Hotai Motor Co., Ltd., together with its subsidiaries, exports and imports, trades, and sells vehicles, automobile air conditioners, and related parts in Taiwan and Mainland China. It is also involved in the installment sales and vehicle leasing, used vehicles selling, property and casualty insurance, and vehicle repairing activities, as well as property management business. The company also provides e-commerce platform, decision making, capital using and financial management, information, taxi, employee training, consulting, factoring, freight forwarding, transportation and storage, and other services; and designs and produces advertisement. It provides products under the TOYOTA, LEXUS, and HINO brands. The company was incorporated in 1947 and is headquartered in Taipei, Taiwan.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	245,312	278,578.8	281,845.7	282,463	296,565	296,565	296,565	296,565
Revenue % Chg.	-0.4%	13.6%	1.2%
EBIT	-10,245.8	34,807.1	34,319.7	29,009	30,794	30,794	30,794	30,794
EBIT Margin	-4.2%	12.5%	12.2%
Tax Rate	-7.6%	11.4%	14.1%
NOPAT	-11,023.6	30,832.6	29,480.8	24,918.9	26,452.2	26,452.2	26,452.2	26,452.2
NOPAT Margin	-4.5%	11.1%	10.5%	8.8%	8.9%	8.9%	8.9%	8.9%
D&A	12,032.8	13,071.4	13,967.7	14,164	14,644	14,644	14,644	14,644
D&A / Revenue	4.9%	4.7%	5%
Capex	-24,764.4	-25,008.3	-25,831.1	-24,000	-24,000	-24,000	-24,000	-24,000
Capex / Revenue	-10.1%	-9%	-9.2%
Chg. NWC	-36,490.6	-60,041.9	-18,200.4	-40,378.7	-42,394.6	-42,394.6	-42,394.6	-42,394.6
Chg. NWC / Revenue	-14.9%	-21.6%	-6.5%
Unlevered FCF (UFCF)	-60,245.8	-41,146.2	-583.1	-25,295.8	-25,298.4	-25,298.4	-25,298.4	-25,298.4
UFCF % Chg.	164.3%	-31.7%	-98.6%	4,238%	0%	—	—	—
PV of UFCF	—	—	—	-23,876.3	-22,538.7	-21,274	-20,080.1	-18,953.3
Sum of PV of UFCF	—	—	—	-23,876.3	-46,415	-67,689	-87,769.1	-106,722.4

Cost of Debt
Tax Rate
After Tax Cost of Debt	2.2%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	9.6%
Total Debt	315,311.1
Market Cap	327,576.4
Total Capital	642,887.5
Debt Weighting	49%
Equity Weighting	51%
WACC	5.9%

Exit Multiple EV/FCF
Terminal Value	641,423.8
PV of Terminal Value	453,581.6
Cumulative PV of UFCF	-106,722.4
Net Debt	278,392.5
Equity Value	68,466.7
Shares Outstanding	557.1
Implied Share Price	122.9
Current Share Price	588
Implied Upside / (Downside)	-79.1%

Hotai Motor Co.,Ltd.