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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 16.0x - 18.0x | 17.0x |
| Fair Value | NT$ 51.07 - NT$ 58.73 | NT$ 54.77 |
| Upside | 6.4% - 22.4% | 14.1% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 1,196 | 1,196 | 1,196 | 1,196 | 1,196 | 1,196 | 1,196 | 1,196 | 1,196 | 1,196 | 1,196 |
| % Growth | -0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 282 | 260 | 260 | 260 | 260 | 260 | 260 | 260 | 260 | 260 | 260 |
| % of Revenue | 23.5% | 21.7% | 21.7% | 21.7% | 21.7% | 21.7% | 21.7% | 21.7% | 21.7% | 21.7% | 21.7% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (TWD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 260 | 260 | 260 | 260 | 260 | 260 | 260 | 260 | 260 | 260 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (70) | (70) | (70) | (70) | (70) | (70) | (70) | (70) | (70) | (70) | |
| EBIT | 190 | 190 | 190 | 190 | 190 | 190 | 190 | 190 | 190 | 190 | |
| Pro forma Taxes | (38) | (38) | (38) | (38) | (38) | (38) | (38) | (38) | (38) | (38) | |
| NOPAT | 168 | 152 | 152 | 152 | 152 | 152 | 152 | 152 | 152 | 152 | 152 |
| Capital Expenditures | (41) | (53) | (53) | (53) | (53) | (53) | (53) | (53) | (53) | (53) | (53) |
| NWC Investment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 72 | 70 | 70 | 70 | 70 | 70 | 70 | 70 | 70 | 70 | 70 |
| Free Cash Flow | 199 | 169 | 169 | 169 | 169 | 169 | 169 | 169 | 169 | 169 | 169 |
| % Growth | -15% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |