Acer Incorporated

DB:AC5G

台灣 / 資訊科技 / 科技硬件、儲存及周邊設備

綜觀

股息

5 年 DCF 增長退出價

股價

3.90 EUR

公允價值

4.50 EUR

Metrics	Range	Conclusion
Discount Rate	10.0% - 9.0%	9.5%
Perpetuity Growth Rate	2.0% - 3.0%	2.5%
Fair Value	€4.18 - €4.92	€4.50
Upside	9.9% - 29.5%	18.3%

4.3%

Revenue 5y CAGR

3.2%

5y Avg EBITDA Margin

Unlevered FCF 5y CAGR

5-Year DCF Model: Gordon Growth Exit

股價

3.90 EUR

公允價值

4.50 EUR

看漲

18.3%

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	280,794	303,261	313,875	320,153	326,556
% Growth	9.7%	6.1%	8.0%	3.5%	2.0%	2.0%

EBITDA	5,788	8,113	9,920	10,267	10,472	10,682
% of Revenue	2.2%	2.9%	3.3%	3.3%	3.3%	3.3%

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	Terminal

EBITDA		8,113	9,920	10,267	10,472	10,682	10,682
Other Income / (Exp)		0	0	0	0	0	0
D&A		(1,234)	(2,384)	(2,467)	(2,517)	(2,567)	(1,814)

EBIT		6,880	7,536	7,800	7,956	8,115	8,867
Pro forma Taxes		(1,995)	(2,185)	(2,262)	(2,307)	(2,353)	(2,572)
NOPAT	3,462	4,885	5,350	5,538	5,648	5,761	6,296

Capital Expenditures	(4,482)	(480)	(545)	(1,836)	(1,872)	(1,910)	(1,910)
NWC Investment	(289)	(199)	(278)	(131)	(78)	(79)	(101)
(+) D&A	912	1,234	2,384	2,467	2,517	2,567	1,814

Free Cash Flow	(397)	5,439	6,912	6,038	6,215	6,339	6,099
% Growth		NM	27%	-13%	3%	2%	-4%

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 增長退出價