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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 5.4x - 5.9x | 5.6x |
| Selected Fwd Revenue Multiple | 4.9x - 5.4x | 5.1x |
| Fair Value | NT$ 119.04 - NT$ 130.68 | NT$ 124.86 |
| Upside | 50.9% - 65.6% | 58.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| WIN Semiconductors Corp. | 3105 | TPEX:3105 |
| RichWave Technology Corporation | 4968 | TWSE:4968 |
| Taiwan Semiconductor Manufacturing Company Limited | 2330 | TWSE:2330 |
| United Microelectronics Corporation | 2303 | TWSE:2303 |
| Vanguard International Semiconductor Corporation | 5347 | TPEX:5347 |
| Advanced Wireless Semiconductor Company | 8086 | TPEX:8086 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 3105 | 4968 | 2330 | 2303 | 5347 | 8086 | |||
| TPEX:3105 | TWSE:4968 | TWSE:2330 | TWSE:2303 | TPEX:5347 | TPEX:8086 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -4.0% | 6.0% | 22.0% | 9.4% | 9.3% | 15.1% | ||
| 3Y CAGR | -12.6% | -11.5% | 22.2% | 2.9% | 0.1% | -1.9% | ||
| Latest Twelve Months | -4.8% | 14.3% | 39.9% | 5.6% | 16.7% | 7.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 14.1% | 4.0% | 44.0% | 23.9% | 24.3% | 11.2% | ||
| Prior Fiscal Year | -0.8% | -10.0% | 42.6% | 25.9% | 15.1% | 2.5% | ||
| Latest Fiscal Year | 4.8% | 2.1% | 45.7% | 22.2% | 16.1% | 11.8% | ||
| Latest Twelve Months | 2.3% | 2.0% | 47.2% | 21.1% | 17.5% | 9.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.09x | 2.79x | 8.33x | 1.83x | 3.07x | 3.54x | ||
| EV / LTM EBIT | 90.6x | 140.7x | 17.7x | 8.7x | 17.6x | 36.4x | ||
| Price / LTM Sales | 2.21x | 3.02x | 8.83x | 2.34x | 3.93x | 3.95x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.83x | 2.79x | 8.33x | |||||
| Historical EV / LTM Revenue | 3.85x | 5.51x | 11.89x | |||||
| Selected EV / LTM Revenue | 5.35x | 5.63x | 5.91x | |||||
| (x) LTM Revenue | 3,941 | 3,941 | 3,941 | |||||
| (=) Implied Enterprise Value | 21,092 | 22,202 | 23,312 | |||||
| (-) Non-shareholder Claims * | 1,651 | 1,651 | 1,651 | |||||
| (=) Equity Value | 22,742 | 23,853 | 24,963 | |||||
| (/) Shares Outstanding | 196.5 | 196.5 | 196.5 | |||||
| Implied Value Range | 115.73 | 121.38 | 127.03 | |||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 115.73 | 121.38 | 127.03 | 78.90 | ||||
| Upside / (Downside) | 46.7% | 53.8% | 61.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3105 | 4968 | 2330 | 2303 | 5347 | 8086 | |
| Enterprise Value | 34,439 | 10,213 | 26,132,228 | 423,615 | 143,838 | 13,854 | |
| (+) Cash & Short Term Investments | 5,759 | 972 | 2,703,031 | 116,869 | 62,159 | 2,852 | |
| (+) Investments & Other | 17,664 | 10 | 160,793 | 71,407 | 7,470 | 0 | |
| (-) Debt | (20,488) | (121) | (1,081,028) | (68,599) | (24,777) | (1,201) | |
| (-) Other Liabilities | (958) | 0 | (37,462) | (224) | (5,312) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 36,416 | 11,074 | 27,877,562 | 543,069 | 183,378 | 15,505 | |
| (/) Shares Outstanding | 423.9 | 91.9 | 25,932.6 | 12,556.5 | 1,867.4 | 196.5 | |
| Implied Stock Price | 85.90 | 120.50 | 1,075.00 | 43.25 | 98.20 | 78.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 85.90 | 120.50 | 1,075.00 | 43.25 | 98.20 | 78.90 | |
| 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 | |