Hiwin Mikrosystem Valuation

Is 4576 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

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 4576 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 4576 (NT$122.5) is trading above our estimate of fair value (NT$66.49)

Significantly Below Fair Value: 4576 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 4576?

Key metric: As 4576 is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 4576. This is calculated by dividing 4576's market cap by their current revenue.
What is 4576's PS Ratio?
PS Ratio	6.7x
Sales	NT$2.18b
Market Cap	NT$14.68b

4576 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	7.1x
Enterprise Value/EBITDA	75.6x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 4576's PS Ratio compare to its peers?

The above table shows the PS ratio for 4576 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	2.8x
6206 Flytech Technology	2.7x	n/a	NT$11.6b
6462 Egis Technology	4x	17.5%	NT$16.0b
3217 Argosy Research	4x	7.0%	NT$13.2b
5371 Coretronic	0.7x	7.6%	NT$26.6b
4576 Hiwin Mikrosystem	6.7x	11.1%	NT$14.7b

Price-To-Sales vs Peers: 4576 is expensive based on its Price-To-Sales Ratio (6.7x) compared to the peer average (2.8x).

Price to Sales Ratio vs Industry

How does 4576's PS Ratio compare vs other companies in the TW Electronic Industry?

15 Companies	Price / Sales	Estimated Growth	Market Cap
3702 WPG Holdings	0.2x	11.6%	US$3.89b
2347 Synnex Technology International	0.3x	8.3%	US$3.80b
3036 WT Microelectronics	0.1x	15.3%	US$3.76b
8112 Supreme Electronics	0.1x	n/a	US$1.03b

15 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 4576 is expensive based on its Price-To-Sales Ratio (6.7x) compared to the TW Electronic industry average (1.8x).

Price to Sales Ratio vs Fair Ratio

What is 4576'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.

4576 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	6.7x
Fair PS Ratio	1.4x

Price-To-Sales vs Fair Ratio: 4576 is expensive based on its Price-To-Sales Ratio (6.7x) compared to the estimated Fair Price-To-Sales Ratio (1.4x).

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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