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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 1.2x - 1.4x | 1.3x |
Selected Fwd Ps Multiple | 1.2x - 1.4x | 1.3x |
Fair Value | NT$ 72.36 - NT$ 79.98 | NT$ 76.17 |
Upside | -7.7% - 2.0% | -2.8% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Teco Image Systems Co., Ltd. | 543,800.0% | TPEX:5438 |
King Core Electronics Inc. | 615,500.0% | TWSE:6155 |
TAI-TECH Advanced Electronics Co., Ltd. | 335,700.0% | TPEX:3357 |
Asia Optical Co., Inc. | 301,900.0% | TWSE:3019 |
Ecocera Optronics Co., Ltd. | 659,700.0% | TPEX:6597 |
Topview Optronics Corporation | 655,600.0% | TPEX:6556 |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
5438 | 6155 | 3357 | 3019 | 6597 | 6556 | |||
TPEX:5438 | TWSE:6155 | TPEX:3357 | TWSE:3019 | TPEX:6597 | TPEX:6556 | |||
Historical Sales Growth | ||||||||
5Y CAGR | -5.5% | -2.6% | 10.4% | 4.9% | 16.4% | 5.4% | ||
3Y CAGR | -9.0% | -10.7% | -3.7% | 3.2% | 18.7% | -5.3% | ||
Latest Twelve Months | 11.5% | 4.6% | 24.2% | 29.3% | 43.7% | -11.5% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 2.3% | 13.5% | 16.5% | 6.8% | 5.1% | 9.1% | ||
Prior Fiscal Year | 0.6% | 13.7% | 13.4% | 4.4% | 10.7% | 9.3% | ||
Latest Fiscal Year | 6.5% | 14.9% | 13.6% | 7.0% | 14.0% | 15.0% | ||
Latest Twelve Months | 6.5% | 14.9% | 13.6% | 7.0% | 14.0% | 15.0% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | -209.5x | 32.8x | 7.4x | 11.1x | 16.2x | 5.1x | ||
Price / LTM Sales | 1.7x | 3.3x | 1.8x | 1.6x | 3.5x | 1.3x | ||
LTM P/E Ratio | 26.7x | 22.4x | 13.0x | 23.3x | 24.7x | 8.7x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 1.6x | 1.8x | 3.5x | |||||
Historical LTM P/S Ratio | 0.8x | 1.2x | 1.5x | |||||
Selected Price / Sales Multiple | 1.2x | 1.3x | 1.4x | |||||
(x) LTM Sales | 1,692 | 1,692 | 1,692 | |||||
(=) Equity Value | 2,073 | 2,183 | 2,292 | |||||
(/) Shares Outstanding | 28.8 | 28.8 | 28.8 | |||||
Implied Value Range | 72.12 | 75.92 | 79.71 | |||||
FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 72.12 | 75.92 | 79.71 | 78.40 | ||||
Upside / (Downside) | -8.0% | -3.2% | 1.7% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | 5438 | 6155 | 3357 | 3019 | 6597 | 6556 | |
Value of Common Equity | 2,352 | 1,914 | 9,948 | 37,698 | 2,871 | 2,254 | |
(/) Shares Outstanding | 112.5 | 87.8 | 102.0 | 279.2 | 26.3 | 28.8 | |
Implied Stock Price | 20.90 | 21.80 | 97.50 | 135.00 | 109.00 | 78.40 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 20.90 | 21.80 | 97.50 | 135.00 | 109.00 | 78.40 | |
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 |