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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 47.5x - 52.5x | 50.0x |
Selected Fwd EBITDA Multiple | 38.2x - 42.3x | 40.3x |
Fair Value | NT$ 26.89 - NT$ 29.51 | NT$ 28.20 |
Upside | 2.4% - 12.4% | 7.4% |
Benchmarks | Ticker | Full Ticker |
Harmony Electronics Co. Ltd | 8182 | TPEX:8182 |
T-Flex Techvest PCB Co., Ltd. | 3276 | TPEX:3276 |
Y-S Electronic Co., Ltd. | 6418 | TPEX:6418 |
Taiwan Surface Mounting Technology Corp. | 6278 | TWSE:6278 |
Taiflex Scientific Co., Ltd. | 8039 | TWSE:8039 |
Sentronic International Corp. | 3232 | TPEX:3232 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
8182 | 3276 | 6418 | 6278 | 8039 | 3232 | ||
TPEX:8182 | TPEX:3276 | TPEX:6418 | TWSE:6278 | TWSE:8039 | TPEX:3232 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 11.1% | NM- | 19.5% | 6.8% | 1.7% | -1.7% | |
3Y CAGR | -10.8% | NM- | NM- | -8.9% | -4.3% | -22.5% | |
Latest Twelve Months | 18.6% | -187.1% | -28.4% | -6.7% | -20.8% | -28.7% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 19.5% | 2.9% | 4.2% | 10.4% | 12.7% | 2.3% | |
Prior Fiscal Year | 16.1% | 5.7% | 7.3% | 11.7% | 11.0% | 2.4% | |
Latest Fiscal Year | 21.6% | -6.1% | 5.8% | 10.3% | 11.5% | 1.3% | |
Latest Twelve Months | 20.9% | -6.6% | 5.6% | 10.9% | 10.0% | 1.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.66x | 0.47x | 0.75x | 0.45x | 1.01x | 0.83x | |
EV / LTM EBITDA | 3.2x | -7.0x | 13.4x | 4.1x | 10.2x | 46.9x | |
EV / LTM EBIT | 5.8x | -2.5x | 18.6x | 6.3x | 20.3x | 78.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -7.0x | 4.1x | 13.4x | ||||
Historical EV / LTM EBITDA | 25.9x | 33.0x | 65.3x | ||||
Selected EV / LTM EBITDA | 47.5x | 50.0x | 52.5x | ||||
(x) LTM EBITDA | 24 | 24 | 24 | ||||
(=) Implied Enterprise Value | 1,144 | 1,205 | 1,265 | ||||
(-) Non-shareholder Claims * | 92 | 92 | 92 | ||||
(=) Equity Value | 1,237 | 1,297 | 1,357 | ||||
(/) Shares Outstanding | 46.6 | 46.6 | 46.6 | ||||
Implied Value Range | 26.56 | 27.85 | 29.14 | ||||
FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 26.56 | 27.85 | 29.14 | 26.25 | |||
Upside / (Downside) | 1.2% | 6.1% | 11.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 8182 | 3276 | 6418 | 6278 | 8039 | 3232 | |
Enterprise Value | 1,942 | 322 | 591 | 21,025 | 10,218 | 1,130 | |
(+) Cash & Short Term Investments | 2,004 | 50 | 309 | 17,056 | 2,821 | 260 | |
(+) Investments & Other | 378 | 748 | 51 | 52 | 313 | 27 | |
(-) Debt | (1,413) | (94) | (235) | (6,967) | (1,214) | (194) | |
(-) Other Liabilities | (9) | (95) | 0 | (25) | (88) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 2,901 | 931 | 716 | 31,140 | 12,050 | 1,222 | |
(/) Shares Outstanding | 107.0 | 69.7 | 34.5 | 292.4 | 256.7 | 46.6 | |
Implied Stock Price | 27.10 | 13.35 | 20.75 | 106.50 | 46.95 | 26.25 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 27.10 | 13.35 | 20.75 | 106.50 | 46.95 | 26.25 | |
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 |
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