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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 10.6% - 9.6% | 10.1% |
| Fair Value | NT$ 11.95 - NT$ 16.95 | NT$ 13.99 |
| Upside | -28.0% - 2.1% | -15.7% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (TWD in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 1,490 | 1,196 | 1,220 | 1,244 | 1,269 | 1,295 | 1,295 | |
| % Growth | 235.2% | -19.7% | 2.0% | 2.0% | 2.0% | 2.0% | ||
| Payout Ratio | 56.7% | 63.0% | 70.0% | 77.0% | 84.0% | 90.0% | 92.5% | |
| Projected Dividends | 844 | 844 | 854 | 958 | 1,066 | 1,165 | 1,197 | |
| % Growth | 0.0% | 1.1% | 12.2% | 11.3% | 9.3% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (TWD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 4,209 | 1,685 | 1,646 | 2,470 | 844 | 2,470 | 844 | |
| % Growth | -60% | -2% | 50% | -66% | -66% | |||
| Net Income to Common | 2,096 | 2,143 | 3,405 | 445 | 1,490 | 445 | 1,490 | |
| % Growth | 2% | 59% | -87% | 235% | 235% | |||
| Payout Ratio | 201% | 79% | 48% | 556% | 57% | 556% | 57% | |
| Retention Ratio | -101% | 21% | 52% | -456% | 43% | -456% | 43% | |
| Adjusted EBITDA | 1,770 | 2,748 | 2,493 | 1,496 | 1,882 | 1,496 | 1,882 | |
| % Growth | 55% | -9% | -40% | 26% | 26% | |||
| Total Debt | 13,506 | 13,979 | 14,829 | 13,568 | 11,337 | 13,568 | 11,337 | |
| Shareholder's Equity | 61,484 | 62,244 | 55,767 | 54,352 | 36,911 | 54,352 | 36,911 | |
| Debt / EBITDA | 7.6 | 5.1 | 5.9 | 9.1 | 6.0 | 5.0 | ||
| Debt / Equity | 22% | 22% | 27% | 25% | 31% | 25% | 31% | |
| 3-Yr Avg. Dividend Growth | -6.0% | |||||||
| 5-Yr Median Payout Ratio | 78.6% | |||||||