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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 20.0x - 22.1x | 21.1x |
| Selected Fwd EBITDA Multiple | 15.3x - 16.9x | 16.1x |
| Fair Value | NT$ 127.51 - NT$ 140.03 | NT$ 133.77 |
| Upside | 68.7% - 85.2% | 76.9% |
| Benchmarks | Ticker | Full Ticker |
| WIN Semiconductors Corp. | 3105 | TPEX:3105 |
| United Microelectronics Corporation | 2303 | TWSE:2303 |
| Vanguard International Semiconductor Corporation | 5347 | TPEX:5347 |
| Taiwan Semiconductor Manufacturing Company Limited | 2330 | TWSE:2330 |
| Skyworks Solutions, Inc. | SWKS | NasdaqGS:SWKS |
| Advanced Wireless Semiconductor Company | 8086 | TPEX:8086 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 3105 | 2303 | 5347 | 2330 | SWKS | 8086 | ||
| TPEX:3105 | TWSE:2303 | TPEX:5347 | TWSE:2330 | NasdaqGS:SWKS | TPEX:8086 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -9.6% | 13.0% | 11.7% | 24.6% | -4.1% | 11.3% | |
| 3Y CAGR | -19.7% | -0.4% | -4.8% | 22.9% | -19.1% | -4.0% | |
| Latest Twelve Months | 21.4% | 5.1% | 15.6% | 41.7% | -32.2% | 81.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 35.7% | 44.1% | 37.0% | 67.3% | 35.0% | 25.7% | |
| Prior Fiscal Year | 27.8% | 43.0% | 34.7% | 66.8% | 33.0% | 23.7% | |
| Latest Fiscal Year | 30.6% | 41.9% | 34.8% | 68.3% | 25.2% | 26.2% | |
| Latest Twelve Months | 30.6% | 41.9% | 34.8% | 68.2% | 23.8% | 26.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.05x | 1.89x | 2.91x | 6.90x | 2.30x | 3.05x | |
| EV / LTM EBITDA | 6.7x | 4.5x | 8.3x | 10.1x | 9.7x | 11.7x | |
| EV / LTM EBIT | 42.8x | 9.0x | 18.0x | 14.6x | 13.4x | 25.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.5x | 8.3x | 10.1x | ||||
| Historical EV / LTM EBITDA | 11.7x | 20.2x | 61.2x | ||||
| Selected EV / LTM EBITDA | 20.0x | 21.1x | 22.1x | ||||
| (x) LTM EBITDA | 1,168 | 1,168 | 1,168 | ||||
| (=) Implied Enterprise Value | 23,401 | 24,633 | 25,865 | ||||
| (-) Non-shareholder Claims * | 1,685 | 1,685 | 1,685 | ||||
| (=) Equity Value | 25,086 | 26,318 | 27,549 | ||||
| (/) Shares Outstanding | 196.5 | 196.5 | 196.5 | ||||
| Implied Value Range | 127.65 | 133.92 | 140.19 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 127.65 | 133.92 | 140.19 | 75.60 | |||
| Upside / (Downside) | 68.9% | 77.1% | 85.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3105 | 2303 | 5347 | 2330 | SWKS | 8086 | |
| Enterprise Value | 35,928 | 448,184 | 125,798 | 21,670,022 | 9,310 | 13,172 | |
| (+) Cash & Short Term Investments | 5,662 | 116,869 | 63,874 | 2,703,090 | 1,739 | 2,826 | |
| (+) Investments & Other | 18,962 | 71,407 | 7,448 | 160,790 | 16 | 0 | |
| (-) Debt | (21,166) | (68,599) | (24,656) | (986,980) | (1,193) | (1,141) | |
| (-) Other Liabilities | (1,020) | (224) | (4,563) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 38,367 | 567,638 | 167,901 | 23,546,922 | 9,872 | 14,857 | |
| (/) Shares Outstanding | 423.9 | 12,558.4 | 1,867.6 | 25,932.7 | 153.6 | 196.5 | |
| Implied Stock Price | 90.50 | 45.20 | 89.90 | 908.00 | 64.28 | 75.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 90.50 | 45.20 | 89.90 | 908.00 | 64.28 | 75.60 | |
| Trading Currency | TWD | TWD | TWD | TWD | USD | TWD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |