Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 10.9x - 12.9x | 11.9x |
| Fair Value | NT$ 87.66 - NT$ 103.05 | NT$ 95.22 |
| Upside | -11.5% - 4.0% | -3.9% |
| 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 | 3,972 | 4,052 | 4,133 | 4,215 | 4,299 | 4,385 |
| % Growth | 2.8% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 505 | 487 | 497 | 507 | 517 | 527 |
| % of Revenue | 12.7% | 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 | |
| EBITDA | 487 | 497 | 507 | 517 | 527 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (174) | (178) | (181) | (185) | (188) | |
| EBIT | 313 | 319 | 326 | 332 | 339 | |
| Pro forma Taxes | (56) | (57) | (59) | (60) | (61) | |
| NOPAT | 273 | 257 | 262 | 267 | 272 | 278 |
| Capital Expenditures | (222) | (213) | (222) | (226) | (231) | (236) |
| NWC Investment | (21) | (15) | (16) | (16) | (16) | (17) |
| (+) D&A | 172 | 174 | 178 | 181 | 185 | 188 |
| Free Cash Flow | 202 | 202 | 202 | 206 | 210 | 214 |
| % Growth | 0% | 0% | 2% | 2% | 2% | |