2345 · as of 2026-11-13 · NT$ million unless stated
· Automatic
· Built 2026-11-14T07:40:14Z
ACCTON
Market price
1,520 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 · 2345
At NT$ 1,520, the market price assumes free cash flow grows 5.73% per year forever (discount rate WACC 9.67%, ceiling 3.50%).
Market price
1,520 NTD
as of 2026-11-13
Perpetual growth implied by the market
5.73%
Perpetual-growth ceiling (nominal GDP): 3.50%
WACC
9.67%
Beta (2y weekly vs TAIEX): 1.54
FCFF 2025
30.0
bn
Enterprise-value bridge
Market capitalisation0.853 T
+ Interest-bearing debt0.000 T
− Cash & short-term investments0.048 T
= Enterprise value0.805 T
Cost of capital
Cost of equity9.67%
Cost of debt23.96%
Equity weight99.95%
WACC 9.67%
Effective tax rate20.08%
Beta (2y weekly vs TAIEX)
Beta 1.54 (104 weekly pairs vs TAIEX)
Free cash flow
FCFF 2023
16.2 bn
FCFF 2024
7.3 bn
FCFF 2025 ← used
30.0 bn
Average
17.8 bn
Reverse DCF
Perpetual growth implied by the market
5.73%
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?
Implied g exceeds the ceiling. The market is pricing growth that cannot last forever → a sign of overvaluation.
Sensitivity · fair value per share (NTD)
| WACC | g = 2.50% | g = 3.00% | g = 3.50% | g = 4.00% | g = 4.50% |
|---|---|---|---|---|---|
| 8.67% | 974 | 1,057 | 1,156 | 1,277 | 1,426 |
| 9.17% | 907 | 978 | 1,062 | 1,161 | 1,282 |
| 9.67% | 850 | 911 | 983 | 1,066 | 1,167 |
| 10.17% | 800 | 854 | 915 | 987 | 1,071 |
| 10.67% | 756 | 804 | 857 | 919 | 991 |
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.
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$1,520.00 on 2026-11-13
✓
shares_issued_thousands
TWSE OpenAPI company profile (https://openapi.twse.com.tw/v1/opendata/t187ap03_L), issued common shares 561,117,897 shares ÷ 1,000
✓
balance_sheet
FinMind TaiwanStockBalanceSheet (https://api.finmindtrade.com/api/v4/data, stock_id=2345, date=2025-12-31): CashAndCashEquivalents=27,890.6M; short_term_investments (FinancialAssetsAtAmortizedCost+FinancialAssetsAtFairvalueThroughOtherComprehensiveIncome)=20,070.3M; short_term_borrowings (ShorttermBorrowings)=333.4M; long_term_debt (LongtermBorrowings)=84.0M; 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=2345&year=114&season=04
✓
cash_flow
FinMind TaiwanStockCashFlowsStatement (https://api.finmindtrade.com/api/v4/data, stock_id=2345, 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=2345&year=114&season=04
✓
tax
FinMind TaiwanStockFinancialStatements (https://api.finmindtrade.com/api/v4/data, stock_id=2345, sum of 4 single quarters in FY2025: 2025-03-31, 2025-06-30, 2025-09-30, 2025-12-31): TAX=6,610.9M, PreTaxIncome=32,916.9M. 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=2345&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 (2345 (TWSE) vs TAIEX, 104 weeks: 2024-W45..2026-W46) — https://www.twse.com.tw/rwd/zh/afterTrading/STOCK_DAY?stockNo=2345 & 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)