Last Price$39.20.8%
Market Cap$30.4B
DCF value
$38.9
Overvalued (DCF value)
(0.9%)
Discount Rate
7.9%
Long-Term Growth Rate
2.5%
Stock quality
5/10
Good
CHT DCF Model
Free Cash Flow to Firm Model
NOPAT Model
Free Cash Flow to Equity Model
Net Income Model
Millions
Billions
| Dec'19 Actual | Dec'20 Actual | Dec'21 Actual | Dec'22 Actual | Dec'23 Actual | Dec'24 Estimate | Dec'25 Estimate | Dec'26 Estimate | Dec'27 Estimate | Dec'28 Estimate | Dec'29 Estimate | Dec'30 Estimate | Dec'31 Estimate | Dec'32 Estimate | Dec'33 Estimate | Dec'34 Terminal | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
% growth | 179,321.8 (16.8%) | 207,609.0 15.8% | 209,440.9 0.9% | 136,717.4 (34.7%) | 223,199.0 63.3% | 228,655.1 2.4% | 233,525.5 2.1% | 240,061.5 2.8% | 246,690.7 2.8% | 253,410.8 2.7% | 260,219.4 2.7% | 267,113.7 2.6% | 274,090.8 2.6% | 281,147.9 2.6% | 288,281.6 2.5% | 295,488.6 2.5% |
% margin | 38,345.9 21.4% | 42,361.7 20.4% | 44,929.8 21.5% | 46,824.9 34.2% | 46,353.0 20.8% | 55,374.4 24.2% | 56,553.9 24.2% | 58,136.7 24.2% | 59,742.2 24.2% | 61,369.6 24.2% | 63,018.5 24.2% | 64,688.1 24.2% | 66,377.8 24.2% | 68,086.8 24.2% | 69,814.4 24.2% | 71,559.8 24.2% |
NOPAT % effective tax rate | 31,227.6 17.4% | 34,325.3 16.5% | 36,277.0 17.3% | 37,674.9 27.6% | 37,530.7 16.8% | 44,835.0 19.6% | 45,790.0 19.6% | 47,071.6 19.6% | 48,371.5 19.6% | 49,689.2 19.6% | 51,024.2 19.6% | 52,376.0 19.6% | 53,744.1 19.6% | 55,127.9 19.6% | 56,526.7 19.6% | 57,939.8 19.6% |
% of revenue | 36,349.1 20.3% | 37,138.6 17.9% | 39,216.1 18.7% | 40,268.7 29.5% | 40,511.1 18.2% | 50,554.4 22.1% | 51,631.3 22.1% | 53,076.3 22.1% | 54,542.0 22.1% | 56,027.8 22.1% | 57,533.1 22.1% | 59,057.4 22.1% | 60,600.0 22.1% | 62,160.3 22.1% | 63,737.5 22.1% | 65,331.0 22.1% |
% of revenue | (22,710.9) (12.7%) | (71,116.0) (34.3%) | (35,588.9) (17.0%) | (33,427.6) (24.5%) | (30,978.0) (13.9%) | (42,165.2) (18.4%) | (43,063.3) (18.4%) | (44,268.6) (18.4%) | (45,491.1) (18.4%) | (46,730.3) (18.4%) | (47,985.8) (18.4%) | (49,257.2) (18.4%) | (50,543.8) (18.4%) | (51,845.1) (18.4%) | (53,160.6) (18.4%) | (54,489.7) (18.4%) |
% of revenue | (1,022.5) (0.6%) | 3,191.2 1.5% | (1,984.0) (0.9%) | (2,847.0) (2.1%) | (2,221.0) (1.0%) | (3,067.6) (1.3%) | (3,132.9) (1.3%) | (3,220.6) (1.3%) | (3,309.5) (1.3%) | (3,399.7) (1.3%) | (3,491.0) (1.3%) | (3,583.5) (1.3%) | (3,677.1) (1.3%) | (3,771.8) (1.3%) | (3,867.5) (1.3%) | (3,964.2) (1.3%) |
