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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15,8x - 17,4x | 16,6x |
| Selected Fwd EBIT Multiple | 10,7x - 11,8x | 11,2x |
| Fair Value | 15,79$ - 17,34$ | 16,57$ |
| Upside | -3,5% - 6,0% | 1,3% |
| Benchmarks | Ticker | Full Ticker |
| Amazing Microelectronic Corp. | 6411 | TPEX:6411 |
| Advanced Power Electronics Co., Ltd. | 8261 | TWSE:8261 |
| WIN Semiconductors Corp. | 3105 | TPEX:3105 |
| King Yuan Electronics Co., Ltd. | 2449 | TWSE:2449 |
| Panjit International Inc. | 2481 | TWSE:2481 |
| Taiwan Semiconductor Manufacturing Company Limited | TSMW.F | OTCPK:TSMW.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 6411 | 8261 | 3105 | 2449 | 2481 | TSMW.F | ||
| TPEX:6411 | TWSE:8261 | TPEX:3105 | TWSE:2449 | TWSE:2481 | OTCPK:TSMW.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -10.2% | 47.0% | -31.5% | 8.8% | 5.3% | 28.6% | |
| 3Y CAGR | -33.0% | -17.0% | -49.3% | -2.2% | -29.2% | 26.7% | |
| Latest Twelve Months | -9.8% | 53.3% | 769.1% | 17.5% | -2.5% | 43.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 17.7% | 14.1% | 15.5% | 20.8% | 10.3% | 43.5% | |
| Prior Fiscal Year | 14.4% | 10.8% | -0.8% | 21.9% | 6.6% | 42.6% | |
| Latest Fiscal Year | 12.5% | 16.2% | 4.8% | 23.0% | 6.5% | 45.7% | |
| Latest Twelve Months | 12.5% | 16.2% | 4.8% | 23.0% | 6.5% | 45.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.46x | 1.30x | 1.77x | 4.01x | 1.26x | 7.50x | |
| EV / LTM EBITDA | 10.6x | 7.4x | 5.8x | 8.0x | 9.2x | 11.0x | |
| EV / LTM EBIT | 11.7x | 8.0x | 36.9x | 17.5x | 19.4x | 16.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.0x | 17.5x | 36.9x | ||||
| Historical EV / LTM EBIT | 11.2x | 16.4x | 24.9x | ||||
| Selected EV / LTM EBIT | 15.8x | 16.6x | 17.4x | ||||
| (x) LTM EBIT | 1,323,204 | 1,323,204 | 1,323,204 | ||||
| (=) Implied Enterprise Value | 20,887,027 | 21,986,345 | 23,085,662 | ||||
| (-) Non-shareholder Claims * | 1,485,938 | 1,485,938 | 1,485,938 | ||||
| (=) Equity Value | 22,372,966 | 23,472,283 | 24,571,600 | ||||
| (/) Shares Outstanding | 45,302.1 | 45,302.1 | 45,302.1 | ||||
| Implied Value Range | 493.86 | 518.13 | 542.39 | ||||
| FX Rate: TWD/USD | 32.5 | 32.5 | 32.5 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.21 | 15.96 | 16.71 | 16.36 | |||
| Upside / (Downside) | -7.0% | -2.4% | 2.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6411 | 8261 | 3105 | 2449 | 2481 | TSMW.F | |
| Enterprise Value | 4,334 | 4,495 | 36,097 | 111,918 | 17,924 | 22,567,234 | |
| (+) Cash & Short Term Investments | 2,482 | 3,501 | 5,662 | 10,329 | 6,914 | 2,422,020 | |
| (+) Investments & Other | 327 | 529 | 18,962 | 6,469 | 3,544 | 149,040 | |
| (-) Debt | (10) | (9) | (21,166) | (21,656) | (9,465) | (1,050,091) | |
| (-) Other Liabilities | (126) | 1 | (1,020) | (1,415) | (1,397) | (35,031) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,008 | 8,516 | 38,536 | 105,645 | 17,520 | 24,053,172 | |
| (/) Shares Outstanding | 99.0 | 118.4 | 423.9 | 1,222.7 | 382.1 | 45,302.1 | |
| Implied Stock Price | 70.80 | 71.90 | 90.90 | 86.40 | 45.85 | 530.95 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 32.46 | |
| Implied Stock Price (Trading Cur) | 70.80 | 71.90 | 90.90 | 86.40 | 45.85 | 16.36 | |
| Trading Currency | TWD | TWD | TWD | TWD | TWD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 32.46 | |