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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 8.8% - 7.8% | 8.3% |
Perpetuity Growth Rate | 1.5% - 2.5% | 2.0% |
Fair Value | NT$ 21.93 - NT$ 28.54 | NT$ 24.71 |
Upside | 1.0% - 31.5% | 13.9% |
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 | 5,038 | 5,139 | 5,242 | 5,347 | 5,453 | 5,563 | |
% Growth | 2.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
EBITDA | 36 | 79 | 80 | 82 | 83 | 85 | |
% of Revenue | 0.7% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% |
Calculation of Free Cash Flow | |||||||
Projected Unlevered Cash Flow | |||||||
(TWD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
EBITDA | 79 | 80 | 82 | 83 | 85 | 85 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (12) | (12) | (12) | (12) | (13) | (7) | |
EBIT | 67 | 68 | 70 | 71 | 72 | 78 | |
Pro forma Taxes | (19) | (20) | (20) | (21) | (21) | (23) | |
NOPAT | 17 | 47 | 48 | 49 | 50 | 51 | 55 |
Capital Expenditures | (9) | (6) | (7) | (7) | (7) | (7) | (7) |
NWC Investment | (12) | (10) | (10) | (10) | (10) | (11) | (11) |
(+) D&A | 13 | 12 | 12 | 12 | 12 | 13 | 7 |
Free Cash Flow | 9 | 43 | 44 | 44 | 45 | 46 | 44 |
% Growth | 405% | 2% | 1% | 2% | 2% | -4% |