Free Cash Flow to Firm (FCFF) % of revenue | 43,843.4 24.4% | 3,539.1 1.7% | 37,920.3 18.1% | 41,669.1 30.5% | 44,842.8 20.1% | 50,156.7 21.9% | 51,225.0 21.9% | 52,658.7 21.9% | 54,112.9 21.9% | 55,587.0 21.9% | 57,080.5 21.9% | 58,592.8 21.9% | 60,123.3 21.9% | 61,671.2 21.9% | 63,236.1 21.9% | 64,817.0 21.9% |
% of FCFF used in calculation | 100.0% | 83.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | ||||||
Discount period | 0.50 | 1.50 | 2.50 | 3.50 | 4.50 | 5.50 | 6.50 | 7.50 | 8.50 | |||||||
Discount factor | 0.96 | 0.89 | 0.83 | 0.77 | 0.71 | 0.66 | 0.61 | 0.56 | 0.52 | |||||||
Discounted FCFF (DFCFF) | 40,933.1 | 46,967.7 | 44,721.5 | 42,567.2 | 40,501.9 | 38,522.8 | 36,627.1 | 34,812.0 | 33,074.8 |
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CHT DCF Value
DCF Value Calculation
as of Mar 03, 2025
Sum of DFCFF
% share of EV
358.7B
36.5%
Terminal Value (TV)
1,195.2B
Discounted TV
% share of EV
625.2B
63.5%
983.9B
Total Debt
43.6B
993.5B
Shares outstanding
776.5M
FX rate
0.0
38.9
0.9% overvalued
Equity Value Bridge
CHT DCF Financials
Revenue
NT$223.2B -> NT$288.3B
2.6% CAGR
Operating Income
NT$46.4B -> NT$69.8B
4.2% CAGR
FCFF
NT$44.8B -> NT$63.2B
3.5% CAGR
CHT DCF sensitivity
DCF value
Long-term Terminal growth rate
1.5%
2.0%
2.5%
3.0%
3.5%
WACC
7.0%
$41.0
$43.0
$47.0
$49.0
$49.0
7.5%
$37.0
$40.0
$42.0
$45.0
$48.0
7.9%
$35.0
$37.0
$39.0
$41.0
$44.0
8.5%
$32.0
$34.0
$35.0
$37.0
$39.0
9.0%
$30.0
$31.0
$33.0
$34.0
$36.0
DCF value, undervalued / overvalued
Long-term Terminal growth rate
1.5%
2.0%
2.5%
3.0%
3.5%
WACC
7.0%
5.0%
10.0%
20.0%
25.0%
25.0%
7.5%
(6.0%)
2.0%
7.0%
15.0%
22.0%
7.9%
(11.0%)
(6.0%)
(1.0%)
5.0%
12.0%
8.5%
(18.0%)
(13.0%)
(11.0%)
(6.0%)
(1.0%)
9.0%
(23.0%)
(21.0%)
(16.0%)
(13.0%)
(8.0%)
Explore more intrinsic value tools hub for CHT
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Reverse DCF
FAQ
What is Chunghwa Telecom Co., Ltd. DCF (discounted cash flow) valuation?
As of Mar 03, 2025, Chunghwa Telecom Co., Ltd.'s Discounted Cash Flow (DCF) valuation estimates its share price at $38.9. This suggests it may be overvalued by (0.9%) compared to its current price of around $39.2, using a WACC of 7.9% and growth rates of 2.5%.
What is Chunghwa Telecom Co., Ltd. WACC?
As of Mar 03, 2025, Chunghwa Telecom Co., Ltd.'s Weighted Average Cost of Capital (WACC) is approximately 7.9%.
What is Chunghwa Telecom Co., Ltd. Enterprise Value?
As of Mar 03, 2025, Chunghwa Telecom Co., Ltd.'s Enterprise Value (EV) is approximately NT$983.9B. This value reflects the company's total market capitalization plus debt, minus cash and cash equivalents, providing a comprehensive measure of its overall value in the market.