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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 7.0x - 9.0x | 8.0x |
| Fair Value | €4.11 - €4.72 | €4.41 |
| Upside | 4.3% - 19.7% | 11.9% |
| Select Revenue and EBITDA Forecast | ||||||
| (TWD in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 264,682 | 280,794 | 303,261 | 313,875 | 320,153 | 326,556 |
| % Growth | 9.7% | 6.1% | 8.0% | 3.5% | 2.0% | 2.0% |
| EBITDA | 5,788 | 8,113 | 9,920 | 10,267 | 10,472 | 10,682 |
| % of Revenue | 2.2% | 2.9% | 3.3% | 3.3% | 3.3% | 3.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (TWD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 8,113 | 9,920 | 10,267 | 10,472 | 10,682 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,234) | (2,384) | (2,467) | (2,517) | (2,567) | |
| EBIT | 6,880 | 7,536 | 7,800 | 7,956 | 8,115 | |
| Pro forma Taxes | (1,995) | (2,185) | (2,262) | (2,307) | (2,353) | |
| NOPAT | 3,462 | 4,885 | 5,350 | 5,538 | 5,648 | 5,761 |
| Capital Expenditures | (4,482) | (480) | (545) | (1,836) | (1,872) | (1,910) |
| NWC Investment | (289) | (199) | (278) | (131) | (78) | (79) |
| (+) D&A | 912 | 1,234 | 2,384 | 2,467 | 2,517 | 2,567 |
| Free Cash Flow | (397) | 5,439 | 6,912 | 6,038 | 6,215 | 6,339 |
| % Growth | NM | 27% | -13% | 3% | 2% | |