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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 20,9x - 23,1x | 22,0x |
Selected Fwd EBITDA Multiple | 18,1x - 20,0x | 19,0x |
Fair Value | NT$ 121,94 - NT$ 133,89 | NT$ 127,92 |
Upside | 37,0% - 50,4% | 43,7% |
Benchmarks | Ticker | Full Ticker |
WIN Semiconductors Corp. | 3105 | TPEX:3105 |
RichWave Technology Corporation | 4968 | TWSE:4968 |
Taiwan Semiconductor Manufacturing Company Limited | 2330 | TWSE:2330 |
Vanguard International Semiconductor Corporation | 5347 | TPEX:5347 |
United Microelectronics Corporation | 2303 | TWSE:2303 |
Advanced Wireless Semiconductor Company | 8086 | TPEX:8086 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
3105 | 4968 | 2330 | 5347 | 2303 | 8086 | ||
TPEX:3105 | TWSE:4968 | TWSE:2330 | TPEX:5347 | TWSE:2303 | TPEX:8086 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | -9.6% | -9.9% | 24.6% | 11.7% | 13.0% | 11.3% | |
3Y CAGR | -19.7% | -34.5% | 22.9% | -4.8% | -0.4% | -4.0% | |
Latest Twelve Months | -9.0% | 271.0% | 42.3% | 21.7% | 5.1% | -3.8% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 34.9% | 5.9% | 67.3% | 37.2% | 44.1% | 25.4% | |
Prior Fiscal Year | 27.8% | -7.2% | 66.8% | 34.7% | 43.0% | 23.7% | |
Latest Fiscal Year | 30.6% | 4.5% | 68.3% | 34.8% | 41.9% | 26.2% | |
Latest Twelve Months | 29.1% | 4.3% | 68.5% | 35.2% | 41.9% | 26.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.01x | 2.71x | 8.66x | 2.92x | 1.81x | 3.46x | |
EV / LTM EBITDA | 6.9x | 63.1x | 12.6x | 8.3x | 4.3x | 13.1x | |
EV / LTM EBIT | 87.3x | 136.9x | 18.4x | 16.7x | 8.6x | 35.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 4.3x | 8.3x | 63.1x | ||||
Historical EV / LTM EBITDA | 15.1x | 20.2x | 61.2x | ||||
Selected EV / LTM EBITDA | 20.9x | 22.0x | 23.1x | ||||
(x) LTM EBITDA | 1,040 | 1,040 | 1,040 | ||||
(=) Implied Enterprise Value | 21,706 | 22,848 | 23,991 | ||||
(-) Non-shareholder Claims * | 1,651 | 1,651 | 1,651 | ||||
(=) Equity Value | 23,357 | 24,499 | 25,642 | ||||
(/) Shares Outstanding | 196.5 | 196.5 | 196.5 | ||||
Implied Value Range | 118.85 | 124.67 | 130.48 | ||||
FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 118.85 | 124.67 | 130.48 | 89.00 | |||
Upside / (Downside) | 33.5% | 40.1% | 46.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 3105 | 4968 | 2330 | 5347 | 2303 | 8086 | |
Enterprise Value | 35,372 | 10,259 | 27,558,522 | 135,995 | 427,382 | 15,839 | |
(+) Cash & Short Term Investments | 5,759 | 972 | 2,703,031 | 62,159 | 116,869 | 2,852 | |
(+) Investments & Other | 17,664 | 10 | 160,793 | 7,470 | 71,407 | 0 | |
(-) Debt | (20,488) | (121) | (1,081,028) | (24,777) | (68,599) | (1,201) | |
(-) Other Liabilities | (958) | 0 | (37,462) | (5,312) | (224) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 37,349 | 11,120 | 29,303,856 | 175,535 | 546,836 | 17,490 | |
(/) Shares Outstanding | 423.9 | 91.9 | 25,932.6 | 1,867.4 | 12,556.5 | 196.5 | |
Implied Stock Price | 88.10 | 121.00 | 1,130.00 | 94.00 | 43.55 | 89.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 88.10 | 121.00 | 1,130.00 | 94.00 | 43.55 | 89.00 | |
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 |