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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 5.0x - 5.6x | 5.3x |
| Selected Fwd Revenue Multiple | 4.6x - 5.1x | 4.9x |
| Fair Value | NT$ 124.19 - NT$ 136.36 | NT$ 130.28 |
| Upside | 65.6% - 81.8% | 73.7% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 3105 | 2303 | 5347 | 2330 | SWKS | 8086 | |||
| TPEX:3105 | TWSE:2303 | TPEX:5347 | TWSE:2330 | NasdaqGS:SWKS | TPEX:8086 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -4.0% | 9.4% | 9.3% | 22.0% | 4.4% | 15.1% | ||
| 3Y CAGR | -12.6% | 2.9% | 0.1% | 22.2% | -6.5% | -1.9% | ||
| Latest Twelve Months | 10.2% | 5.6% | 15.1% | 39.9% | -12.9% | 63.6% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 15.5% | 23.9% | 24.6% | 44.0% | 26.5% | 11.8% | ||
| Prior Fiscal Year | -0.8% | 25.9% | 15.1% | 42.6% | 24.2% | 2.5% | ||
| Latest Fiscal Year | 4.8% | 22.2% | 16.1% | 45.7% | 18.8% | 11.8% | ||
| Latest Twelve Months | 4.8% | 21.1% | 16.1% | 47.2% | 17.2% | 11.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.06x | 1.90x | 2.86x | 6.95x | 2.37x | 2.96x | ||
| EV / LTM EBIT | 43.0x | 9.0x | 17.7x | 14.7x | 13.8x | 25.1x | ||
| Price / LTM Sales | 2.20x | 2.41x | 3.81x | 7.50x | 2.51x | 3.33x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.90x | 2.37x | 6.95x | |||||
| Historical EV / LTM Revenue | 2.96x | 5.51x | 11.89x | |||||
| Selected EV / LTM Revenue | 5.04x | 5.31x | 5.57x | |||||
| (x) LTM Revenue | 4,456 | 4,456 | 4,456 | |||||
| (=) Implied Enterprise Value | 22,457 | 23,639 | 24,821 | |||||
| (-) Non-shareholder Claims * | 1,685 | 1,685 | 1,685 | |||||
| (=) Equity Value | 24,142 | 25,324 | 26,506 | |||||
| (/) Shares Outstanding | 196.5 | 196.5 | 196.5 | |||||
| Implied Value Range | 122.85 | 128.87 | 134.88 | |||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 122.85 | 128.87 | 134.88 | 75.00 | ||||
| Upside / (Downside) | 63.8% | 71.8% | 79.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3105 | 2303 | 5347 | 2330 | SWKS | 8086 | |
| Enterprise Value | 35,080 | 453,835 | 125,611 | 22,759,197 | 9,583 | 13,054 | |
| (+) 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 | 37,519 | 573,289 | 167,714 | 24,636,097 | 10,145 | 14,739 | |
| (/) Shares Outstanding | 423.9 | 12,558.4 | 1,867.6 | 25,932.7 | 153.6 | 196.5 | |
| Implied Stock Price | 88.50 | 45.65 | 89.80 | 950.00 | 66.06 | 75.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 88.50 | 45.65 | 89.80 | 950.00 | 66.06 | 75.00 | |
| 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 | |