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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.4x - 3.7x | 3.5x |
| Selected Fwd Revenue Multiple | 3.1x - 3.5x | 3.3x |
| Fair Value | NT$ 140.07 - NT$ 152.19 | NT$ 146.13 |
| Upside | 19.7% - 30.1% | 24.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| MediaTek Inc. | 2454 | TWSE:2454 |
| Texas Instruments Incorporated | TXN_KZ | KAS:TXN_KZ |
| Analog Devices, Inc. | ADI | NasdaqGS:ADI |
| Microchip Technology Incorporated | MCHP | NasdaqGS:MCHP |
| Marvell Technology, Inc. | MRVL | NasdaqGS:MRVL |
| Rafael Microelectronics, Inc. | 6568 | TPEX:6568 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 2454 | TXN_KZ | ADI | MCHP | MRVL | 6568 | |||
| TWSE:2454 | KAS:TXN_KZ | NasdaqGS:ADI | NasdaqGS:MCHP | NasdaqGS:MRVL | TPEX:6568 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 16.6% | 1.7% | 9.5% | 7.4% | 16.4% | -1.1% | ||
| 3Y CAGR | 2.5% | -5.2% | 8.8% | 12.0% | 8.9% | 1.1% | ||
| Latest Twelve Months | 22.4% | -10.7% | -19.3% | -44.3% | 4.7% | 7.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 18.3% | 43.8% | 28.8% | 25.9% | -1.8% | 12.8% | ||
| Prior Fiscal Year | 16.6% | 41.8% | 32.3% | 36.9% | -7.9% | 1.9% | ||
| Latest Fiscal Year | 19.3% | 34.2% | 21.9% | 33.5% | -0.1% | 9.5% | ||
| Latest Twelve Months | 19.3% | 34.2% | 21.6% | 13.5% | -0.1% | 9.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 3.61x | 9.24x | 9.27x | 5.40x | 8.01x | 2.67x | ||
| EV / LTM EBIT | 18.7x | 27.0x | 42.9x | 40.1x | -5436.0x | 28.2x | ||
| Price / LTM Sales | 4.31x | 8.81x | 8.74x | 4.10x | 7.42x | 3.39x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 3.61x | 8.01x | 9.27x | |||||
| Historical EV / LTM Revenue | 2.36x | 3.19x | 9.81x | |||||
| Selected EV / LTM Revenue | 3.36x | 3.53x | 3.71x | |||||
| (x) LTM Revenue | 1,065 | 1,065 | 1,065 | |||||
| (=) Implied Enterprise Value | 3,575 | 3,764 | 3,952 | |||||
| (-) Non-shareholder Claims * | 770 | 770 | 770 | |||||
| (=) Equity Value | 4,345 | 4,533 | 4,722 | |||||
| (/) Shares Outstanding | 30.8 | 30.8 | 30.8 | |||||
| Implied Value Range | 140.90 | 147.00 | 153.10 | |||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 140.90 | 147.00 | 153.10 | 117.00 | ||||
| Upside / (Downside) | 20.4% | 25.6% | 30.9% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2454 | TXN_KZ | ADI | MCHP | MRVL | 6568 | |
| Enterprise Value | 1,916,754 | 187,871 | 86,535 | 25,678 | 46,158 | 2,838 | |
| (+) Cash & Short Term Investments | 219,624 | 7,580 | 2,721 | 586 | 948 | 766 | |
| (+) Investments & Other | 169,562 | 0 | 0 | 0 | 48 | 7 | |
| (-) Debt | (10,310) | (14,377) | (7,619) | (6,784) | (4,343) | (3) | |
| (-) Other Liabilities | (8,428) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,287,201 | 181,074 | 81,638 | 19,480 | 42,811 | 3,608 | |
| (/) Shares Outstanding | 1,593.9 | 909.9 | 496.0 | 537.8 | 866.1 | 30.8 | |
| Implied Stock Price | 1,435.00 | 199.00 | 164.60 | 36.22 | 49.43 | 117.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,435.00 | 199.00 | 164.60 | 36.22 | 49.43 | 117.00 | |
| Trading Currency | TWD | USD | USD | USD | USD | TWD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |