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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal Revenue Multiple | 0.4x - 0.4x | 0.4x |
| Fair Value | NT$ 83.76 - NT$ 97.22 | NT$ 90.36 |
| Upside | -5.7% - 9.5% | 1.8% |
| 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 | |
| EBITDA | 151 | 151 | 353 | 458 | 474 | |
| Other Income / (Exp) | 38 | 75 | 0 | 0 | 0 | |
| D&A | (15) | (17) | (19) | (21) | (22) | |
| EBIT | 174 | 209 | 333 | 437 | 452 | |
| Pro forma Taxes | (47) | (56) | (90) | (118) | (122) | |
| NOPAT | 89 | 127 | 153 | 243 | 319 | 330 |
| Capital Expenditures | (6) | (6) | (6) | (7) | (7) | (8) |
| NWC Investment | (85) | (183) | (202) | (177) | (119) | (60) |
| (+) D&A | 13 | 15 | 17 | 19 | 21 | 22 |
| Free Cash Flow | 10 | (47) | (38) | 79 | 213 | 284 |
| % Growth | NM | NM | NM | 169% | 33% | |