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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 5.9x - 6.6x | 6.3x |
Selected Fwd EBIT Multiple | 10.4x - 11.5x | 11.0x |
Fair Value | NT$ 19.76 - NT$ 20.82 | NT$ 20.29 |
Upside | -7.4% - -2.5% | -5.0% |
Benchmarks | Ticker | Full Ticker |
Zyxel Group Corporation | 3704 | TWSE:3704 |
Loop Telecommunication International, Inc. | 3025 | TWSE:3025 |
XAVi Technologies Corporation | 3447 | TWSE:3447 |
Gemtek Technology Co., Ltd. | 4906 | TWSE:4906 |
Nokia Oyj | NOKB.F | OTCPK:NOKB.F |
OPNET Technologies Co., Ltd. | 8034 | TPEX:8034 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
3704 | 3025 | 3447 | 4906 | NOKB.F | 8034 | ||
TWSE:3704 | TWSE:3025 | TWSE:3447 | TWSE:4906 | OTCPK:NOKB.F | TPEX:8034 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 20.2% | 27.9% | -16.6% | 62.4% | 15.2% | 0.3% | |
3Y CAGR | -32.4% | 68.7% | -46.2% | 17.8% | 6.6% | -9.8% | |
Latest Twelve Months | 40.4% | -8.9% | 153.0% | -45.7% | -19.9% | 10.3% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 4.4% | 17.2% | 1.8% | 2.1% | 9.5% | 11.8% | |
Prior Fiscal Year | 4.2% | 29.8% | -3.2% | 1.8% | 9.4% | 16.2% | |
Latest Fiscal Year | 1.7% | 29.5% | 1.0% | 2.3% | 11.3% | 14.4% | |
Latest Twelve Months | 2.6% | 25.9% | 3.6% | 1.3% | 8.1% | 19.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.42x | 4.41x | 1.31x | 0.15x | 0.86x | 1.43x | |
EV / LTM EBITDA | 10.2x | 15.4x | 23.0x | 4.2x | 7.0x | 7.3x | |
EV / LTM EBIT | 15.8x | 17.0x | 36.8x | 12.1x | 10.7x | 7.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 10.7x | 15.8x | 36.8x | ||||
Historical EV / LTM EBIT | -346.7x | 11.9x | 20.1x | ||||
Selected EV / LTM EBIT | 5.9x | 6.3x | 6.6x | ||||
(x) LTM EBIT | 94 | 94 | 94 | ||||
(=) Implied Enterprise Value | 556 | 585 | 615 | ||||
(-) Non-shareholder Claims * | 548 | 548 | 548 | ||||
(=) Equity Value | 1,104 | 1,133 | 1,163 | ||||
(/) Shares Outstanding | 56.2 | 56.2 | 56.2 | ||||
Implied Value Range | 19.63 | 20.15 | 20.67 | ||||
FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 19.63 | 20.15 | 20.67 | 21.35 | |||
Upside / (Downside) | -8.0% | -5.6% | -3.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 3704 | 3025 | 3447 | 4906 | NOKB.F | 8034 | |
Enterprise Value | 10,837 | 2,490 | 4,100 | 3,009 | 16,642 | 653 | |
(+) Cash & Short Term Investments | 3,807 | 344 | 930 | 4,907 | 5,552 | 556 | |
(+) Investments & Other | 354 | 11 | 3 | 2,916 | 1,646 | 10 | |
(-) Debt | (3,766) | (41) | (192) | (501) | (4,100) | (18) | |
(-) Other Liabilities | (269) | 0 | 0 | (321) | (92) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 10,962 | 2,803 | 4,841 | 10,009 | 19,648 | 1,201 | |
(/) Shares Outstanding | 405.2 | 56.7 | 77.3 | 427.7 | 5,419.1 | 56.2 | |
Implied Stock Price | 27.05 | 49.40 | 62.60 | 23.40 | 3.63 | 21.35 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | 1.00 | |
Implied Stock Price (Trading Cur) | 27.05 | 49.40 | 62.60 | 23.40 | 4.22 | 21.35 | |
Trading Currency | TWD | TWD | TWD | TWD | USD | TWD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | 1.00 |