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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 13.0x - 15.0x | 14.0x |
| Fair Value | NT$ 321.25 - NT$ 475.83 | NT$ 397.03 |
| Upside | -47.4% - -22.1% | -35.0% |
| 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 | 281,846 | 286,039 | 296,565 | 302,496 | 308,546 | 314,717 |
| % Growth | 1.2% | 1.5% | 3.7% | 2.0% | 2.0% | 2.0% |
| EBITDA | 47,678 | 45,066 | 47,355 | 48,302 | 49,268 | 50,254 |
| % of Revenue | 16.9% | 15.8% | 16.0% | 16.0% | 16.0% | 16.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (TWD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 45,066 | 47,355 | 48,302 | 49,268 | 50,254 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (15,565) | (16,561) | (16,892) | (17,230) | (17,575) | |
| EBIT | 29,501 | 30,794 | 31,410 | 32,038 | 32,679 | |
| Pro forma Taxes | (5,015) | (5,235) | (5,340) | (5,446) | (5,555) | |
| NOPAT | 28,485 | 24,486 | 25,559 | 26,070 | 26,592 | 27,123 |
| Capital Expenditures | (25,831) | (24,000) | (24,000) | (24,610) | (25,103) | (25,605) |
| NWC Investment | (3,177) | (4,078) | (10,237) | (5,768) | (5,884) | (6,001) |
| (+) D&A | 13,358 | 15,565 | 16,561 | 16,892 | 17,230 | 17,575 |
| Free Cash Flow | 12,835 | 11,973 | 7,883 | 12,584 | 12,835 | 13,092 |
| % Growth | -7% | -34% | 60% | 2% | 2% | |