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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14.4x - 15.9x | 15.1x |
| Selected Fwd EBITDA Multiple | 6.8x - 7.5x | 7.1x |
| Fair Value | NT$ 113.42 - NT$ 125.45 | NT$ 119.43 |
| Upside | 12.9% - 24.8% | 18.8% |
| Benchmarks | Ticker | Full Ticker |
| Great Giant Fibre Garment Co., Ltd. | 4441 | TPEX:4441 |
| Yi Shin Textile Industrial Co., Ltd. | 4440 | TWSE:4440 |
| Universal Incorporation | 1325 | TWSE:1325 |
| Nan Liu Enterprise Co., Ltd. | 6504 | TWSE:6504 |
| Singtex Industrial Co., Ltd. | 4433 | TPEX:4433 |
| Cathay Consolidated, Inc. | 1342 | TWSE:1342 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 4441 | 4440 | 1325 | 6504 | 4433 | 1342 | ||
| TPEX:4441 | TWSE:4440 | TWSE:1325 | TWSE:6504 | TPEX:4433 | TWSE:1342 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 21.0% | -11.0% | NM- | -6.4% | 13.2% | 16.0% | |
| 3Y CAGR | 30.2% | -33.8% | NM- | -2.5% | -2.6% | 16.7% | |
| Latest Twelve Months | 22.9% | 65.8% | -272.3% | 0.3% | 8.4% | -12.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.4% | 15.8% | 24.4% | 14.6% | 6.5% | 22.3% | |
| Prior Fiscal Year | 15.5% | 7.3% | 2.9% | 11.4% | 5.3% | 26.8% | |
| Latest Fiscal Year | 16.5% | 10.7% | -6.3% | 10.6% | 5.3% | 23.9% | |
| Latest Twelve Months | 19.4% | 10.7% | -6.3% | 10.6% | 5.3% | 23.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.08x | 1.95x | 2.64x | 1.29x | 1.49x | 3.17x | |
| EV / LTM EBITDA | 15.9x | 18.3x | -41.8x | 12.2x | 28.1x | 13.2x | |
| EV / LTM EBIT | 16.8x | 28.9x | -10.5x | 52.9x | 142.2x | 15.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -41.8x | 15.9x | 28.1x | ||||
| Historical EV / LTM EBITDA | 12.2x | 14.0x | 17.0x | ||||
| Selected EV / LTM EBITDA | 14.4x | 15.1x | 15.9x | ||||
| (x) LTM EBITDA | 601 | 601 | 601 | ||||
| (=) Implied Enterprise Value | 8,638 | 9,093 | 9,548 | ||||
| (-) Non-shareholder Claims * | (66) | (66) | (66) | ||||
| (=) Equity Value | 8,572 | 9,027 | 9,482 | ||||
| (/) Shares Outstanding | 78.5 | 78.5 | 78.5 | ||||
| Implied Value Range | 109.23 | 115.02 | 120.82 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 109.23 | 115.02 | 120.82 | 100.50 | |||
| Upside / (Downside) | 8.7% | 14.5% | 20.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4441 | 4440 | 1325 | 6504 | 4433 | 1342 | |
| Enterprise Value | 15,315 | 2,199 | 829 | 8,615 | 4,792 | 7,953 | |
| (+) Cash & Short Term Investments | 2,235 | 296 | 1,582 | 1,382 | 1,040 | 641 | |
| (+) Investments & Other | 532 | 54 | 76 | 90 | 0 | 0 | |
| (-) Debt | (71) | (794) | (0) | (5,462) | (3,957) | (707) | |
| (-) Other Liabilities | (6) | 0 | (81) | (0) | (158) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 18,004 | 1,754 | 2,405 | 4,625 | 1,716 | 7,887 | |
| (/) Shares Outstanding | 60.4 | 67.6 | 85.3 | 72.6 | 60.4 | 78.5 | |
| Implied Stock Price | 298.00 | 25.95 | 28.20 | 63.70 | 28.40 | 100.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 298.00 | 25.95 | 28.20 | 63.70 | 28.40 | 100.50 | |
| 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 | |