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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 14.4x - 15.9x | 15.2x |
Selected Fwd EBIT Multiple | 10.7x - 11.8x | 11.3x |
Fair Value | 71.48NT$ - 80.55NT$ | 76.01NT$ |
Upside | -17.4% - -6.9% | -12.1% |
Benchmarks | Ticker | Full Ticker |
Acer Gaming Inc. | 6908 | TPEX:6908 |
Pan German Universal Motors Ltd. | 2247 | TWSE:2247 |
Mister International Enterprise Corp. | 2941 | TPEX:2941 |
Zhen Yu Hardware Co., Ltd. | 2947 | TPEX:2947 |
Sunfar Computer Co., Ltd | 6154 | TPEX:6154 |
H.H.Galaxy Co., Ltd. | 2949 | TPEX:2949 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
6908 | 2247 | 2941 | 2947 | 6154 | 2949 | ||
TPEX:6908 | TWSE:2247 | TPEX:2941 | TPEX:2947 | TPEX:6154 | TPEX:2949 | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 19.5% | NM- | -5.3% | 1.2% | NM- | |
3Y CAGR | 151.2% | 21.1% | 45.4% | -15.1% | -36.6% | 44.1% | |
Latest Twelve Months | -50.1% | 2.3% | -16.7% | 31.4% | -2.3% | -32.9% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 2.2% | 3.7% | 7.3% | 6.4% | 1.9% | 4.3% | |
Prior Fiscal Year | 2.1% | 4.1% | 9.9% | 3.5% | 1.2% | 4.7% | |
Latest Fiscal Year | 1.7% | 4.3% | 7.5% | 4.2% | 1.2% | 4.8% | |
Latest Twelve Months | 1.1% | 4.2% | 7.5% | 4.2% | 1.2% | 3.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.66x | 0.47x | 1.15x | 1.45x | 0.32x | 0.57x | |
EV / LTM EBITDA | 23.4x | 8.9x | 7.8x | 19.2x | 17.5x | 16.0x | |
EV / LTM EBIT | 59.0x | 11.3x | 15.4x | 34.8x | 26.2x | 17.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 11.3x | 26.2x | 59.0x | ||||
Historical EV / LTM EBIT | 14.1x | 14.1x | 14.1x | ||||
Selected EV / LTM EBIT | 14.4x | 15.2x | 15.9x | ||||
(x) LTM EBIT | 148 | 148 | 148 | ||||
(=) Implied Enterprise Value | 2,133 | 2,245 | 2,358 | ||||
(-) Non-shareholder Claims * | (374) | (374) | (374) | ||||
(=) Equity Value | 1,759 | 1,871 | 1,984 | ||||
(/) Shares Outstanding | 25.4 | 25.4 | 25.4 | ||||
Implied Value Range | 69.23 | 73.65 | 78.06 | ||||
FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 69.23 | 73.65 | 78.06 | 86.50 | |||
Upside / (Downside) | -20.0% | -14.9% | -9.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 6908 | 2247 | 2941 | 2947 | 6154 | 2949 | |
Enterprise Value | 2,824 | 25,490 | 944 | 3,162 | 1,175 | 2,572 | |
(+) Cash & Short Term Investments | 520 | 3,070 | 187 | 267 | 406 | 300 | |
(+) Investments & Other | 48 | 30 | 1 | 0 | 2 | 3 | |
(-) Debt | (609) | (3,166) | (91) | (1,734) | (289) | (540) | |
(-) Other Liabilities | (378) | 0 | 0 | 0 | 0 | (136) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 2,405 | 25,423 | 1,040 | 1,696 | 1,293 | 2,198 | |
(/) Shares Outstanding | 35.0 | 80.7 | 15.4 | 19.3 | 80.1 | 25.4 | |
Implied Stock Price | 68.70 | 315.00 | 67.60 | 88.00 | 16.15 | 86.50 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 68.70 | 315.00 | 67.60 | 88.00 | 16.15 | 86.50 | |
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 |