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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 71,7x - 79,2x | 75,5x |
Selected Fwd EBIT Multiple | 39,6x - 43,8x | 41,7x |
Fair Value | ¥65,66 - ¥74,24 | ¥69,95 |
Upside | -26,2% - -16,6% | -21,4% |
Benchmarks | Ticker | Full Ticker |
Hua Hong Semiconductor Limited | 1347 | SEHK:1347 |
GlobalFoundries Inc. | GFS | NasdaqGS:GFS |
X-FAB Silicon Foundries SE | XFAB | ENXTPA:XFAB |
Advanced Micro Devices, Inc. | AMD_KZEUSW | KAS:AMD_KZEUSW |
Nexchip Semiconductor Corporation | 688249 | SHSE:688249 |
Semiconductor Manufacturing International Corporation | 688981 | XSSC:688981 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
1347 | GFS | XFAB | AMD_KZEUSW | 688249 | 688981 | ||
SEHK:1347 | NasdaqGS:GFS | ENXTPA:XFAB | KAS:AMD_KZEUSW | SHSE:688249 | XSSC:688981 | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | 27.0% | NM- | NM- | |
3Y CAGR | NM- | NM- | 6.8% | -17.0% | -29.3% | -27.0% | |
Latest Twelve Months | -640.9% | -30.4% | -49.4% | 390.7% | 50.6% | 1396.5% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 6.7% | 4.3% | 8.9% | 10.1% | 5.7% | 8.4% | |
Prior Fiscal Year | 6.7% | 16.2% | 17.6% | 1.8% | 1.5% | 1.9% | |
Latest Fiscal Year | -7.8% | 10.8% | 10.0% | 8.1% | 6.9% | 3.6% | |
Latest Twelve Months | -7.4% | 10.8% | 9.4% | 10.3% | 7.7% | 7.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 4.51x | 3.02x | 1.63x | 9.08x | 6.17x | 8.11x | |
EV / LTM EBITDA | 22.1x | 9.4x | 7.3x | 42.9x | 14.8x | 17.8x | |
EV / LTM EBIT | -61.0x | 28.0x | 17.3x | 88.2x | 80.6x | 116.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -61.0x | 28.0x | 88.2x | ||||
Historical EV / LTM EBIT | 14.1x | 78.2x | 436.7x | ||||
Selected EV / LTM EBIT | 71.7x | 75.5x | 79.2x | ||||
(x) LTM EBIT | 593 | 593 | 593 | ||||
(=) Implied Enterprise Value | 42,517 | 44,755 | 46,993 | ||||
(-) Non-shareholder Claims * | (8,619) | (8,619) | (8,619) | ||||
(=) Equity Value | 33,898 | 36,136 | 38,374 | ||||
(/) Shares Outstanding | 3,884.6 | 3,884.6 | 3,884.6 | ||||
Implied Value Range | 8.73 | 9.30 | 9.88 | ||||
FX Rate: USD/CNY | 0.1 | 0.1 | 0.1 | Market Price | |||
Implied Value Range (Trading Cur) | 62.62 | 66.75 | 70.89 | 89.02 | |||
Upside / (Downside) | -29.7% | -25.0% | -20.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 1347 | GFS | XFAB | AMD_KZEUSW | 688249 | 688981 | |
Enterprise Value | 10,689 | 20,502 | 1,299 | 252,423 | 59,190 | 56,808 | |
(+) Cash & Short Term Investments | 4,080 | 2,877 | 157 | 7,310 | 4,268 | 8,537 | |
(+) Investments & Other | 430 | 820 | 0 | 807 | 1,136 | 5,489 | |
(-) Debt | (2,301) | (1,631) | (426) | (4,731) | (18,696) | (11,255) | |
(-) Other Liabilities | (2,607) | (50) | 0 | 0 | (5,169) | (11,390) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 10,291 | 22,518 | 1,030 | 255,809 | 40,728 | 48,189 | |
(/) Shares Outstanding | 2,253.3 | 554.9 | 130.6 | 1,621.4 | 1,944.0 | 3,884.6 | |
Implied Stock Price | 4.57 | 40.58 | 7.89 | 157.77 | 20.95 | 12.41 | |
FX Conversion Rate to Trading Currency | 0.13 | 1.00 | 1.17 | 1.00 | 1.00 | 0.14 | |
Implied Stock Price (Trading Cur) | 35.85 | 40.58 | 6.75 | 157.77 | 20.95 | 89.02 | |
Trading Currency | HKD | USD | EUR | USD | CNY | CNY | |
FX Rate to Reporting Currency | 0.13 | 1.00 | 1.17 | 1.00 | 1.00 | 0.14 |