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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -79.3x - -87.7x | -83.5x |
| Selected Fwd EBITDA Multiple | 11.9x - 13.2x | 12.5x |
| Fair Value | NT$ 34.07 - NT$ 40.27 | NT$ 37.17 |
| Upside | 13.8% - 34.5% | 24.1% |
| Benchmarks | Ticker | Full Ticker |
| momo.com Inc. | 8454 | TWSE:8454 |
| GOMAJI Corp., LTD | 8472 | TPEX:8472 |
| Amazon.com, Inc. | AMZN_KZ | KAS:AMZN_KZ |
| Yong Yi International Group Co., Ltd | 2939 | TWSE:2939 |
| Xxtechec Co., Ltd. | 8477 | TPEX:8477 |
| PChome Online Inc. | 8044 | TPEX:8044 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 8454 | 8472 | AMZN_KZ | 2939 | 8477 | 8044 | ||
| TWSE:8454 | TPEX:8472 | KAS:AMZN_KZ | TWSE:2939 | TPEX:8477 | TPEX:8044 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 18.5% | NM- | 27.1% | NM- | NM- | NM- | |
| 3Y CAGR | 1.8% | NM- | 26.6% | NM- | NM- | NM- | |
| Latest Twelve Months | -11.7% | 33.8% | 25.2% | -79.2% | 30.1% | -45.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.4% | -10.3% | 14.5% | -14.4% | -5.9% | 0.4% | |
| Prior Fiscal Year | 4.4% | -21.2% | 14.9% | -34.4% | -8.3% | -0.5% | |
| Latest Fiscal Year | 4.2% | -19.8% | 18.9% | -37.5% | -11.1% | 0.0% | |
| Latest Twelve Months | 3.7% | -11.9% | 20.2% | -45.3% | -14.5% | -0.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.59x | 3.94x | 3.94x | 2.34x | 0.61x | 0.31x | |
| EV / LTM EBITDA | 15.2x | -33.2x | 19.5x | -5.2x | -4.2x | -89.9x | |
| EV / LTM EBIT | 17.1x | -26.6x | 34.6x | -5.1x | -4.2x | -22.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -33.2x | -4.2x | 19.5x | ||||
| Historical EV / LTM EBITDA | -121.9x | -38.1x | 17.3x | ||||
| Selected EV / LTM EBITDA | -79.3x | -83.5x | -87.7x | ||||
| (x) LTM EBITDA | (127) | (127) | (127) | ||||
| (=) Implied Enterprise Value | 10,048 | 10,577 | 11,106 | ||||
| (-) Non-shareholder Claims * | (5,030) | (5,030) | (5,030) | ||||
| (=) Equity Value | 5,019 | 5,548 | 6,077 | ||||
| (/) Shares Outstanding | 202.9 | 202.9 | 202.9 | ||||
| Implied Value Range | 24.74 | 27.35 | 29.95 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 24.74 | 27.35 | 29.95 | 29.95 | |||
| Upside / (Downside) | -17.4% | -8.7% | 0.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 8454 | 8472 | AMZN_KZ | 2939 | 8477 | 8044 | |
| Enterprise Value | 63,589 | 1,493 | 2,692,069 | 770 | 374 | 11,106 | |
| (+) Cash & Short Term Investments | 1,211 | 214 | 94,197 | 497 | 205 | 4,363 | |
| (+) Investments & Other | 1,274 | 0 | 20,000 | 0 | 200 | 1,651 | |
| (-) Debt | (2,661) | (340) | (160,438) | (125) | (18) | (8,742) | |
| (-) Other Liabilities | (84) | 0 | 0 | 0 | 0 | (2,301) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 63,329 | 1,367 | 2,645,828 | 1,143 | 760 | 6,076 | |
| (/) Shares Outstanding | 265.0 | 17.7 | 10,690.2 | 45.5 | 64.2 | 202.9 | |
| Implied Stock Price | 239.00 | 77.10 | 247.50 | 25.10 | 11.85 | 29.95 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 239.00 | 77.10 | 247.50 | 25.10 | 11.85 | 29.95 | |
| Trading Currency | TWD | TWD | USD | TWD | TWD | TWD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |