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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14.1x - 15.6x | 14.9x |
| Selected Fwd EBITDA Multiple | 10.8x - 12.0x | 11.4x |
| Fair Value | ¥72.02 - ¥81.03 | ¥76.53 |
| Upside | -19.5% - -9.4% | -14.5% |
| Benchmarks | Ticker | Full Ticker |
| Hua Hong Semiconductor Limited | 1347 | SEHK:1347 |
| GlobalFoundries Inc. | GFS | NasdaqGS:GFS |
| Advanced Micro Devices, Inc. | AMD_KZEUSW | KAS:AMD_KZEUSW |
| X-FAB Silicon Foundries SE | XFAB | ENXTPA:XFAB |
| Nexchip Semiconductor Corporation | 688249 | SHSE:688249 |
| Semiconductor Manufacturing International Corporation | 688981 | XSSC:688981 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 1347 | GFS | AMD_KZEUSW | XFAB | 688249 | 688981 | ||
| SEHK:1347 | NasdaqGS:GFS | KAS:AMD_KZEUSW | ENXTPA:XFAB | SHSE:688249 | XSSC:688981 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 11.2% | 14.7% | 43.3% | 42.6% | NM- | 37.7% | |
| 3Y CAGR | -11.2% | 14.6% | 8.3% | 9.2% | 6.9% | 11.6% | |
| Latest Twelve Months | 34.8% | -10.3% | 36.2% | -16.9% | 6.0% | 38.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 27.9% | 29.6% | 19.8% | 21.1% | 44.9% | 44.0% | |
| Prior Fiscal Year | 28.0% | 35.0% | 17.0% | 26.8% | 45.1% | 43.2% | |
| Latest Fiscal Year | 19.2% | 32.9% | 20.0% | 22.1% | 42.0% | 43.2% | |
| Latest Twelve Months | 21.9% | 31.6% | 18.6% | 22.4% | 41.7% | 46.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.90x | 2.37x | 10.04x | 1.74x | 6.40x | 8.39x | |
| EV / LTM EBITDA | 27.0x | 7.5x | 54.0x | 7.8x | 15.3x | 18.3x | |
| EV / LTM EBIT | -85.5x | 21.1x | 118.9x | 19.1x | 83.6x | 112.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.5x | 15.3x | 54.0x | ||||
| Historical EV / LTM EBITDA | 6.1x | 12.9x | 19.5x | ||||
| Selected EV / LTM EBITDA | 14.1x | 14.9x | 15.6x | ||||
| (x) LTM EBITDA | 4,061 | 4,061 | 4,061 | ||||
| (=) Implied Enterprise Value | 57,388 | 60,409 | 63,429 | ||||
| (-) Non-shareholder Claims * | (9,248) | (9,248) | (9,248) | ||||
| (=) Equity Value | 48,140 | 51,160 | 54,181 | ||||
| (/) Shares Outstanding | 4,877.6 | 4,877.6 | 4,877.6 | ||||
| Implied Value Range | 9.87 | 10.49 | 11.11 | ||||
| FX Rate: USD/CNY | 0.1 | 0.1 | 0.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 70.88 | 75.33 | 79.78 | 89.46 | |||
| Upside / (Downside) | -20.8% | -15.8% | -10.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1347 | GFS | AMD_KZEUSW | XFAB | 688249 | 688981 | |
| Enterprise Value | 12,850 | 16,189 | 289,823 | 1,421 | 61,386 | 70,007 | |
| (+) Cash & Short Term Investments | 3,847 | 3,095 | 5,867 | 158 | 4,268 | 9,967 | |
| (+) Investments & Other | 435 | 823 | 925 | 0 | 1,136 | 4,415 | |
| (-) Debt | (2,296) | (1,684) | (3,886) | (472) | (18,696) | (11,944) | |
| (-) Other Liabilities | (2,574) | (53) | 0 | 0 | (5,169) | (11,686) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 12,262 | 18,370 | 292,729 | 1,107 | 42,925 | 60,758 | |
| (/) Shares Outstanding | 1,966.8 | 555.0 | 1,622.8 | 130.6 | 1,944.0 | 4,877.6 | |
| Implied Stock Price | 6.23 | 33.10 | 180.38 | 8.47 | 22.08 | 12.46 | |
| FX Conversion Rate to Trading Currency | 0.13 | 1.00 | 1.00 | 1.17 | 1.00 | 0.14 | |
| Implied Stock Price (Trading Cur) | 48.76 | 33.10 | 180.38 | 7.27 | 22.08 | 89.46 | |
| Trading Currency | HKD | USD | USD | EUR | CNY | CNY | |
| FX Rate to Reporting Currency | 0.13 | 1.00 | 1.00 | 1.17 | 1.00 | 0.14 | |