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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 25.2x - 27.9x | 26.6x |
| Selected Fwd EBITDA Multiple | 19.4x - 21.4x | 20.4x |
| Fair Value | NT$ 143.26 - NT$ 157.04 | NT$ 150.15 |
| Upside | 32.7% - 45.4% | 39.0% |
| Benchmarks | Ticker | Full Ticker |
| WIN Semiconductors Corp. | 3105 | TPEX:3105 |
| RichWave Technology Corporation | 4968 | TWSE:4968 |
| Taiwan Semiconductor Manufacturing Company Limited | 2330 | TWSE:2330 |
| GCS Holdings, Inc. | 4991 | TPEX:4991 |
| Vanguard International Semiconductor Corporation | 5347 | TPEX:5347 |
| Advanced Wireless Semiconductor Company | 8086 | TPEX:8086 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 3105 | 4968 | 2330 | 4991 | 5347 | 8086 | ||
| TPEX:3105 | TWSE:4968 | TWSE:2330 | TPEX:4991 | TPEX:5347 | TPEX:8086 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -9.6% | -9.9% | 24.6% | -4.9% | 11.7% | 11.3% | |
| 3Y CAGR | -19.7% | -34.5% | 22.9% | 62.3% | -4.8% | -4.0% | |
| Latest Twelve Months | -30.8% | 130.0% | 43.5% | 5115.1% | 21.7% | -27.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 34.0% | 5.4% | 67.6% | 7.0% | 37.4% | 25.2% | |
| Prior Fiscal Year | 27.8% | -7.2% | 66.8% | -7.5% | 34.7% | 23.7% | |
| Latest Fiscal Year | 30.6% | 4.5% | 68.3% | 18.5% | 34.8% | 26.2% | |
| Latest Twelve Months | 26.7% | 4.5% | 69.1% | 19.1% | 35.0% | 26.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.22x | 3.34x | 8.57x | 8.87x | 2.85x | 5.29x | |
| EV / LTM EBITDA | 8.3x | 74.3x | 12.4x | 46.6x | 8.2x | 19.7x | |
| EV / LTM EBIT | -175.6x | 153.1x | 17.6x | 73.4x | 16.2x | 63.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.2x | 12.4x | 74.3x | ||||
| Historical EV / LTM EBITDA | 15.1x | 20.2x | 61.2x | ||||
| Selected EV / LTM EBITDA | 25.2x | 26.6x | 27.9x | ||||
| (x) LTM EBITDA | 970 | 970 | 970 | ||||
| (=) Implied Enterprise Value | 24,484 | 25,773 | 27,061 | ||||
| (-) Non-shareholder Claims * | 2,437 | 2,437 | 2,437 | ||||
| (=) Equity Value | 26,921 | 28,209 | 29,498 | ||||
| (/) Shares Outstanding | 196.5 | 196.5 | 196.5 | ||||
| Implied Value Range | 136.99 | 143.55 | 150.10 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 136.99 | 143.55 | 150.10 | 108.00 | |||
| Upside / (Downside) | 26.8% | 32.9% | 39.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3105 | 4968 | 2330 | 4991 | 5347 | 8086 | |
| Enterprise Value | 34,613 | 12,069 | 28,100,951 | 16,139 | 133,388 | 18,787 | |
| (+) Cash & Short Term Investments | 5,644 | 1,185 | 2,632,663 | 646 | 60,558 | 3,426 | |
| (+) Investments & Other | 18,493 | 0 | 137,427 | 677 | 7,813 | 0 | |
| (-) Debt | (19,160) | (112) | (1,012,975) | (194) | (27,799) | (990) | |
| (-) Other Liabilities | (800) | 0 | (35,558) | 0 | (6,082) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 38,791 | 13,141 | 29,822,508 | 17,267 | 167,879 | 21,224 | |
| (/) Shares Outstanding | 423.9 | 91.9 | 25,932.6 | 113.6 | 1,867.4 | 196.5 | |
| Implied Stock Price | 91.50 | 143.00 | 1,150.00 | 152.00 | 89.90 | 108.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 91.50 | 143.00 | 1,150.00 | 152.00 | 89.90 | 108.00 | |
| 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 | |