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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$ 130.70 - NT$ 184.90 | NT$ 152.87 |
| Upside | -8.3% - 29.8% | 7.3% |
| 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 | 495 | 466 | 475 | 484 | 494 | 504 | 504 | |
| % Growth | 18.4% | -5.9% | 2.0% | 2.0% | 2.0% | 2.0% | ||
| Payout Ratio | 72.8% | 76.0% | 79.0% | 82.0% | 85.0% | 90.0% | 92.5% | |
| Projected Dividends | 360 | 360 | 375 | 397 | 420 | 454 | 466 | |
| % Growth | 0.0% | 4.1% | 5.9% | 5.7% | 8.0% | |||
| 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 | 240 | 240 | 258 | 258 | 360 | 258 | 360 | |
| % Growth | 0% | 8% | 0% | 40% | 40% | |||
| Net Income to Common | 308 | 290 | 170 | 418 | 495 | 418 | 495 | |
| % Growth | -6% | -41% | 146% | 18% | 18% | |||
| Payout Ratio | 78% | 83% | 152% | 62% | 73% | 62% | 73% | |
| Retention Ratio | 22% | 17% | -52% | 38% | 27% | 38% | 27% | |
| Adjusted EBITDA | 258 | 202 | 334 | 485 | 505 | 485 | 505 | |
| % Growth | -22% | 66% | 45% | 4% | 4% | |||
| Total Debt | 1,592 | 1,577 | 2,233 | 2,473 | 2,754 | 2,473 | 2,754 | |
| Shareholder's Equity | 2,601 | 2,647 | 2,593 | 2,958 | 3,473 | 2,958 | 3,473 | |
| Debt / EBITDA | 6.2 | 7.8 | 6.7 | 5.1 | 5.5 | 5.3 | ||
| Debt / Equity | 61% | 60% | 86% | 84% | 79% | 84% | 79% | |
| 3-Yr Avg. Dividend Growth | 15.7% | |||||||
| 5-Yr Median Payout Ratio | 77.9% | |||||||