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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 2.2x - 2.4x | 2.3x |
Selected Fwd Ps Multiple | 2.2x - 2.5x | 2.4x |
Fair Value | NT$ 60.18 - NT$ 66.51 | NT$ 63.34 |
Upside | 11.4% - 23.2% | 17.3% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Advantech Co., Ltd. | 239,500.0% | TWSE:2395 |
Adlink Technology Inc. | 616,600.0% | TWSE:6166 |
AAEON Technology Inc. | 657,900.0% | TWSE:6579 |
Axiomtek Co., Ltd. | 308,800.0% | TPEX:3088 |
IEI Integration Corp. | 302,200.0% | TWSE:3022 |
IBASE Technology Inc. | 805,000.0% | TPEX:8050 |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
2395 | 6166 | 6579 | 3088 | 3022 | 8050 | |||
TWSE:2395 | TWSE:6166 | TWSE:6579 | TPEX:3088 | TWSE:3022 | TPEX:8050 | |||
Historical Sales Growth | ||||||||
5Y CAGR | 2.0% | -0.8% | 3.2% | 7.8% | 4.1% | 6.2% | ||
3Y CAGR | 0.7% | 1.4% | 4.2% | 10.8% | 3.1% | -3.2% | ||
Latest Twelve Months | 13.3% | 1.0% | -7.6% | 13.0% | -3.0% | 7.0% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 15.1% | 2.7% | 12.0% | 9.0% | 17.3% | 8.7% | ||
Prior Fiscal Year | 16.8% | 2.9% | 12.0% | 10.9% | 18.2% | 11.9% | ||
Latest Fiscal Year | 15.1% | 0.5% | 13.5% | 11.2% | 22.5% | 11.4% | ||
Latest Twelve Months | 14.5% | 1.8% | 10.9% | 10.6% | 20.7% | 9.6% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 20.5x | 40.7x | 18.0x | 7.7x | 3.3x | 27.2x | ||
Price / LTM Sales | 4.1x | 1.4x | 2.8x | 1.3x | 2.0x | 1.9x | ||
LTM P/E Ratio | 28.5x | 75.5x | 25.9x | 16.1x | 9.5x | 19.5x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 1.3x | 2.0x | 4.1x | |||||
Historical LTM P/S Ratio | 1.2x | 2.1x | 2.9x | |||||
Selected Price / Sales Multiple | 2.2x | 2.3x | 2.4x | |||||
(x) LTM Sales | 5,742 | 5,742 | 5,742 | |||||
(=) Equity Value | 12,361 | 13,011 | 13,662 | |||||
(/) Shares Outstanding | 199.2 | 199.2 | 199.2 | |||||
Implied Value Range | 62.06 | 65.33 | 68.59 | |||||
FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 62.06 | 65.33 | 68.59 | 54.00 | ||||
Upside / (Downside) | 14.9% | 21.0% | 27.0% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | 2395 | 6166 | 6579 | 3088 | 3022 | 8050 | |
Value of Common Equity | 274,439 | 14,790 | 20,673 | 8,922 | 13,651 | 10,756 | |
(/) Shares Outstanding | 864.4 | 217.5 | 169.5 | 107.1 | 176.6 | 199.2 | |
Implied Stock Price | 317.50 | 68.00 | 122.00 | 83.30 | 77.30 | 54.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 317.50 | 68.00 | 122.00 | 83.30 | 77.30 | 54.00 | |
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 |