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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 6.1x - 8.1x | 7.1x |
| Fair Value | NT$ 18.96 - NT$ 26.35 | NT$ 22.58 |
| Upside | -27.6% - 0.6% | -13.8% |
| 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 | 448 | 504 | 541 | 560 | 572 | 583 |
| % Growth | 20.5% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 73 | 96 | 109 | 113 | 115 | 117 |
| % of Revenue | 16.4% | 19.1% | 20.1% | 20.1% | 20.1% | 20.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (TWD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 96 | 109 | 113 | 115 | 117 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (50) | (54) | (55) | (57) | (58) | |
| EBIT | 47 | 56 | 57 | 59 | 60 | |
| Pro forma Taxes | (6) | (7) | (7) | (8) | (8) | |
| NOPAT | 39 | 41 | 48 | 50 | 51 | 52 |
| Capital Expenditures | (67) | (100) | (87) | (85) | (91) | (88) |
| NWC Investment | (25) | (19) | (13) | (6) | (4) | (4) |
| (+) D&A | 29 | 50 | 54 | 55 | 57 | 58 |
| Free Cash Flow | (25) | (28) | 2 | 14 | 13 | 18 |
| % Growth | NM | NM | 627% | -9% | 40% | |