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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 18.8x - 20.8x | 19.8x |
| Selected Fwd EBITDA Multiple | 11.5x - 12.8x | 12.1x |
| Fair Value | NT$ 208.97 - NT$ 227.24 | NT$ 218.11 |
| Upside | -4.8% - 3.5% | -0.6% |
| Benchmarks | Ticker | Full Ticker |
| HannStar Display Corporation | 6116 | TWSE:6116 |
| Simplo Technology Co., Ltd. | 6121 | TPEX:6121 |
| TPK Holding Co., Ltd. | 3673 | TWSE:3673 |
| Chang Wah Electromaterials Inc. | 8070 | TWSE:8070 |
| Chroma ATE Inc. | 2360 | TWSE:2360 |
| E Ink Holdings Inc. | 8069 | TPEX:8069 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 6116 | 6121 | 3673 | 8070 | 2360 | 8069 | ||
| TWSE:6116 | TPEX:6121 | TWSE:3673 | TWSE:8070 | TWSE:2360 | TPEX:8069 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 10.2% | -19.1% | 8.5% | 20.5% | 39.2% | |
| 3Y CAGR | NM- | -7.3% | -15.7% | -5.4% | 19.6% | 31.0% | |
| Latest Twelve Months | 5.6% | 8.0% | -11.6% | 14.6% | 52.7% | 35.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.9% | 11.1% | 4.8% | 15.2% | 24.8% | 26.1% | |
| Prior Fiscal Year | -18.6% | 10.8% | 4.7% | 15.2% | 28.1% | 31.6% | |
| Latest Fiscal Year | -26.1% | 11.1% | 4.2% | 15.6% | 28.2% | 28.0% | |
| Latest Twelve Months | -21.0% | 11.6% | 4.2% | 15.7% | 32.2% | 30.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.94x | 0.61x | -0.04x | 1.02x | 8.27x | 6.15x | |
| EV / LTM EBITDA | -4.5x | 5.2x | -1.0x | 6.5x | 25.7x | 20.5x | |
| EV / LTM EBIT | -1.9x | 7.1x | 21.1x | 8.9x | 27.8x | 23.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -4.5x | 5.2x | 25.7x | ||||
| Historical EV / LTM EBITDA | 15.4x | 20.6x | 45.6x | ||||
| Selected EV / LTM EBITDA | 18.8x | 19.8x | 20.8x | ||||
| (x) LTM EBITDA | 10,362 | 10,362 | 10,362 | ||||
| (=) Implied Enterprise Value | 195,149 | 205,420 | 215,691 | ||||
| (-) Non-shareholder Claims * | 40,774 | 40,774 | 40,774 | ||||
| (=) Equity Value | 235,923 | 246,194 | 256,465 | ||||
| (/) Shares Outstanding | 1,149.9 | 1,149.9 | 1,149.9 | ||||
| Implied Value Range | 205.17 | 214.10 | 223.03 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 205.17 | 214.10 | 223.03 | 219.50 | |||
| Upside / (Downside) | -6.5% | -2.5% | 1.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6116 | 6121 | 3673 | 8070 | 2360 | 8069 | |
| Enterprise Value | 9,956 | 48,796 | (4,596) | 18,930 | 206,280 | 211,628 | |
| (+) Cash & Short Term Investments | 5,414 | 33,845 | 48,759 | 11,353 | 6,051 | 24,646 | |
| (+) Investments & Other | 11,741 | 857 | 1,594 | 14,213 | 0 | 36,896 | |
| (-) Debt | (6,414) | (144) | (32,110) | (10,674) | (2,827) | (20,072) | |
| (-) Other Liabilities | 0 | (7,145) | (187) | (4,948) | 0 | (696) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 20,697 | 76,208 | 13,461 | 28,874 | 209,504 | 252,402 | |
| (/) Shares Outstanding | 2,858.7 | 185.0 | 406.7 | 705.1 | 423.7 | 1,149.9 | |
| Implied Stock Price | 7.24 | 412.00 | 33.10 | 40.95 | 494.50 | 219.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.24 | 412.00 | 33.10 | 40.95 | 494.50 | 219.50 | |
| 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 | |