2002 · as of 2026-11-13 · NT$ million unless stated
· Automatic
· Built 2026-11-14T04:22:24Z
CSC
Market price
18 NTD
This is research, not a buy or sell recommendation. Robo-advice in Taiwan requires an FSC licence; FEAF analyses, explains and monitors, and the investor makes the decision. Judgement thresholds are working rules pending review by the team's finance members.
Valuation · 2002
At NT$ 18, the market price assumes free cash flow grows -1.79% per year forever (discount rate WACC 2.80%, ceiling 3.50%).
Market price
18 NTD
as of 2026-11-13
Perpetual growth implied by the market
-1.79%
Perpetual-growth ceiling (nominal GDP): 3.50%
WACC
2.80%
Beta (2y weekly vs TAIEX): 0.24
FCFF 2025
22.2
bn
Enterprise-value bridge
Market capitalisation0.290 T
+ Interest-bearing debt0.214 T
− Cash & short-term investments0.029 T
= Enterprise value0.474 T
Cost of capital
Cost of equity3.13%
Cost of debt2.37%
Equity weight57.54%
WACC 2.80%
Effective tax rate0.00%
Beta (2y weekly vs TAIEX)
Beta 0.24 (104 weekly pairs vs TAIEX)
Free cash flow
FCFF 2023
4.7 bn
FCFF 2024
3.6 bn
FCFF 2025 ← used
22.2 bn
Average
10.2 bn
Reverse DCF
Perpetual growth implied by the market
-1.79%
Perpetual-growth ceiling (nominal GDP)
3.50%
Circularity check
drift 0.00e+00%
A reverse DCF does not produce an intrinsic value. Feeding its g back into the same formula always returns the market price: that is a mathematical identity, not a valuation. The judgement comes next: is that number plausible?
Sensitivity · fair value per share (NTD)
| WACC | g = 2.50% | g = 3.00% | g = 3.50% | g = 4.00% | g = 4.50% |
|---|---|---|---|---|---|
| 1.80% | — | — | — | — | — |
| 2.30% | — | — | — | — | — |
| 2.80% | 464 | — | — | — | — |
| 3.30% | 168 | 466 | — | — | — |
| 3.80% | 99 | 169 | 468 | — | — |
The middle row is the WACC computed from the input file; the middle column is the implied g. Every figure on this page comes straight from scripts/dcf.py, the same function as the CLI worksheet, so the two cannot silently diverge.
Data notes & adjustments
i
Current portion of long-term debt is not published separately by FinMind; debt may be understated.
i
Pre-tax income or tax expense in fiscal year 2025 was negative or abnormal; effective tax shield set to 0%.
Source of each input
✓
price_per_share
TWSE OpenAPI daily closing quote (https://openapi.twse.com.tw/v1/exchangeReport/STOCK_DAY_ALL), closing price NT$18.40 on 2026-11-13
✓
shares_issued_thousands
TWSE OpenAPI company profile (https://openapi.twse.com.tw/v1/opendata/t187ap03_L), issued common shares 15,734,860,997 shares ÷ 1,000
✓
balance_sheet
FinMind TaiwanStockBalanceSheet (https://api.finmindtrade.com/api/v4/data, stock_id=2002, date=2025-12-31): CashAndCashEquivalents=19,079.4M; short_term_investments (FinancialAssetsAtFairvalueThroughOtherComprehensiveIncome)=9,765.9M; short_term_borrowings (ShorttermBorrowings)=30,933.1M; long_term_debt (BondsPayable+LongtermBorrowings)=182,746.1M; current_portion_lt_debt (folded into OtherCurrentLiabilities in FinMind)=0.0M. Official MOPS source: https://mopsov.twse.com.tw/mops/web/ajax_t164sb03?encodeURIComponent=1&step=1&firstin=1&off=1&queryName=co_id&inpuType=co_id&TYPEK=all&isnew=false&co_id=2002&year=114&season=04
✓
cash_flow
FinMind TaiwanStockCashFlowsStatement (https://api.finmindtrade.com/api/v4/data, stock_id=2002, dates=2023-12-31, 2024-12-31, 2025-12-31, cumulative YTD as of Dec 31): cfo=CashFlowsFromOperatingActivities, capex=abs(PropertyAndPlantAndEquipment), interest=(2023:InterestExpense, 2024:InterestExpense, 2025:InterestExpense). Official MOPS source: https://mopsov.twse.com.tw/mops/web/ajax_t164sb05?encodeURIComponent=1&step=1&firstin=1&off=1&queryName=co_id&inpuType=co_id&TYPEK=all&isnew=false&co_id=2002&year=114&season=04
✓
tax
FinMind TaiwanStockFinancialStatements (https://api.finmindtrade.com/api/v4/data, stock_id=2002, sum of 4 single quarters in FY2025: 2025-03-31, 2025-06-30, 2025-09-30, 2025-12-31): TAX=-1,178.0M, PreTaxIncome=-4,684.7M. Official MOPS source: https://mopsov.twse.com.tw/mops/web/ajax_t164sb04?encodeURIComponent=1&step=1&firstin=1&off=1&queryName=co_id&inpuType=co_id&TYPEK=all&isnew=false&co_id=2002&year=114&season=04
✓
risk_free_rate
Taiwan 10-year government bond yield (~1.94%): https://ca.investing.com/rates-bonds/taiwan-10-year-bond-yield-historical-data
✓
beta
TWSE/TPEx official daily close 2y weekly regression (2002 (TWSE) vs TAIEX, 104 weeks: 2024-W45..2026-W46) — https://www.twse.com.tw/rwd/zh/afterTrading/STOCK_DAY?stockNo=2002 & https://www.twse.com.tw/rwd/zh/TAIEX/MI_5MINS_HIST
✓
equity_risk_premium
Damodaran country equity risk premium, Taiwan (~5.01%): https://pages.stern.nyu.edu/adamodar/New_Home_Page/datafile/ctryprem.html
✓
terminal_growth_ceiling
Taiwan long-run nominal GDP growth projection (~3.5%, DGBAS / IMF WEO)