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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | NT$ 28.95 - NT$ 38.47 | NT$ 32.19 |
| Upside | -16.1% - 11.5% | -6.7% |
| 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 | |
| Revenue | 37,563 | 35,339 | 34,171 | 88,749 | 93,187 | 95,982 | |
| % Growth | -9.0% | -5.9% | -3.3% | 159.7% | 5.0% | 3.0% | |
| EBITDA | -5 | 995 | 1,161 | 3,061 | 3,214 | 3,343 | |
| % of Revenue | 0.0% | 2.8% | 3.4% | 3.4% | 3.4% | 3.5% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (TWD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 995 | 1,161 | 3,061 | 3,214 | 3,343 | 3,343 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,257) | (1,365) | (1,348) | (1,416) | (1,458) | (835) | |
| EBIT | (262) | (204) | 1,713 | 1,798 | 1,885 | 2,508 | |
| Pro forma Taxes | 0 | 0 | (463) | (485) | (509) | (677) | |
| NOPAT | (258) | (262) | (204) | 1,250 | 1,313 | 1,376 | 1,831 |
| Capital Expenditures | (577) | (450) | (450) | (813) | (853) | (879) | (879) |
| NWC Investment | 34 | 21 | 11 | (505) | (41) | (26) | 0 |
| (+) D&A | 349 | 1,257 | 1,365 | 1,348 | 1,416 | 1,458 | 835 |
| Free Cash Flow | (452) | 566 | 722 | 1,281 | 1,834 | 1,929 | 1,787 |
| % Growth | NM | 28% | 77% | 43% | 5% | -7% | |