United Renewable Energy Valuation

Q: What is the Fair Price of 3576 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

3576 (NT$10.4) is trading above our estimate of [[fair value]] (NT$0.39)

Is 3576 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 3576 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3576 (NT$10.4) is trading above our estimate of fair value (NT$0.39)

Significantly Below Fair Value: 3576 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3576?

Key metric: As 3576 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 3576. This is calculated by dividing 3576's market cap by their current revenue.
What is 3576's PS Ratio?
PS Ratio	2.6x
Sales	NT$6.44b
Market Cap	NT$16.92b

3576 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	3.9x
Enterprise Value/EBITDA	-21.3x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 3576's PS Ratio compare to its peers?

The above table shows the PS ratio for 3576 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	12.8x
4968 RichWave Technology	4.8x	23.5%	NT$17.4b
2401 Sunplus Technology	2.7x	n/a	NT$17.1b
6679 Zilltek Technology	8.3x	20.8%	NT$17.7b
3228 RDC Semiconductor	35.5x	n/a	NT$15.4b
3576 United Renewable Energy	2.6x	n/a	NT$16.9b

Price-To-Sales vs Peers: 3576 is good value based on its Price-To-Sales Ratio (2.6x) compared to the peer average (12.8x).

Price to Sales Ratio vs Industry

How does 3576's PS Ratio compare vs other companies in the TW Semiconductor Industry?

12 Companies	Price / Sales	Estimated Growth	Market Cap
6196 Marketech International	0.5x	8.6%	US$948.06m
3260 ADATA Technology	0.6x	2.1%	US$821.08m
6826 Taiwan Puritic	0.7x	n/a	US$329.37m
6120 Darwin Precisions	0.4x	n/a	US$280.66m

12 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 3576 is good value based on its Price-To-Sales Ratio (2.6x) compared to the TW Semiconductor industry average (3.5x).

Price to Sales Ratio vs Fair Ratio

What is 3576'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.

3576 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2.6x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate 3576'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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