Discounted Cash Flow

Chunghwa Telecom Co. Ltd. ADR

CHT · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $230.0b $40.5b $65.0b 17.6% $5.22
2017 $7.7b (-96.7%) $1.3b (-96.8%) $1.3b (-98.0%) 17.1% (-2.7%) $0.17 (-96.7%)
2018 $7.0b (-8.3%) $1.2b (-6.7%) $1.2b (-6.7%) 17.4% (1.7%) $0.16 (-5.9%)
2019 $6.9b (-1.4%) $1.1b (-10.2%) $1.1b (-10.2%) 15.9% (-8.9%) $0.14 (-12.5%)
2020 $7.4b (6.6%) $1.2b (8.0%) $1.2b (8.0%) 16.1% (1.3%) $0.15 (7.1%)
2021 $7.6b (2.6%) $1.3b (7.9%) $1.3b (7.9%) 16.9% (5.1%) $0.17 (13.3%)
2022 $7.1b (-7.1%) $1.2b (-7.9%) $1.2b (-7.9%) 16.8% (-0.9%) $0.15 (-11.8%)
2023 $7.3b (3.3%) $1.2b (2.0%) $1.2b (2.0%) 16.6% (-1.3%) $0.16 (6.7%)
2024 $7.0b (-3.8%) $1.1b (-6.0%) $1.1b (-6.0%) 16.2% (-2.4%) $0.15 (-6.3%)
2025 $236.1b (3266.8%) $40.5b (3470.6%) $49.6b (4274.3%) 17.1% (6.1%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model