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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal Revenue Multiple | 1.0x - 1.1x | 1.1x |
| Fair Value | NT$ 7.72 - NT$ 10.63 | NT$ 9.13 |
| Upside | -56.6% - -40.3% | -48.7% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 2,033 | 2,033 | 2,033 | 2,033 | 2,033 | 2,033 | 2,033 | 2,033 | 2,033 | 2,033 | 2,033 |
| % Growth | -4.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 16 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 |
| % of Revenue | 0.8% | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (46) | (46) | (46) | (46) | (46) | (46) | (46) | (46) | (46) | (46) | |
| EBIT | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | |
| Pro forma Taxes | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | |
| NOPAT | (23) | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Capital Expenditures | (15) | (68) | (68) | (68) | (68) | (68) | (68) | (68) | (68) | (68) | (68) |
| NWC Investment | 12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 50 | 46 | 46 | 46 | 46 | 46 | 46 | 46 | 46 | 46 | 46 |
| Free Cash Flow | 24 | (19) | (19) | (19) | (19) | (19) | (19) | (19) | (19) | (19) | (19) |
| % Growth | NM | NM | NM | NM | NM | NM | NM | NM | NM | ||