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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 8.8x - 10.8x | 9.8x |
| Fair Value | NT$ 61.81 - NT$ 78.38 | NT$ 69.94 |
| Upside | 26.4% - 60.3% | 43.0% |
| 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 | 14,829 | 14,829 | 14,829 | 14,829 | 14,829 | 14,829 |
| % Growth | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 2,065 | 2,518 | 2,518 | 2,518 | 2,518 | 2,518 |
| % of Revenue | 13.9% | 17.0% | 17.0% | 17.0% | 17.0% | 17.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (TWD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 2,518 | 2,518 | 2,518 | 2,518 | 2,518 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (781) | (781) | (781) | (781) | (781) | |
| EBIT | 1,737 | 1,737 | 1,737 | 1,737 | 1,737 | |
| Pro forma Taxes | (504) | (504) | (504) | (504) | (504) | |
| NOPAT | 893 | 1,233 | 1,233 | 1,233 | 1,233 | 1,233 |
| Capital Expenditures | (455) | (547) | (547) | (547) | (547) | (547) |
| NWC Investment | (60) | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 808 | 781 | 781 | 781 | 781 | 781 |
| Free Cash Flow | 1,185 | 1,468 | 1,468 | 1,468 | 1,468 | 1,468 |
| % Growth | 24% | 0% | 0% | 0% | 0% | |