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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 40,5x - 44,8x | 42,6x |
| Selected Fwd EBIT Multiple | 24,4x - 27,0x | 25,7x |
| Fair Value | NT$ 105,10 - NT$ 115,14 | NT$ 110,12 |
| Upside | -34,5% - -28,3% | -31,4% |
| Benchmarks | Ticker | Full Ticker |
| TrueLight Corporation | 3234 | TPEX:3234 |
| Advanced Wireless Semiconductor Company | 8086 | TPEX:8086 |
| WIN Semiconductors Corp. | 3105 | TPEX:3105 |
| MACOM Technology Solutions Holdings, Inc. | MTSI | NasdaqGS:MTSI |
| Qorvo, Inc. | QRVO | NasdaqGS:QRVO |
| GCS Holdings, Inc. | 4991 | TPEX:4991 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 3234 | 8086 | 3105 | MTSI | QRVO | 4991 | ||
| TPEX:3234 | TPEX:8086 | TPEX:3105 | NasdaqGS:MTSI | NasdaqGS:QRVO | TPEX:4991 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 3.6% | -31.5% | NM- | -4.7% | -8.6% | |
| 3Y CAGR | NM- | -18.7% | -49.3% | 0.1% | -33.9% | NM- | |
| Latest Twelve Months | 57.7% | -59.2% | -114.5% | 59.0% | -13.7% | 6676.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -21.5% | 10.4% | 12.4% | 13.7% | 16.2% | -1.3% | |
| Prior Fiscal Year | -52.1% | 2.5% | -0.8% | 18.0% | 10.8% | -16.8% | |
| Latest Fiscal Year | -44.5% | 11.8% | 4.8% | 11.2% | 10.1% | 11.0% | |
| Latest Twelve Months | -22.7% | 8.3% | -1.3% | 13.0% | 10.7% | 15.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.57x | 5.53x | 2.28x | 10.34x | 2.41x | 9.02x | |
| EV / LTM EBITDA | -55.7x | 20.6x | 8.5x | 52.6x | 12.9x | 40.7x | |
| EV / LTM EBIT | -28.9x | 66.4x | -179.9x | 79.5x | 22.5x | 57.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -179.9x | 22.5x | 79.5x | ||||
| Historical EV / LTM EBIT | -465.4x | -5.7x | 120.7x | ||||
| Selected EV / LTM EBIT | 40.5x | 42.6x | 44.8x | ||||
| (x) LTM EBIT | 298 | 298 | 298 | ||||
| (=) Implied Enterprise Value | 12,066 | 12,701 | 13,336 | ||||
| (-) Non-shareholder Claims * | 1,109 | 1,109 | 1,109 | ||||
| (=) Equity Value | 13,175 | 13,810 | 14,445 | ||||
| (/) Shares Outstanding | 113.6 | 113.6 | 113.6 | ||||
| Implied Value Range | 115.97 | 121.56 | 127.15 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 115.97 | 121.56 | 127.15 | 160.50 | |||
| Upside / (Downside) | -27.7% | -24.3% | -20.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3234 | 8086 | 3105 | MTSI | QRVO | 4991 | |
| Enterprise Value | 4,168 | 19,961 | 35,122 | 9,377 | 8,766 | 17,124 | |
| (+) Cash & Short Term Investments | 339 | 3,426 | 5,644 | 735 | 1,165 | 677 | |
| (+) Investments & Other | 27 | 0 | 18,493 | 0 | 22 | 605 | |
| (-) Debt | (243) | (1,279) | (19,160) | (569) | (1,549) | (174) | |
| (-) Other Liabilities | (4) | 0 | (800) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,286 | 22,108 | 39,299 | 9,543 | 8,404 | 18,233 | |
| (/) Shares Outstanding | 111.5 | 196.5 | 423.9 | 74.5 | 92.7 | 113.6 | |
| Implied Stock Price | 38.45 | 112.50 | 92.70 | 128.15 | 90.70 | 160.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 38.45 | 112.50 | 92.70 | 128.15 | 90.70 | 160.50 | |
| Trading Currency | TWD | TWD | TWD | USD | USD | TWD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |