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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 20,5x - 22,7x | 21,6x |
| Selected Fwd EBITDA Multiple | 9,3x - 10,3x | 9,8x |
| Fair Value | $10,08 - $11,06 | $10,57 |
| Upside | 36,1% - 49,3% | 42,7% |
| Benchmarks | Ticker | Full Ticker |
| Contrel Technology Co., Ltd. | 8064 | TPEX:8064 |
| ASML Holding N.V. | ASML01 | SET:ASML01 |
| ASM International NV | AVS | DB:AVS |
| Kulicke and Soffa Industries, Inc. | KLIC | NasdaqGS:KLIC |
| BE Semiconductor Industries N.V. | BESI | ENXTAM:BESI |
| ASMPT Limited | ASMV.F | OTCPK:ASMV.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 8064 | ASML01 | AVS | KLIC | BESI | ASMV.F | ||
| TPEX:8064 | SET:ASML01 | DB:AVS | NasdaqGS:KLIC | ENXTAM:BESI | OTCPK:ASMV.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -29.8% | 24.9% | 16.1% | 0.1% | 16.0% | -11.0% | |
| 3Y CAGR | -50.9% | 12.2% | 19.2% | -54.0% | -14.8% | -39.7% | |
| Latest Twelve Months | -102.4% | 41.5% | 42.4% | 3635.5% | -4.2% | -12.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.2% | 34.8% | 30.2% | 18.5% | 38.6% | 14.5% | |
| Prior Fiscal Year | 5.2% | 35.2% | 29.2% | 12.2% | 38.2% | 10.8% | |
| Latest Fiscal Year | 3.2% | 34.9% | 30.9% | 6.0% | 33.7% | 7.7% | |
| Latest Twelve Months | -0.1% | 37.6% | 33.0% | 14.7% | 33.0% | 7.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.14x | 7.64x | 5.66x | 2.05x | 15.63x | 1.94x | |
| EV / LTM EBITDA | -2515.3x | 20.3x | 17.2x | 14.0x | 47.4x | 26.5x | |
| EV / LTM EBIT | -94.7x | 21.9x | 19.4x | 17.4x | 50.0x | 50.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -2515.3x | 17.2x | 47.4x | ||||
| Historical EV / LTM EBITDA | 5.3x | 15.3x | 25.0x | ||||
| Selected EV / LTM EBITDA | 20.5x | 21.6x | 22.7x | ||||
| (x) LTM EBITDA | 972 | 972 | 972 | ||||
| (=) Implied Enterprise Value | 19,930 | 20,979 | 22,028 | ||||
| (-) Non-shareholder Claims * | 1,982 | 1,982 | 1,982 | ||||
| (=) Equity Value | 21,912 | 22,961 | 24,010 | ||||
| (/) Shares Outstanding | 313.8 | 313.8 | 313.8 | ||||
| Implied Value Range | 69.83 | 73.17 | 76.52 | ||||
| FX Rate: HKD/USD | 7.8 | 7.8 | 7.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.94 | 9.37 | 9.79 | 7.41 | |||
| Upside / (Downside) | 20.7% | 26.5% | 32.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 8064 | ASML01 | AVS | KLIC | BESI | ASMV.F | |
| Enterprise Value | 5,002 | 242,113 | 18,349 | 1,345 | 9,306 | 16,174 | |
| (+) Cash & Short Term Investments | 2,207 | 7,249 | 1,042 | 556 | 490 | 4,999 | |
| (+) Investments & Other | 402 | 1,029 | 667 | 6 | 0 | 1,748 | |
| (-) Debt | (513) | (3,699) | (37) | (36) | (541) | (4,657) | |
| (-) Other Liabilities | (218) | 0 | 0 | 0 | 0 | (107) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,881 | 246,693 | 20,021 | 1,872 | 9,256 | 18,157 | |
| (/) Shares Outstanding | 164.8 | 458,778.4 | 48.9 | 52.1 | 79.0 | 313.8 | |
| Implied Stock Price | 41.75 | 0.54 | 409.40 | 35.89 | 117.10 | 57.86 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.03 | 1.00 | 1.00 | 1.00 | 7.81 | |
| Implied Stock Price (Trading Cur) | 41.75 | 20.40 | 409.40 | 35.89 | 117.10 | 7.41 | |
| Trading Currency | TWD | THB | EUR | USD | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 0.03 | 1.00 | 1.00 | 1.00 | 7.81 | |