Zen Voce Valuation

Q: What is the Fair Price of 3581 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

3581 (NT$60.5) is trading above our estimate of [[fair value]] (NT$1.11)

Is 3581 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 3581 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3581 (NT$60.5) is trading above our estimate of fair value (NT$1.11)

Significantly Below Fair Value: 3581 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3581?

Key metric: As 3581 is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 3581. This is calculated by dividing 3581's market cap by their current revenue.
What is 3581's PS Ratio?
PS Ratio	2.2x
Sales	NT$1.39b
Market Cap	NT$3.11b

3581 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	2.2x
Enterprise Value/EBITDA	47x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 3581's PS Ratio compare to its peers?

The above table shows the PS ratio for 3581 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	5.5x
7556 Yeedex Electronic	5.4x	-1.5%	NT$3.2b
7730 Nano Electronics and Micro System Technologies	4.9x	n/a	NT$3.0b
6877 Hye TechnologyLtd	8.1x	n/a	NT$2.9b
7704 Finesse Technology	3.8x	6.6%	NT$2.8b
3581 Zen Voce	2.2x	n/a	NT$3.1b

Price-To-Sales vs Peers: 3581 is good value based on its Price-To-Sales Ratio (2.2x) compared to the peer average (5.5x).

Price to Sales Ratio vs Industry

How does 3581's PS Ratio compare vs other companies in the TW Semiconductor Industry?

9 Companies	Price / Sales	Estimated Growth	Market Cap
6196 Marketech International	0.5x	8.9%	US$925.95m
6120 Darwin Precisions	0.4x	n/a	US$273.36m
4967 Team Group	0.3x	-13.1%	US$215.88m
8096 CoAsia Electronics	0.2x	n/a	US$185.81m

9 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 3581 is good value based on its Price-To-Sales Ratio (2.2x) compared to the TW Semiconductor industry average (3.5x).

Price to Sales Ratio vs Fair Ratio

What is 3581'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.

3581 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2.2x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate 3581'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.

Discover undervalued companies

Realtek Semiconductor

NT$244.9b

Engages in the research, development, production, and sale of various integrated circuits and related application software in Taiwan, Asia, and internationally.

2379

NT$474.00

-5.2%

5.5%

GlobalWafers

NT$201.8b

Researches, designs, develops, and manufactures semiconductor ingots and wafers in Taiwan and internationally.

6488

NT$414.00

-2.1%

-29.1%

Alchip Technologies

NT$172.6b

Engages in the research and development, design, and manufacture of fabless application specific integrated circuits (ASIC) and system on a chip (SOC)in Japan, Taiwan, and China.

3661

NT$2,140.00

-7.0%

-31.2%