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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2,7x - 3,0x | 2,9x |
| Selected Fwd Revenue Multiple | 2,9x - 3,3x | 3,1x |
| Fair Value | NT$ 17,69 - NT$ 18,98 | NT$ 18,33 |
| Upside | -0,3% - 6,9% | 3,3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Darwin Precisions Corporation | 6120 | TWSE:6120 |
| Radiant Opto-Electronics Corporation | 6176 | TWSE:6176 |
| High Power Lighting Corp | 6559 | TPEX:6559 |
| Winbond Electronics Corporation | 2344 | TWSE:2344 |
| CoAsia Electronics Corp. | 8096 | TPEX:8096 |
| Forward Electronics Co., Ltd. | 8085 | TPEX:8085 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 6120 | 6176 | 6559 | 2344 | 8096 | 8085 | |||
| TWSE:6120 | TWSE:6176 | TPEX:6559 | TWSE:2344 | TPEX:8096 | TPEX:8085 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 5.7% | -1.7% | -2.2% | 10.8% | 4.4% | -9.6% | ||
| 3Y CAGR | 1.0% | -3.2% | -6.7% | -6.4% | -1.1% | -13.3% | ||
| Latest Twelve Months | 5.7% | 15.7% | 24.1% | 5.0% | 35.5% | -5.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -5.5% | 13.5% | -20.7% | 7.5% | 0.6% | -14.5% | ||
| Prior Fiscal Year | -1.6% | 12.9% | -24.7% | -2.2% | -1.4% | -21.3% | ||
| Latest Fiscal Year | -0.7% | 13.0% | -5.7% | 0.6% | 2.7% | -31.4% | ||
| Latest Twelve Months | -0.3% | 12.7% | -5.7% | -0.3% | 2.8% | -25.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.05x | 0.74x | 0.45x | 1.37x | 0.29x | 2.83x | ||
| EV / LTM EBIT | -20.7x | 5.9x | -7.8x | -410.9x | 10.4x | -11.0x | ||
| Price / LTM Sales | 0.36x | 1.22x | 3.10x | 0.99x | 0.18x | 4.08x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.05x | 0.45x | 1.37x | |||||
| Historical EV / LTM Revenue | 0.80x | 2.22x | 7.43x | |||||
| Selected EV / LTM Revenue | 2.71x | 2.85x | 2.99x | |||||
| (x) LTM Revenue | 614 | 614 | 614 | |||||
| (=) Implied Enterprise Value | 1,665 | 1,752 | 1,840 | |||||
| (-) Non-shareholder Claims * | 767 | 767 | 767 | |||||
| (=) Equity Value | 2,432 | 2,519 | 2,607 | |||||
| (/) Shares Outstanding | 140.0 | 140.0 | 140.0 | |||||
| Implied Value Range | 17.37 | 18.00 | 18.62 | |||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 17.37 | 18.00 | 18.62 | 17.75 | ||||
| Upside / (Downside) | -2.1% | 1.4% | 4.9% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6120 | 6176 | 6559 | 2344 | 8096 | 8085 | |
| Enterprise Value | 924 | 38,514 | 30 | 109,208 | 10,254 | 1,718 | |
| (+) Cash & Short Term Investments | 6,638 | 32,081 | 222 | 26,539 | 622 | 989 | |
| (+) Investments & Other | 1,239 | 938 | 0 | 10,912 | 413 | 883 | |
| (-) Debt | (1,613) | (8,021) | (6) | (60,963) | (5,046) | (1,105) | |
| (-) Other Liabilities | 0 | 0 | 0 | (7,621) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,188 | 63,513 | 246 | 78,075 | 6,243 | 2,485 | |
| (/) Shares Outstanding | 665.6 | 460.2 | 23.2 | 4,500.0 | 149.3 | 140.0 | |
| Implied Stock Price | 10.80 | 138.00 | 10.60 | 17.35 | 41.80 | 17.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.80 | 138.00 | 10.60 | 17.35 | 41.80 | 17.75 | |
| 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 | |