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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.5x - 1.7x | 1.6x |
| Selected Fwd Revenue Multiple | 0.6x - 0.7x | 0.6x |
| Fair Value | NT$ 48.56 - NT$ 52.99 | NT$ 50.78 |
| Upside | 50.8% - 64.6% | 57.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Est Global Apparel Co.,Ltd | 4413 | TPEX:4413 |
| Universal Textile Co., Ltd. | 1445 | TWSE:1445 |
| Chia Her Industrial Co., Ltd. | 1449 | TWSE:1449 |
| De Licacy Industrial Co., Ltd. | 1464 | TWSE:1464 |
| Formosa Taffeta Co., Ltd. | 1434 | TWSE:1434 |
| Hong Ho Precision Textile Co.,Ltd. | 1446 | TWSE:1446 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 4413 | 1445 | 1449 | 1464 | 1434 | 1446 | |||
| TPEX:4413 | TWSE:1445 | TWSE:1449 | TWSE:1464 | TWSE:1434 | TWSE:1446 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -7.3% | -6.3% | 3.0% | 1.9% | -4.8% | 46.2% | ||
| 3Y CAGR | -14.5% | -7.6% | 1.3% | 4.6% | -4.3% | 167.0% | ||
| Latest Twelve Months | -10.4% | -28.4% | 8.9% | 22.0% | 0.8% | 541.3% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 0.8% | -7.0% | -4.5% | 2.1% | 2.7% | 0.7% | ||
| Prior Fiscal Year | 1.6% | -5.5% | -0.5% | -0.9% | 1.0% | 25.4% | ||
| Latest Fiscal Year | -4.7% | -19.7% | 3.3% | 4.9% | 2.3% | 41.0% | ||
| Latest Twelve Months | -4.7% | -19.7% | 3.3% | 4.9% | 2.3% | 41.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.43x | 0.65x | 1.45x | 0.94x | 0.45x | 0.96x | ||
| EV / LTM EBIT | -30.6x | -3.3x | 44.2x | 19.0x | 19.7x | 2.4x | ||
| Price / LTM Sales | 1.40x | 2.14x | 0.61x | 0.61x | 1.08x | 1.21x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.45x | 0.94x | 1.45x | |||||
| Historical EV / LTM Revenue | 0.96x | 27.64x | 55.11x | |||||
| Selected EV / LTM Revenue | 1.52x | 1.60x | 1.68x | |||||
| (x) LTM Revenue | 3,676 | 3,676 | 3,676 | |||||
| (=) Implied Enterprise Value | 5,599 | 5,893 | 6,188 | |||||
| (-) Non-shareholder Claims * | 890 | 890 | 890 | |||||
| (=) Equity Value | 6,488 | 6,783 | 7,078 | |||||
| (/) Shares Outstanding | 137.7 | 137.7 | 137.7 | |||||
| Implied Value Range | 47.12 | 49.26 | 51.39 | |||||
| FX Rate: TWD/TWD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 47.12 | 49.26 | 51.39 | 32.20 | ||||
| Upside / (Downside) | 46.3% | 53.0% | 59.6% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4413 | 1445 | 1449 | 1464 | 1434 | 1446 | |
| Enterprise Value | 573 | 640 | 4,531 | 11,239 | 13,019 | 3,545 | |
| (+) Cash & Short Term Investments | 84 | 476 | 223 | 2,058 | 4,337 | 1,037 | |
| (+) Investments & Other | 0 | 1,124 | 370 | 785 | 25,023 | 76 | |
| (-) Debt | (94) | (124) | (3,308) | (6,318) | (11,337) | (224) | |
| (-) Other Liabilities | 0 | 0 | (64) | (447) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 564 | 2,117 | 1,753 | 7,317 | 31,042 | 4,434 | |
| (/) Shares Outstanding | 31.3 | 130.7 | 103.1 | 407.6 | 1,682.5 | 137.7 | |
| Implied Stock Price | 18.00 | 16.20 | 17.00 | 17.95 | 18.45 | 32.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 18.00 | 16.20 | 17.00 | 17.95 | 18.45 | 32.20 | |
| 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 | |