Taiwan Valuation Models — the output is a range and its assumptions, not a target price
The honest use of a valuation model is as a machine for testing assumptions, not for producing answers. DCF, dividend discount and PEG fair values are extremely sensitive to inputs: a small change in growth, discount rate or terminal growth moves the result substantially. So this page never emits a single number — it emits a bear / base / bull range with every assumption written out and adjustable. The question is not “what is it worth” but “what would I have to believe for it to be worth that”.
What each model assumes
DCF discounts free cash flow (operating cash flow less capital investment, trailing four quarters) over an explicit horizon plus a terminal growth tail. It assumes cash flows are projectable and the firm is a going concern.
DDM grows the trailing dividend at its historical growth rate and discounts it. It assumes a stable payout policy, and is therefore marked not applicable for non-payers and irregular payers rather than forced to produce a number.
Lynch fair value multiplies trailing earnings per share by a fair multiple approximated by the earnings growth rate (conservatively capped). It assumes growth persists and is likewise not applicable to loss-making or shrinking companies.
Why a three-scenario range instead of one number
A single value is read as a conclusion; a range is read as an assumption. That difference decides what the reader does next.
The scenarios share one formula with different assumption values, so the width of the range is itself information: a wide range means this company's value is unusually sensitive to assumptions, which matters more than the midpoint.
When a model does not apply we say so
Persistently negative free cash flow, no dividend, or negative and uncomputable growth cause the corresponding model to be marked not applicable with a reason instead of being forced through with substitute inputs — a forced number would still be displayed as a “fair value” built on a premise that does not hold.
All inputs come from official filings, and the computation is deterministic: the same inputs always yield the same output, with no randomness and no reading of the current clock.