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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 18.0x - 20.0x | 19.0x |
| Fair Value | NT$ 50.81 - NT$ 58.50 | NT$ 54.58 |
| Upside | -17.8% - -5.3% | -11.7% |
| 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 | 24,033 | 24,033 | 24,033 | 24,033 | 24,033 | 24,033 |
| % Growth | -2.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 980 | 1,179 | 1,179 | 1,179 | 1,179 | 1,179 |
| % of Revenue | 4.1% | 4.9% | 4.9% | 4.9% | 4.9% | 4.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (TWD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,179 | 1,179 | 1,179 | 1,179 | 1,179 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (406) | (406) | (406) | (406) | (406) | |
| EBIT | 773 | 773 | 773 | 773 | 773 | |
| Pro forma Taxes | (155) | (155) | (155) | (155) | (155) | |
| NOPAT | 624 | 618 | 618 | 618 | 618 | 618 |
| Capital Expenditures | (362) | (305) | (332) | (333) | (333) | (333) |
| NWC Investment | (82) | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 200 | 406 | 406 | 406 | 406 | 406 |
| Free Cash Flow | 380 | 719 | 692 | 691 | 691 | 691 |
| % Growth | 89% | -4% | 0% | 0% | 0% | |