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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 20.3x - 22.5x | 21.4x |
| Selected Fwd EBIT Multiple | 19.8x - 21.9x | 20.9x |
| Fair Value | NT$ 118.78 - NT$ 130.26 | NT$ 124.52 |
| Upside | -17.2% - -9.2% | -13.2% |
| Benchmarks | Ticker | Full Ticker |
| Hotai Motor Co.,Ltd. | 2207 | TWSE:2207 |
| Wonder Pets Enterprises Corporation | 6968 | TPEX:6968 |
| Zhen Yu Hardware Co., Ltd. | 2947 | TPEX:2947 |
| Pan German Universal Motors Ltd. | 2247 | TWSE:2247 |
| Mister International Enterprise Corp. | 2941 | TPEX:2941 |
| Formosa Optical Technology Co.,Ltd. | 5312 | TPEX:5312 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2207 | 6968 | 2947 | 2247 | 2941 | 5312 | ||
| TWSE:2207 | TPEX:6968 | TPEX:2947 | TWSE:2247 | TPEX:2941 | TPEX:5312 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 12.5% | NM- | -5.3% | 19.5% | NM- | 14.9% | |
| 3Y CAGR | 9.3% | 7.8% | -15.1% | 21.1% | 45.4% | 69.6% | |
| Latest Twelve Months | -1.4% | -2.2% | 31.4% | 2.3% | -16.7% | 1.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.0% | 4.1% | 6.4% | 3.7% | 7.3% | 5.5% | |
| Prior Fiscal Year | 12.5% | 4.0% | 3.5% | 4.1% | 9.9% | 8.5% | |
| Latest Fiscal Year | 12.2% | 3.5% | 4.2% | 4.3% | 7.5% | 8.4% | |
| Latest Twelve Months | 12.2% | 3.5% | 4.2% | 4.2% | 7.5% | 8.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.21x | 1.41x | 1.45x | 0.46x | 1.11x | 2.02x | |
| EV / LTM EBITDA | 13.1x | 9.8x | 19.1x | 8.7x | 7.6x | 15.9x | |
| EV / LTM EBIT | 18.1x | 40.4x | 34.6x | 11.1x | 14.9x | 24.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.1x | 18.1x | 40.4x | ||||
| Historical EV / LTM EBIT | 9.9x | 19.9x | 737.6x | ||||
| Selected EV / LTM EBIT | 20.3x | 21.4x | 22.5x | ||||
| (x) LTM EBIT | 333 | 333 | 333 | ||||
| (=) Implied Enterprise Value | 6,759 | 7,115 | 7,471 | ||||
| (-) Non-shareholder Claims * | 585 | 585 | 585 | ||||
| (=) Equity Value | 7,344 | 7,700 | 8,056 | ||||
| (/) Shares Outstanding | 60.1 | 60.1 | 60.1 | ||||
| Implied Value Range | 122.28 | 128.21 | 134.13 | ||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 122.28 | 128.21 | 134.13 | 143.50 | |||
| Upside / (Downside) | -14.8% | -10.7% | -6.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2207 | 6968 | 2947 | 2247 | 2941 | 5312 | |
| Enterprise Value | 622,234 | 4,064 | 3,143 | 24,965 | 915 | 8,034 | |
| (+) Cash & Short Term Investments | 30,897 | 210 | 267 | 3,070 | 187 | 2,759 | |
| (+) Investments & Other | 36,736 | 90 | 0 | 30 | 1 | 586 | |
| (-) Debt | (315,311) | (1,484) | (1,734) | (3,166) | (91) | (2,754) | |
| (-) Other Liabilities | (35,838) | (0) | 0 | 0 | 0 | (6) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 338,718 | 2,880 | 1,676 | 24,899 | 1,011 | 8,619 | |
| (/) Shares Outstanding | 557.1 | 43.6 | 19.3 | 80.7 | 15.4 | 60.1 | |
| Implied Stock Price | 608.00 | 66.00 | 87.00 | 308.50 | 65.70 | 143.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 608.00 | 66.00 | 87.00 | 308.50 | 65.70 | 143.50 | |
| 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 | |