Rossmax International Valuation

Is 4121 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 4121 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 4121 (NT$17.25) is trading above our estimate of fair value (NT$6.08)

Significantly Below Fair Value: 4121 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 4121?

Key metric: As 4121 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 4121. This is calculated by dividing 4121's market cap by their current revenue.
What is 4121's PS Ratio?
PS Ratio	0.4x
Sales	NT$3.84b
Market Cap	NT$1.47b

4121 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.7x
Enterprise Value/EBITDA	61.5x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 4121's PS Ratio compare to its peers?

The above table shows the PS ratio for 4121 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	10.5x
6572 PlexBio	12.2x	n/a	NT$1.3b
3184 MicroBase Technology	4.8x	n/a	NT$1.0b
6730 Lagis Enterprise	2.5x	n/a	NT$1.2b
4188 AmCad BioMed	22.6x	n/a	NT$1.3b
4121 Rossmax International	0.4x	n/a	NT$1.5b

Price-To-Sales vs Peers: 4121 is good value based on its Price-To-Sales Ratio (0.4x) compared to the peer average (10.6x).

Price to Sales Ratio vs Industry

How does 4121's PS Ratio compare vs other companies in the TW Medical Equipment Industry?

2 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	2.8x	14.2%
4121 Rossmax International	0.4x	n/a	US$45.09m
4116 BenQ Medical Technology	0.5x	n/a	US$65.84m

No more companies available in this PS range

2 Companies		Estimated Growth	Market Cap
Industry Avg.	2.8x	22.3%
4121 Rossmax International	0.4x	n/a	US$45.09m

No more companies

Price-To-Sales vs Industry: 4121 is good value based on its Price-To-Sales Ratio (0.4x) compared to the TW Medical Equipment industry average (2.8x).

Price to Sales Ratio vs Fair Ratio

What is 4121's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

4121 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.4x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate 4121's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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