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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Pb Multiple | 1.3x - 1.4x | 1.3x |
Historical Pb Multiple | 0.7x - 4.4x | 1.0x |
Fair Value | NT$ 116.84 - NT$ 129.14 | NT$ 122.99 |
Upside | 38.1% - 52.7% | 45.4% |
Benchmarks | - | Full Ticker |
Yang Ming Marine Transport Corporation | 260,900.0% | TWSE:2609 |
Evergreen Marine Corporation (Taiwan) Ltd. | 260,300.0% | TWSE:2603 |
ZIM Integrated Shipping Services Ltd. | - | DB:2SV |
Regional Container Lines Public Company Limited | - | SET:RCL |
Navios Maritime Partners L.P. | - | NYSE:NMM |
Wan Hai Lines Ltd. | 261,500.0% | TWSE:2615 |
Select Price / Book Ratio | ||||||||
Benchmark Companies | ||||||||
2609 | 2603 | 2SV | RCL | NMM | 2615 | |||
TWSE:2609 | TWSE:2603 | DB:2SV | SET:RCL | NYSE:NMM | TWSE:2615 | |||
Historical Net Income Growth | ||||||||
5Y CAGR | NM- | 315.6% | NM- | NM- | NM- | 67.7% | ||
3Y CAGR | -26.4% | -16.4% | -22.6% | -20.1% | -10.7% | -22.9% | ||
Latest Twelve Months | 141.8% | 294.6% | 179.7% | 510.6% | -15.3% | 917.9% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 24.5% | 31.9% | 12.3% | 24.8% | 28.5% | 22.1% | ||
Prior Fiscal Year | 48.0% | 12.8% | -52.2% | 5.7% | 33.2% | -5.8% | ||
Latest Fiscal Year | 3.4% | 30.1% | 25.5% | 26.1% | 27.5% | 29.3% | ||
Latest Twelve Months | 24.9% | 30.1% | 25.5% | 26.1% | 27.5% | 29.3% | ||
Return on Equity | ||||||||
5 Year Average Margin | 46.4% | 48.7% | 106.5% | 39.2% | 16.4% | 40.3% | ||
Prior Fiscal Year | 62.6% | 7.1% | -64.6% | 3.4% | 17.0% | -2.7% | ||
Latest Twelve Months | 16.6% | 27.3% | 66.2% | 19.4% | 12.5% | 20.3% | ||
Next Fiscal Year | 21.0% | 12.5% | 9.6% | 1.7% | 9.1% | 12.5% | ||
Two Fiscal Years Forward | 11.9% | 10.1% | 0.7% | 1.7% | 10.0% | 2.5% | ||
Current Trading Multiples | ||||||||
Price / LTM Sales | 1.3x | 1.1x | 0.3x | 0.6x | 0.9x | 1.5x | ||
Price / LTM EPS | 5.3x | 3.5x | 1.0x | 2.1x | 3.3x | 5.1x | ||
Price / Book | 0.8x | 0.8x | 0.5x | 0.4x | 0.4x | 0.9x | ||
Price / Fwd Book | 0.8x | 0.8x | 0.5x | 0.4x | 0.4x | 0.8x | ||
Low | Mid | High | ||||||
Benchmark P/B Ratio | 0.4x | 0.5x | 0.8x | |||||
Historical P/B Ratio | 0.7x | 1.0x | 4.4x | |||||
Selected P/B Multiple | 1.3x | 1.3x | 1.4x | |||||
(x) Book Value | 261,207 | 261,207 | 261,207 |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | 2609 | 2603 | 2SV | RCL | NMM | 2615 | |
Value of Common Equity | 269,590 | 493,630 | 1,779 | 19,476 | 1,213 | 237,400 | |
(/) Shares Outstanding | 3,492.1 | 2,165.0 | 120.5 | 828.8 | 30.2 | 2,806.1 | |
Implied Stock Price | 77.20 | 228.00 | 14.77 | 23.50 | 40.13 | 84.60 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.08 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 77.20 | 228.00 | 13.67 | 23.50 | 40.13 | 84.60 | |
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 |