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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal EBITDA Multiple | 13.3x - 15.3x | 14.3x |
| Fair Value | NT$ 94.11 - NT$ 109.65 | NT$ 101.61 |
| Upside | -30.3% - -18.8% | -24.7% |
| 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 | 3,972 | 4,052 | 4,133 | 4,215 | 4,299 | 4,385 | 4,473 | 4,563 | 4,654 | 4,747 | 4,842 |
| % Growth | 2.8% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 505 | 487 | 497 | 507 | 517 | 527 | 538 | 549 | 560 | 571 | 582 |
| % of Revenue | 12.7% | 12.0% | 12.0% | 12.0% | 12.0% | 12.0% | 12.0% | 12.0% | 12.0% | 12.0% | 12.0% |
| 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 | 487 | 497 | 507 | 517 | 527 | 538 | 549 | 560 | 571 | 582 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (174) | (178) | (181) | (185) | (188) | (192) | (196) | (200) | (204) | (208) | |
| EBIT | 313 | 319 | 326 | 332 | 339 | 346 | 353 | 360 | 367 | 374 | |
| Pro forma Taxes | (56) | (57) | (59) | (60) | (61) | (62) | (63) | (65) | (66) | (67) | |
| NOPAT | 273 | 257 | 262 | 267 | 272 | 278 | 283 | 289 | 295 | 301 | 307 |
| Capital Expenditures | (222) | (213) | (222) | (226) | (231) | (236) | (231) | (233) | (233) | (232) | (233) |
| NWC Investment | (21) | (16) | (16) | (16) | (17) | (17) | (17) | (18) | (18) | (18) | (19) |
| (+) D&A | 172 | 174 | 178 | 181 | 185 | 188 | 192 | 196 | 200 | 204 | 208 |
| Free Cash Flow | 202 | 202 | 201 | 206 | 210 | 214 | 227 | 235 | 244 | 254 | 264 |
| % Growth | 0% | 0% | 2% | 2% | 2% | 6% | 3% | 4% | 4% | 4% | |