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Acer Incorporated

DB:AC5G

台灣 / 資訊科技 / 科技硬件、儲存及周邊設備

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5 年 DCF EBITDA 退出價

股價

3.40 EUR

公允價值

4.44 EUR

Metrics	Range	Conclusion
Discount Rate	9.8% - 8.8%	9.3%
Terminal EBITDA Multiple	7.1x - 9.1x	8.1x
Fair Value	€4.17 - €4.73	€4.44
Upside	22.5% - 39.0%	30.6%

4.8%

Revenue 5y CAGR

2.9%

5y Avg EBITDA Margin

Unlevered FCF 5y CAGR

5-Year DCF Model: EBITDA Exit

股價

3.40 EUR

公允價值

4.44 EUR

看漲

30.6%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


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	264,682	276,905	295,760	316,740	327,826	334,382
% Growth	9.7%	4.6%	6.8%	7.1%	3.5%	2.0%

EBITDA	5,788	8,259	9,341	8,679	8,983	9,163
% of Revenue	2.2%	3.0%	3.2%	2.7%	2.7%	2.7%

支援算式

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
(TWD in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29

EBITDA		8,259	9,341	8,679	8,983	9,163
Other Income / (Exp)		0	0	0	0	0
D&A		(2,401)	(2,705)	(2,044)	(2,116)	(2,158)

EBIT		5,858	6,637	6,635	6,867	7,004
Pro forma Taxes		(1,699)	(1,925)	(1,924)	(1,991)	(2,031)
NOPAT	3,462	4,159	4,712	4,711	4,876	4,973

Capital Expenditures	(4,482)	(500)	(545)	(500)	(518)	(528)
NWC Investment	(289)	(151)	(233)	(259)	(137)	(81)
(+) D&A	912	2,401	2,705	2,044	2,116	2,158

Free Cash Flow	(397)	5,909	6,639	5,996	6,337	6,523
% Growth		NM	12%	-10%	6%	3%

載入錯誤

Acer Incorporated

DB:AC5G

台灣 / 資訊科技 / 科技硬件、儲存及周邊設備

5 年 DCF EBITDA 退出價