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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal EBITDA Multiple | 4.8x - 6.8x | 5.8x |
| Fair Value | NT$ 22.05 - NT$ 46 | NT$ 33.79 |
| Upside | -32.8% - 40.2% | 3.0% |
| 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 | 270,954 | 259,166 | 299,594 | 337,043 | 362,321 | 375,003 |
| % Growth | 5.3% | -4.4% | 15.6% | 12.5% | 7.5% | 3.5% |
| EBITDA | 42,358 | 45,318 | 60,745 | 76,764 | 86,145 | 89,160 |
| % of Revenue | 15.6% | 17.5% | 20.3% | 22.8% | 23.8% | 23.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (TWD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 45,318 | 60,745 | 76,764 | 86,145 | 89,160 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (28,365) | (37,536) | (42,228) | (45,395) | (46,984) | |
| EBIT | 16,953 | 23,209 | 34,536 | 40,750 | 42,176 | |
| Pro forma Taxes | (3,391) | (4,642) | (6,907) | (8,150) | (8,435) | |
| NOPAT | 14,156 | 13,562 | 18,567 | 27,629 | 32,600 | 33,741 |
| Capital Expenditures | (15,385) | (20,481) | (38,055) | (42,812) | (46,023) | (47,633) |
| NWC Investment | (2,324) | 1,992 | (6,832) | (6,328) | (4,272) | (2,143) |
| (+) D&A | 24,663 | 28,365 | 37,536 | 42,228 | 45,395 | 46,984 |
| Free Cash Flow | 21,110 | 23,438 | 11,216 | 20,717 | 27,700 | 30,948 |
| % Growth | 11% | -52% | 85% | 34% | 12% | |