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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 4.9x - 6.9x | 5.9x |
| Fair Value | NT$ 48.79 - NT$ 57.74 | NT$ 53.17 |
| Upside | 32.9% - 57.3% | 44.9% |
| 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 | 3,676 | 3,749 | 3,824 | 3,901 | 3,979 | 4,059 |
| % Growth | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 271 | 300 | 306 | 313 | 319 | 325 |
| % of Revenue | 7.4% | 8.0% | 8.0% | 8.0% | 8.0% | 8.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (TWD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 300 | 306 | 313 | 319 | 325 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (41) | (41) | (42) | (43) | (44) | |
| EBIT | 260 | 265 | 270 | 276 | 281 | |
| Pro forma Taxes | (78) | (80) | (81) | (83) | (84) | |
| NOPAT | 161 | 182 | 186 | 189 | 193 | 197 |
| Capital Expenditures | (28) | (34) | (34) | (35) | (36) | (36) |
| NWC Investment | (8) | (5) | (5) | (5) | (5) | (5) |
| (+) D&A | 42 | 41 | 41 | 42 | 43 | 44 |
| Free Cash Flow | 167 | 184 | 188 | 192 | 195 | 199 |
| % Growth | 10% | 2% | 2% | 2% | 2% | |