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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 76.9x - 85.0x | 80.9x |
| Selected Fwd EBIT Multiple | 35.2x - 38.9x | 37.1x |
| Fair Value | ¥95.91 - ¥105.13 | ¥100.52 |
| Upside | 20.9% - 32.5% | 26.7% |
| Benchmarks | Ticker | Full Ticker |
| Amlogic (Shanghai) Co.,Ltd. | 688099 | SHSE:688099 |
| Realtek Semiconductor Corp. | 2379 | TWSE:2379 |
| Alchip Technologies, Limited | 3661 | TWSE:3661 |
| MediaTek Inc. | 2454 | TWSE:2454 |
| NXP Semiconductors N.V. | NXPI | NasdaqGS:NXPI |
| Montage Technology Co., Ltd. | 688008 | SHSE:688008 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 688099 | 2379 | 3661 | 2454 | NXPI | 688008 | ||
| SHSE:688099 | TWSE:2379 | TWSE:3661 | TWSE:2454 | NasdaqGS:NXPI | SHSE:688008 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 34.0% | 16.4% | 72.5% | 35.3% | 40.5% | 5.7% | |
| 3Y CAGR | -7.7% | -8.0% | 52.6% | -1.8% | 10.6% | 20.6% | |
| Latest Twelve Months | 144.2% | 96.2% | 56.3% | 11.9% | -9.7% | 260.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.5% | 12.1% | 14.6% | 18.7% | 22.3% | 25.5% | |
| Prior Fiscal Year | 4.6% | 7.0% | 12.3% | 16.6% | 28.2% | 9.0% | |
| Latest Fiscal Year | 10.3% | 11.9% | 12.5% | 19.3% | 28.0% | 27.8% | |
| Latest Twelve Months | 10.9% | 12.8% | 13.0% | 18.2% | 27.6% | 31.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.27x | 1.83x | 3.37x | 3.61x | 4.99x | 19.52x | |
| EV / LTM EBITDA | 33.2x | 13.4x | 17.9x | 16.6x | 14.4x | 57.6x | |
| EV / LTM EBIT | 39.3x | 15.3x | 25.8x | 19.8x | 18.1x | 62.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 15.3x | 19.8x | 39.3x | ||||
| Historical EV / LTM EBIT | 64.5x | 118.9x | 200.4x | ||||
| Selected EV / LTM EBIT | 76.9x | 80.9x | 85.0x | ||||
| (x) LTM EBIT | 1,284 | 1,284 | 1,284 | ||||
| (=) Implied Enterprise Value | 98,773 | 103,972 | 109,170 | ||||
| (-) Non-shareholder Claims * | 9,452 | 9,452 | 9,452 | ||||
| (=) Equity Value | 108,225 | 113,424 | 118,622 | ||||
| (/) Shares Outstanding | 1,136.3 | 1,136.3 | 1,136.3 | ||||
| Implied Value Range | 95.25 | 99.82 | 104.40 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 95.25 | 99.82 | 104.40 | 79.33 | |||
| Upside / (Downside) | 20.1% | 25.8% | 31.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 688099 | 2379 | 3661 | 2454 | NXPI | 688008 | |
| Enterprise Value | 25,981 | 198,777 | 178,349 | 1,996,478 | 61,480 | 80,687 | |
| (+) Cash & Short Term Investments | 4,074 | 59,842 | 42,991 | 210,445 | 3,988 | 8,748 | |
| (+) Investments & Other | 618 | 13,381 | 1,635 | 0 | 0 | 717 | |
| (-) Debt | (15) | (5,302) | (199) | (31,240) | (11,725) | (42) | |
| (-) Other Liabilities | (32) | (10) | (19) | (8,022) | (355) | 29 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 30,626 | 266,689 | 222,757 | 2,167,661 | 53,388 | 90,139 | |
| (/) Shares Outstanding | 419.9 | 512.9 | 80.9 | 1,593.9 | 252.6 | 1,136.3 | |
| Implied Stock Price | 72.93 | 520.00 | 2,755.00 | 1,360.00 | 211.33 | 79.33 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 72.93 | 520.00 | 2,755.00 | 1,360.00 | 211.33 | 79.33 | |
| Trading Currency | CNY | TWD | TWD | TWD | USD | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |