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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 9.9% - 8.9% | 9.4% |
| Fair Value | NT$ 68.80 - NT$ 78.16 | NT$ 72.45 |
| Upside | -42.7% - -34.9% | -39.6% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (TWD in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 495 | 438 | 438 | 438 | 438 | 438 | 438 | |
| % Growth | 7.5% | -11.5% | 0.0% | 0.0% | 0.0% | 0.0% | ||
| Payout Ratio | 64.0% | 69.0% | 74.0% | 79.0% | 84.0% | 90.0% | 92.5% | |
| Projected Dividends | 317 | 317 | 324 | 346 | 368 | 394 | 405 | |
| % Growth | 0.0% | 2.3% | 6.8% | 6.3% | 7.1% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (TWD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 246 | 264 | 217 | 211 | 317 | 211 | 317 | |
| % Growth | 7% | -18% | -3% | 50% | 50% | |||
| Net Income to Common | 323 | 638 | 228 | 461 | 495 | 461 | 495 | |
| % Growth | 97% | -64% | 102% | 7% | 7% | |||
| Payout Ratio | 76% | 41% | 95% | 46% | 64% | 46% | 64% | |
| Retention Ratio | 24% | 59% | 5% | 54% | 36% | 54% | 36% | |
| Adjusted EBITDA | 389 | 343 | 284 | 601 | 620 | 601 | 620 | |
| % Growth | -12% | -17% | 112% | 3% | 3% | |||
| Total Debt | 29 | 53 | 50 | 76 | 82 | 76 | 82 | |
| Shareholder's Equity | 1,605 | 2,126 | 2,413 | 2,537 | 3,257 | 2,537 | 3,257 | |
| Debt / EBITDA | 0.1 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | ||
| Debt / Equity | 2% | 3% | 2% | 3% | 3% | 3% | 3% | |
| 3-Yr Avg. Dividend Growth | 9.8% | |||||||
| 5-Yr Median Payout Ratio | 64.0% | |||||||