Monolithic Power Systems, Inc. (MPWR)

Industry: Semiconductors Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
3156.T	45	Restar Holdings Co	3,636	15.54	14.41	8.38	7.30	10.60	9.85
3033.TW	46	Weikeng Industrial	3,269	20.55	17.96	13.28	11.31	-	14.79
ENTG	47	Entegris, Inc.	3,223	48.99	48.20	15.37	13.72	28.13	25.87
002180.SZ	48	Ninestar Corporati	3,055	-	-	22.14	25.24	-	-
VSH	49	Vishay Intertechno	2,983	-	-	11.98	12.95	34.44	-
2737.T	50	Tomen Devices Corp	2,939	7.29	6.35	8.39	6.83	3.95	6.54
TER	51	Teradyne, Inc.	2,860	48.08	53.05	33.06	35.94	36.65	46.38
MPWR	52	Monolithic Power S	2,661	23.27	14.08	57.30	42.81	55.10	45.76
0JZM.L	53	Maxim Integrated P	2,633	33.24	25.68	25.54	22.37	23.03	29.57
6415.TW	54	Silergy Corp.	2,630	38.90	39.81	25.82	25.43	37.59	42.12
6146.T	55	Disco Corporation	2,626	39.91	30.17	26.36	20.33	27.29	21.58
3436.T	56	Sumco Corporation	2,598	210.33	330.69	7.66	7.21	-	80.93
600703.SS	57	Sanan Optoelectron	2,564	692.31	1,102.46	37.94	39.13	-	496.16
0522.HK	58	ASMPT Limited	2,538	67.56	80.51	14.49	15.71	18.43	32.24
5483.TWO	59	Sino-American Sili	2,497	23.90	27.17	6.13	6.13	19.72	12.37
4991.TWO	60	GCS Holdings, Inc.	2,418	-	-	402.83	625.21	34.69	40.28

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	36.07	28.67	14.49	13.72	23.03	25.87
Full Range Median Multiple	39.40	34.99	15.37	15.71	27.29	29.57
Industry Multiple	103.88	148.04	43.96	58.32	24.96	66.05
Market Implied Multiple	26.11	15.80	64.48	48.17	62.00	51.49
Company (MPWR) Multiple	23.27	14.08	57.30	42.81	55.10	45.76
(*) Net Income / EBITDA / Revenue	1,895	3,131	751	1,005	781	940
Winsorized Enterprise Value	N/A	N/A	10,877	13,782	17,980	24,316
Full Range Median Enterprise Value	N/A	N/A	11,537	15,784	21,310	27,792
(-) Net Debt	-1,081	-1,081	-1,081	-1,081	-1,081	-1,081
Winsorized Equity Value	68,362	89,780	11,958	14,863	19,061	25,397
Full Range Median Equity Value	74,677	109,570	12,618	16,865	22,391	28,873
(/) Shares Outstanding	48	48	48	48	48	48
Winsorized Fair Value	$1,427.24	$1,874.40	$249.66	$310.31	$397.96	$530.23
Full Range Median Fair Value	$1,559.08	$2,287.57	$263.43	$352.11	$467.47	$602.80
Current Price	$1,033.17	$1,033.17	$1,033.17	$1,033.17	$1,033.17	$1,033.17
Upside / Downside	38.14%	81.42%	-75.84%	-69.97%	-61.48%	-48.68%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$999.07	$1,312.08	$174.76	$217.21	$278.57	$371.16
Buy / Don't Buy	Don’t Buy	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy