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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | NT$ 100.52 - NT$ 121.58 | NT$ 107.38 |
| Upside | 16.7% - 41.2% | 24.7% |
| 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 | 4,731 | 5,574 | 6,503 | 7,316 | 7,865 | 8,140 | |
| % Growth | 9.0% | 17.8% | 16.7% | 12.5% | 7.5% | 3.5% | |
| EBITDA | 134 | 151 | 151 | 353 | 458 | 474 | |
| % of Revenue | 2.8% | 2.7% | 2.3% | 4.8% | 5.8% | 5.8% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (TWD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 151 | 151 | 353 | 458 | 474 | 474 | |
| Other Income / (Exp) | 38 | 75 | 0 | 0 | 0 | 0 | |
| D&A | (15) | (17) | (19) | (21) | (22) | (7) | |
| EBIT | 174 | 209 | 333 | 437 | 452 | 467 | |
| Pro forma Taxes | (47) | (56) | (90) | (118) | (122) | (126) | |
| NOPAT | 89 | 127 | 153 | 243 | 319 | 330 | 341 |
| Capital Expenditures | (6) | (6) | (6) | (7) | (7) | (8) | (8) |
| NWC Investment | (81) | (173) | (191) | (167) | (113) | (57) | 0 |
| (+) D&A | 13 | 15 | 17 | 19 | 21 | 22 | 7 |
| Free Cash Flow | 15 | (38) | (27) | 89 | 220 | 288 | 340 |
| % Growth | NM | NM | NM | 147% | 31% | 18% | |