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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 13.0% - 12.0% | 12.5% |
| Perpetuity Growth Rate | 7.8% - 8.8% | 8.3% |
| Fair Value | NT$ 48.30 - NT$ 83.10 | NT$ 61.61 |
| Upside | -7.6% - 58.9% | 17.8% |
| 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 | 16,343 | 17,453 | 18,595 | 19,245 | 19,630 | 20,023 | |
| % Growth | 13.7% | 6.8% | 6.5% | 3.5% | 2.0% | 2.0% | |
| EBITDA | 8,031 | 7,021 | 7,714 | 7,983 | 8,143 | 8,306 | |
| % of Revenue | 49.1% | 40.2% | 41.5% | 41.5% | 41.5% | 41.5% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (TWD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 7,021 | 7,714 | 7,983 | 8,143 | 8,306 | 8,306 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,928) | (1,975) | (2,044) | (2,085) | (2,127) | (3,594) | |
| EBIT | 5,093 | 5,739 | 5,939 | 6,058 | 6,179 | 4,712 | |
| Pro forma Taxes | (560) | (631) | (653) | (666) | (680) | (518) | |
| NOPAT | 3,992 | 4,533 | 5,107 | 5,286 | 5,392 | 5,500 | 4,194 |
| Capital Expenditures | (4,537) | (4,000) | (3,500) | (4,012) | (3,837) | (3,783) | (3,783) |
| NWC Investment | (488) | (276) | (283) | (162) | (96) | (97) | (410) |
| (+) D&A | 3,546 | 1,928 | 1,975 | 2,044 | 2,085 | 2,127 | 3,594 |
| Free Cash Flow | 2,512 | 2,185 | 3,299 | 3,156 | 3,544 | 3,746 | 3,594 |
| % Growth | -13% | 51% | -4% | 12% | 6% | -4% | |