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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 7.2x - 9.2x | 8.2x |
| Fair Value | NT$ 77.43 - NT$ 98.84 | NT$ 87.92 |
| Upside | -23.3% - -2.1% | -12.9% |
| 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 | 2,021 | 2,273 | 2,444 | 2,530 | 2,580 | 2,632 |
| % Growth | 15.9% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 265 | 342 | 392 | 406 | 414 | 422 |
| % of Revenue | 13.1% | 15.0% | 16.0% | 16.0% | 16.0% | 16.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (TWD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 342 | 392 | 406 | 414 | 422 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (32) | (35) | (36) | (37) | (37) | |
| EBIT | 310 | 357 | 370 | 377 | 385 | |
| Pro forma Taxes | (68) | (79) | (81) | (83) | (85) | |
| NOPAT | 188 | 241 | 279 | 288 | 294 | 300 |
| Capital Expenditures | (193) | (197) | (212) | (219) | (224) | (228) |
| NWC Investment | (92) | (84) | (57) | (28) | (17) | (17) |
| (+) D&A | 23 | 32 | 35 | 36 | 37 | 37 |
| Free Cash Flow | (74) | (7) | 45 | 76 | 90 | 92 |
| % Growth | NM | NM | 71% | 18% | 2% | |