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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 8,4x - 9,3x | 8,9x |
Selected Fwd EBITDA Multiple | 3,6x - 4,0x | 3,8x |
Fair Value | NT$ 18,56 - NT$ 21,81 | NT$ 20,19 |
Upside | 16,4% - 36,8% | 26,6% |
Benchmarks | Ticker | Full Ticker |
Shinkong Textile Co., Ltd. | 1419 | TWSE:1419 |
Formosa Taffeta Co., Ltd. | 1434 | TWSE:1434 |
De Licacy Industrial Co., Ltd. | 1464 | TWSE:1464 |
Yi Jinn Industrial Co., Ltd. | 1457 | TWSE:1457 |
Chyang Sheng Texing Co., Ltd. | 1463 | TWSE:1463 |
Toung Loong Textile Mfg.Co.,Ltd. | 4401 | TPEX:4401 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
1419 | 1434 | 1464 | 1457 | 1463 | 4401 | ||
TWSE:1419 | TWSE:1434 | TWSE:1464 | TWSE:1457 | TWSE:1463 | TPEX:4401 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 20.1% | -13.4% | 0.1% | -4.0% | 2.0% | -6.3% | |
3Y CAGR | 26.2% | -11.9% | 10.4% | -11.7% | 16.8% | -17.5% | |
Latest Twelve Months | 42.2% | 35.4% | 349.5% | 60.5% | 1350.5% | 29.0% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 12.1% | 6.8% | 7.4% | 9.5% | 4.9% | 13.3% | |
Prior Fiscal Year | 13.6% | 5.2% | 4.1% | 6.1% | -3.3% | 11.9% | |
Latest Fiscal Year | 13.3% | 6.6% | 10.4% | 10.2% | 9.0% | 11.3% | |
Latest Twelve Months | 13.9% | 6.7% | 11.4% | 10.5% | 19.7% | 11.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.56x | 0.28x | 1.00x | 4.01x | 0.82x | 0.87x | |
EV / LTM EBITDA | 18.4x | 4.1x | 8.8x | 38.3x | 4.2x | 7.7x | |
EV / LTM EBIT | 22.2x | 10.9x | 14.9x | 80.2x | 5.1x | 24.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 4.1x | 8.8x | 38.3x | ||||
Historical EV / LTM EBITDA | 7.1x | 9.4x | 15.0x | ||||
Selected EV / LTM EBITDA | 8.4x | 8.9x | 9.3x | ||||
(x) LTM EBITDA | 453 | 453 | 453 | ||||
(=) Implied Enterprise Value | 3,830 | 4,032 | 4,233 | ||||
(-) Non-shareholder Claims * | (1,515) | (1,515) | (1,515) | ||||
(=) Equity Value | 2,315 | 2,517 | 2,718 | ||||
(/) Shares Outstanding | 122.7 | 122.7 | 122.7 | ||||
Implied Value Range | 18.87 | 20.51 | 22.15 | ||||
FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 18.87 | 20.51 | 22.15 | 15.95 | |||
Upside / (Downside) | 18.3% | 28.6% | 38.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 1419 | 1434 | 1464 | 1457 | 1463 | 4401 | |
Enterprise Value | 11,318 | 8,161 | 12,833 | 13,513 | 990 | 3,472 | |
(+) Cash & Short Term Investments | 2,435 | 4,568 | 2,303 | 1,654 | 1,953 | 882 | |
(+) Investments & Other | 7,860 | 25,778 | 620 | 450 | 655 | 178 | |
(-) Debt | (4,557) | (11,419) | (9,540) | (8,127) | (3) | (2,519) | |
(-) Other Liabilities | 0 | 0 | (857) | (3,450) | (140) | (55) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 17,057 | 27,088 | 5,359 | 4,040 | 3,456 | 1,957 | |
(/) Shares Outstanding | 299.2 | 1,682.5 | 405.9 | 233.5 | 171.5 | 122.7 | |
Implied Stock Price | 57.00 | 16.10 | 13.20 | 17.30 | 20.15 | 15.95 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 57.00 | 16.10 | 13.20 | 17.30 | 20.15 | 15.95 | |
Trading Currency | TWD | TWD | TWD | TWD | TWD | TWD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |