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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 5.133 B - 8.99 B | 6.977 B |
| Discount Rate | 9.8% - 7.8% | 8.8% |
| Fair Value | NT$ 580.47 - NT$ 1,143 | NT$ 821.27 |
| Upside | -59.4% - -20.0% | -42.6% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-24 | ||
| (TWD in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 17,291 | 21,392 | 27,099 | 24,483 | 30,089 | 30,089 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 3,670 | 4,540 | 8,189 | 7,520 | 11,869 | 11,869 | |
| (+) Net Interest Expense | (12) | 8 | 3 | (258) | (474) | (474) | |
| (+) Other Non Operating Exp. | 66 | (191) | (958) | (379) | (1,174) | (1,174) | |
| (+) D&A | 990 | 1,347 | 2,036 | 2,167 | 2,044 | 2,044 | |
| (+) Non-recurring Items | (16) | 1 | 35 | 63 | 27 | 27 | |
| Adjusted EBITDA | 4,699 | 5,705 | 9,305 | 9,113 | 12,291 | 12,291 | |
| (-) D&A | (990) | (1,347) | (2,036) | (2,167) | (2,044) | (2,044) | |
| Adjusted EBIT | 3,709 | 4,358 | 7,269 | 6,946 | 10,247 | 10,247 | |
| % of Revenue | 21.4% | 20.4% | 26.8% | 28.4% | 34.1% | 34.1% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 20.4% | 26.8% | 34.1% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (TWD in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 52,642 | 79,740 | 115,997 | 148,244 | |||
| (+) Cash & Short Term Investments | 18,705 | 18,705 | 18,705 | 18,705 | |||
| (+) Investments & Other | 570 | 570 | 570 | 570 | |||
| (-) Debt | (4,604) | (4,604) | (4,604) | (4,604) | |||
| (-) Other Liabilities | (1,990) | (1,990) | (1,990) | (1,990) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 65,323 | 92,421 | 128,678 | 160,925 | |||
| (/) Shares Outstanding | 112.5 | 112.5 | 112.5 | 112.5 | |||
| Implied Stock Price (TWD) | 580.47 | 821.27 | 1,143.45 | 1,430.00 | |||
| FX Rate: TWD/TWD | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (TWD) | 580.47 | 821.27 | 1,143.45 | 1,430.00 | |||
| Upside / (Downside) | -59.41% | -42.57% | -20.04% | ||||
| Stock Price | 1,430.00 | ||||||
| Stock Price Close | 1,430.00 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | TWD | ||||||
| Trading Currency | TWD | ||||||
| FX Rate: TWD/TWD | 1.00 | ||||||
| Market Cap | 160,924.6 | ||||||
| Shares Outstanding | 112.5 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||