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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal Revenue Multiple | 4.2x - 4.6x | 4.4x |
| Fair Value | NT$ 17.14 - NT$ 18.89 | NT$ 18 |
| Upside | -13.2% - -4.3% | -8.9% |
| 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 | 596 | 596 | 596 | 596 | 596 | 596 |
| % Growth | -17.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | -163 | NA | NA | NA | NA | NA |
| % of Revenue | -27.3% | NA | NA | NA | NA | NA |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (TWD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | NA | NA | NA | NA | NA | |
| Other Income / (Exp) | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | |
| D&A | (23) | (23) | (23) | (23) | (23) | |
| EBIT | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | |
| Pro forma Taxes | #NUM! | #NUM! | #NUM! | #NUM! | #NUM! | |
| NOPAT | (167) | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | (13) | (10) | (10) | (11) | (11) | (11) |
| NWC Investment | 55 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 25 | 23 | 23 | 23 | 23 | 23 |
| Free Cash Flow | (100) | 13 | 13 | 12 | 12 | 12 |
| % Growth | NM | 0% | -7% | 0% | 0% | |