | 0.14 | |
| Implied Stock Price (Trading Cur) | 34.05 | 39.55 | 6.89 | 141.99 | 19.99 | 86.24 | |
| Trading Currency | HKD | USD | EUR | USD | CNY | CNY | |
| FX Rate to Reporting Currency | 0.13 | 1.00 | 1.18 | 1.00 | 1.00 | 0.14 | |