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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 37.6x - 41.5x | 39.6x |
| Selected Fwd EBIT Multiple | 2.6x - 2.8x | 2.7x |
| Fair Value | NT$ 28.16 - NT$ 31.04 | NT$ 29.60 |
| Upside | -5.7% - 4.0% | -0.8% |
| Benchmarks | Ticker | Full Ticker |
| Hiwin Technologies Corporation | 2049 | TWSE:2049 |
| C Sun Mfg Ltd. | 2467 | TWSE:2467 |
| Kaori Heat Treatment Co., Ltd. | 8996 | TWSE:8996 |
| Waffer Technology Corporation | 6235 | TWSE:6235 |
| United Purification Technology Co., Ltd. | 6977 | TPEX:6977 |
| JG Environmental Technology Co.,Ltd. | 6723 | TPEX:6723 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2049 | 2467 | 8996 | 6235 | 6977 | 6723 | ||
| TWSE:2049 | TWSE:2467 | TWSE:8996 | TWSE:6235 | TPEX:6977 | TPEX:6723 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -3.0% | 15.2% | 25.9% | NM- | NM- | 26.2% | |
| 3Y CAGR | -26.2% | -4.9% | 41.1% | 73.1% | -5.2% | 30.9% | |
| Latest Twelve Months | -22.3% | 58.0% | -9.1% | -30.8% | -109.4% | -84.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.0% | 12.0% | 12.1% | 5.7% | 9.1% | 4.6% | |
| Prior Fiscal Year | 10.8% | 11.1% | 16.4% | 15.8% | 12.7% | 5.0% | |
| Latest Fiscal Year | 8.4% | 13.2% | 16.2% | 10.8% | 6.1% | 8.8% | |
| Latest Twelve Months | 8.4% | 13.2% | 16.2% | 10.8% | -1.7% | 2.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.04x | 3.51x | 4.82x | 1.84x | 1.40x | 0.92x | |
| EV / LTM EBITDA | 17.6x | 24.3x | 24.1x | 10.0x | -113.2x | 31.1x | |
| EV / LTM EBIT | 36.0x | 26.6x | 29.9x | 17.1x | -81.7x | 46.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -81.7x | 26.6x | 36.0x | ||||
| Historical EV / LTM EBIT | -870.6x | 12.3x | 33.2x | ||||
| Selected EV / LTM EBIT | 37.6x | 39.6x | 41.5x | ||||
| (x) LTM EBIT | 14 | 14 | 14 | ||||
| (=) Implied Enterprise Value | 525 | 553 | 581 | ||||
| (-) Non-shareholder Claims * | 17 | 17 | 17 | ||||
| (=) Equity Value | 542 | 570 | 598 | ||||
| (/) Shares Outstanding | 22.6 | 22.6 | 22.6 | ||||
| Implied Value Range | 24.05 | 25.27 | 26.50 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 24.05 | 25.27 | 26.50 | 29.85 | |||
| Upside / (Downside) | -19.4% | -15.3% | -11.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2049 | 2467 | 8996 | 6235 | 6977 | 6723 | |
| Enterprise Value | 70,118 | 16,332 | 18,426 | 10,541 | 838 | 656 | |
| (+) Cash & Short Term Investments | 7,354 | 3,227 | 1,921 | 882 | 345 | 103 | |
| (+) Investments & Other | 1,907 | 3,166 | 108 | 0 | 13 | 5 | |
| (-) Debt | (10,599) | (2,610) | (1,705) | (2,002) | (259) | (92) | |
| (-) Other Liabilities | (145) | (393) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 68,636 | 19,722 | 18,750 | 9,421 | 936 | 673 | |
| (/) Shares Outstanding | 353.8 | 150.0 | 91.5 | 199.8 | 13.6 | 22.6 | |
| Implied Stock Price | 194.00 | 131.50 | 205.00 | 47.15 | 68.80 | 29.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 194.00 | 131.50 | 205.00 | 47.15 | 68.80 | 29.85 | |
| 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 | |