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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14.8x - 16.3x | 15.6x |
| Selected Fwd EBITDA Multiple | 11.2x - 12.3x | 11.7x |
| Fair Value | ¥93.47 - ¥104.98 | ¥99.22 |
| Upside | 3.9% - 16.6% | 10.2% |
| 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 | -11.0% | -11.6% | 53.2% | -16.9% | 6.0% | 41.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 27.7% | 29.5% | 19.6% | 21.1% | 44.9% | 42.9% | |
| 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 | 20.4% | 32.2% | 21.2% | 22.4% | 41.7% | 45.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.36x | 2.66x | 10.24x | 1.71x | 6.33x | 8.54x | |
| EV / LTM EBITDA | 26.3x | 8.3x | 48.3x | 7.7x | 15.2x | 18.7x | |
| EV / LTM EBIT | -72.6x | 24.7x | 99.5x | 18.7x | 82.6x | 122.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.7x | 15.2x | 48.3x | ||||
| Historical EV / LTM EBITDA | 6.1x | 12.9x | 19.5x | ||||
| Selected EV / LTM EBITDA | 14.8x | 15.6x | 16.3x | ||||
| (x) LTM EBITDA | 3,895 | 3,895 | 3,895 | ||||
| (=) Implied Enterprise Value | 57,579 | 60,609 | 63,639 | ||||
| (-) Non-shareholder Claims * | (8,619) | (8,619) | (8,619) | ||||
| (=) Equity Value | 48,960 | 51,990 | 55,020 | ||||
| (/) Shares Outstanding | 3,884.6 | 3,884.6 | 3,884.6 | ||||
| Implied Value Range | 12.60 | 13.38 | 14.16 | ||||
| FX Rate: USD/CNY | 0.1 | 0.1 | 0.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 90.56 | 96.16 | 101.77 | 90.00 | |||
| Upside / (Downside) | 0.6% | 6.8% | 13.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1347 | GFS | AMD_KZEUSW | XFAB | 688249 | 688981 | |
| Enterprise Value | 12,851 | 18,061 | 281,981 | 1,395 | 60,764 | 57,277 | |
| (+) Cash & Short Term Investments | 4,080 | 2,877 | 7,310 | 158 | 4,268 | 8,537 | |
| (+) Investments & Other | 430 | 820 | 807 | 0 | 1,136 | 5,489 | |
| (-) Debt | (2,301) | (1,631) | (4,731) | (472) | (18,696) | (11,255) | |
| (-) Other Liabilities | (2,607) | (50) | 0 | 0 | (5,169) | (11,390) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 12,452 | 20,077 | 285,367 | 1,080 | 42,302 | 48,658 | |
| (/) Shares Outstanding | 2,253.3 | 554.9 | 1,621.4 | 130.6 | 1,944.0 | 3,884.6 | |
| Implied Stock Price | 5.53 | 36.18 | 176.00 | 8.27 | 21.76 | 12.53 | |
| FX Conversion Rate to Trading Currency | 0.13 | 1.00 | 1.00 | 1.16 | 1.00 | 0.14 | |
| Implied Stock Price (Trading Cur) | 43.38 | 36.18 | 176.00 | 7.14 | 21.76 | 90.00 | |
| Trading Currency | HKD | USD | USD | EUR | CNY | CNY | |
| FX Rate to Reporting Currency | 0.13 | 1.00 | 1.00 | 1.16 | 1.00 | 0.14 | |