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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14.9x - 16.4x | 15.6x |
| Selected Fwd EBITDA Multiple | 6.8x - 7.5x | 7.2x |
| Fair Value | HK$ 24.70 - HK$ 27.29 | HK$ 25.99 |
| Upside | -24.0% - -16.0% | -20.0% |
| Benchmarks | Ticker | Full Ticker |
| Semiconductor Manufacturing International Corporation | 981 | SEHK:981 |
| Tower Semiconductor Ltd. | TSEM | NasdaqGS:TSEM |
| GlobalFoundries Inc. | GFS | NasdaqGS:GFS |
| Vanguard International Semiconductor Corporation | 5347 | TPEX:5347 |
| Powerchip Semiconductor Manufacturing Corp. | 6770 | TWSE:6770 |
| Hua Hong Semiconductor Limited | 1347 | SEHK:1347 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 981 | TSEM | GFS | 5347 | 6770 | 1347 | ||
| SEHK:981 | NasdaqGS:TSEM | NasdaqGS:GFS | TPEX:5347 | TWSE:6770 | SEHK:1347 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 37.7% | 8.4% | 14.7% | 11.7% | -14.5% | 11.2% | |
| 3Y CAGR | 11.6% | 1.1% | 14.6% | -4.8% | -62.8% | -11.2% | |
| Latest Twelve Months | 27.0% | -1.7% | -14.1% | 15.6% | -52.8% | -39.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 42.2% | 30.3% | 29.4% | 37.0% | 23.7% | 27.6% | |
| Prior Fiscal Year | 43.2% | 32.3% | 35.0% | 34.7% | 6.3% | 28.0% | |
| Latest Fiscal Year | 43.2% | 31.4% | 32.9% | 34.8% | 2.9% | 19.2% | |
| Latest Twelve Months | 43.2% | 31.4% | 32.9% | 34.8% | 2.9% | 19.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.50x | 2.02x | 2.75x | 3.17x | 2.35x | 4.01x | |
| EV / LTM EBITDA | 19.7x | 6.4x | 8.3x | 9.1x | 80.1x | 20.9x | |
| EV / LTM EBIT | 238.7x | 15.7x | 25.5x | 19.6x | -13.9x | -51.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.4x | 9.1x | 80.1x | ||||
| Historical EV / LTM EBITDA | 4.0x | 18.9x | 56.6x | ||||
| Selected EV / LTM EBITDA | 14.9x | 15.6x | 16.4x | ||||
| (x) LTM EBITDA | 385 | 385 | 385 | ||||
| (=) Implied Enterprise Value | 5,720 | 6,021 | 6,322 | ||||
| (-) Non-shareholder Claims * | 8 | 8 | 8 | ||||
| (=) Equity Value | 5,727 | 6,028 | 6,329 | ||||
| (/) Shares Outstanding | 2,127.1 | 2,127.1 | 2,127.1 | ||||
| Implied Value Range | 2.69 | 2.83 | 2.98 | ||||
| FX Rate: USD/HKD | 0.1 | 0.1 | 0.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 20.95 | 22.05 | 23.15 | 32.50 | |||
| Upside / (Downside) | -35.5% | -32.2% | -28.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 981 | TSEM | GFS | 5347 | 6770 | 1347 | |
| Enterprise Value | 82,668 | 2,895 | 18,490 | 139,521 | 105,099 | 8,879 | |
| (+) Cash & Short Term Investments | 10,848 | 1,218 | 3,386 | 63,874 | 31,155 | 4,459 | |
| (+) Investments & Other | 5,427 | 7 | 890 | 7,448 | 0 | 429 | |
| (-) Debt | (11,596) | (181) | (2,321) | (24,656) | (68,041) | (2,221) | |
| (-) Other Liabilities | (11,256) | 13 | (48) | (4,563) | 0 | (2,660) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 76,092 | 3,952 | 20,397 | 181,625 | 68,213 | 8,886 | |
| (/) Shares Outstanding | 12,332.2 | 111.6 | 552.9 | 1,866.6 | 4,172.1 | 2,127.1 | |
| Implied Stock Price | 6.17 | 35.43 | 36.89 | 97.30 | 16.35 | 4.18 | |
| FX Conversion Rate to Trading Currency | 0.13 | 1.00 | 1.00 | 1.00 | 1.00 | 0.13 | |
| Implied Stock Price (Trading Cur) | 48.00 | 35.43 | 36.89 | 97.30 | 16.35 | 32.50 | |
| Trading Currency | HKD | USD | USD | TWD | TWD | HKD | |
| FX Rate to Reporting Currency | 0.13 | 1.00 | 1.00 | 1.00 | 1.00 | 0.13 | |