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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal EBITDA Multiple | 10.1x - 12.1x | 11.1x |
| Fair Value | NT$ 78 - NT$ 94.84 | NT$ 86.28 |
| Upside | -7.8% - 12.1% | 2.0% |
| Select Revenue and EBITDA Forecast | ||||||
| (TWD in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-23 | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 |
| Revenue | 4,340 | 4,491 | 4,581 | 4,673 | 4,766 | 4,862 |
| % Growth | 7.1% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 218 | 219 | 223 | 228 | 232 | 237 |
| % of Revenue | 5.0% | 4.9% | 4.9% | 4.9% | 4.9% | 4.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (TWD in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | |
| EBITDA | 219 | 223 | 228 | 232 | 237 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (13) | (13) | (14) | (14) | (14) | |
| EBIT | 206 | 210 | 214 | 218 | 223 | |
| Pro forma Taxes | (56) | (57) | (58) | (59) | (60) | |
| NOPAT | 151 | 150 | 153 | 156 | 159 | 162 |
| Capital Expenditures | (3) | (3) | (4) | (4) | (4) | (4) |
| NWC Investment | (61) | (32) | (19) | (19) | (20) | (20) |
| (+) D&A | 11 | 13 | 13 | 14 | 14 | 14 |
| Free Cash Flow | 98 | 128 | 144 | 147 | 150 | 153 |
| % Growth | 30% | 13% | 2% | 2% | 2% | |