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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 157.5 M - 257.1 M | 199.4 M |
| Discount Rate | 9.0% - 7.0% | 8.0% |
| Fair Value | NT$ 29.26 - NT$ 45.51 | NT$ 35.53 |
| Upside | 8.4% - 68.6% | 31.6% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-25 | ||
| (TWD in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 1,775 | 2,025 | 2,422 | 2,088 | 1,323 | 1,286 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 305 | 381 | 553 | 498 | 348 | 342 | |
| (+) Net Interest Expense | (11) | (11) | (48) | (59) | (130) | (129) | |
| (+) Other Non Operating Exp. | 10 | (29) | (27) | (7) | (32) | (27) | |
| (+) D&A | 32 | 23 | 21 | 22 | 23 | 24 | |
| (+) Non-recurring Items | 0 | (2) | 1 | 8 | 0 | (0) | |
| Adjusted EBITDA | 337 | 362 | 500 | 462 | 209 | 209 | |
| (-) D&A | (32) | (23) | (21) | (22) | (23) | (24) | |
| Adjusted EBIT | 305 | 339 | 479 | 440 | 186 | 185 | |
| % of Revenue | 17.2% | 16.7% | 19.8% | 21.0% | 14.1% | 14.4% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 14.1% | 17.2% | 21.0% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (TWD in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 1,750 | 2,492 | 3,673 | 1,483 | |||
| (+) Cash & Short Term Investments | 960 | 960 | 960 | 960 | |||
| (+) Investments & Other | 768 | 768 | 768 | 768 | |||
| (-) Debt | (17) | (17) | (17) | (17) | |||
| (-) Other Liabilities | 0 | 0 | 0 | 0 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 3,461 | 4,203 | 5,383 | 3,194 | |||
| (/) Shares Outstanding | 118.3 | 118.3 | 118.3 | 118.3 | |||
| Implied Stock Price (TWD) | 29.26 | 35.53 | 45.51 | 27.00 | |||
| FX Rate: TWD/TWD | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (TWD) | 29.26 | 35.53 | 45.51 | 27.00 | |||
| Upside / (Downside) | 8.37% | 31.60% | 68.57% | ||||
| Stock Price | 27.00 | ||||||
| Stock Price Close | 27.00 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | TWD | ||||||
| Trading Currency | TWD | ||||||
| FX Rate: TWD/TWD | 1.00 | ||||||
| Market Cap | 3,193.6 | ||||||
| Shares Outstanding | 118.3 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||