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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 3.8x - 4.2x | 4.0x |
| Selected Fwd EBIT Multiple | 5.2x - 5.7x | 5.4x |
| Fair Value | NT$ 91.94 - NT$ 98.20 | NT$ 95.07 |
| Upside | 11.9% - 19.5% | 15.7% |
| Benchmarks | Ticker | Full Ticker |
| Yang Ming Marine Transport Corporation | 2609 | TWSE:2609 |
| Evergreen Marine Corporation (Taiwan) Ltd. | 2603 | TWSE:2603 |
| ZIM Integrated Shipping Services Ltd. | 2SV | DB:2SV |
| Regional Container Lines Public Company Limited | RCL | SET:RCL |
| Navios Maritime Partners L.P. | NMM | NYSE:NMM |
| Wan Hai Lines Ltd. | 2615 | TWSE:2615 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2609 | 2603 | 2SV | RCL | NMM | 2615 | ||
| TWSE:2609 | TWSE:2603 | DB:2SV | SET:RCL | NYSE:NMM | TWSE:2615 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 104.9% | 85.3% | NM- | 52.9% | 76.7% | |
| 3Y CAGR | NM- | -18.4% | -24.6% | -22.2% | 14.3% | -27.3% | |
| Latest Twelve Months | 139.9% | 367.1% | 652.4% | 311.5% | 1.6% | 706.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 29.2% | 34.1% | 26.6% | 24.2% | 30.9% | 26.0% | |
| Prior Fiscal Year | 58.7% | 12.0% | -8.7% | 7.5% | 33.1% | -8.1% | |
| Latest Fiscal Year | -1.2% | 33.4% | 29.5% | 23.0% | 32.9% | 30.4% | |
| Latest Twelve Months | 25.1% | 33.4% | 29.5% | 23.0% | 32.9% | 30.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.42x | 0.80x | 0.56x | 0.51x | 2.24x | 0.86x | |
| EV / LTM EBITDA | 1.5x | 2.1x | 1.8x | 1.7x | 4.6x | 2.3x | |
| EV / LTM EBIT | 1.7x | 2.4x | 1.9x | 2.2x | 6.8x | 2.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 1.7x | 2.2x | 6.8x | ||||
| Historical EV / LTM EBIT | -43.7x | 2.8x | 26.8x | ||||
| Selected EV / LTM EBIT | 3.8x | 4.0x | 4.2x | ||||
| (x) LTM EBIT | 49,128 | 49,128 | 49,128 | ||||
| (=) Implied Enterprise Value | 186,020 | 195,811 | 205,601 | ||||
| (-) Non-shareholder Claims * | 91,282 | 91,282 | 91,282 | ||||
| (=) Equity Value | 277,302 | 287,092 | 296,883 | ||||
| (/) Shares Outstanding | 2,806.1 | 2,806.1 | 2,806.1 | ||||
| Implied Value Range | 98.82 | 102.31 | 105.80 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 98.82 | 102.31 | 105.80 | 82.20 | |||
| Upside / (Downside) | 20.2% | 24.5% | 28.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2609 | 2603 | 2SV | RCL | NMM | 2615 | |
| Enterprise Value | 85,819 | 371,114 | 4,716 | 17,965 | 2,992 | 139,383 | |
| (+) Cash & Short Term Investments | 213,356 | 261,886 | 2,115 | 12,834 | 312 | 148,628 | |
| (+) Investments & Other | 21,873 | 42,784 | 1,106 | 584 | 0 | 26,765 | |
| (-) Debt | (57,666) | (169,769) | (6,030) | (12,075) | (2,129) | (83,699) | |
| (-) Other Liabilities | (776) | (22,127) | (6) | 1 | 0 | (412) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 262,606 | 483,887 | 1,901 | 19,310 | 1,175 | 230,665 | |
| (/) Shares Outstanding | 3,492.1 | 2,165.0 | 120.5 | 828.8 | 30.2 | 2,806.1 | |
| Implied Stock Price | 75.20 | 223.50 | 15.78 | 23.30 | 38.89 | 82.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.08 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 75.20 | 223.50 | 14.58 | 23.30 | 38.89 | 82.20 | |
| Trading Currency | TWD | TWD | EUR | THB | USD | TWD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.08 | 1.00 | 1.00 | 1.00 | |