The Discounted Cash Flow (DCF) valuation of Gigabyte Technology Co Ltd (2376.TW) is 169.58 TWD. With the latest stock price at 276.50 TWD, the upside of Gigabyte Technology Co Ltd based on DCF is -38.7%.

Is 2376.TW a buy or a sell?

Based on the latest price of 276.50 TWD and our DCF valuation, Gigabyte Technology Co Ltd (2376.TW) is a sell. Selling 2376.TW stocks now will result in a potential gain of 38.7%.

	Range	Selected
WACC / Discount Rate	6.2% - 9.4%	7.8%
Long-term Growth Rate	2.5% - 4.5%	3.5%
Fair Price	112.07 - 405.55	169.58
Upside	-59.5% - 46.7%	-38.7%

276.50 TWD

Stock Price

169.58 TWD

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

2376.TW DCF Valuation: Revenue & Expenses Forecast

(TWD in millions)		Projections

	12-2024	12-2025	12-2026	12-2027	12-2028	12-2029

Revenue	265,149	310,835	343,976	406,457	459,027	537,548
% Growth	94%	17%	11%	18%	13%	17%

Cost of goods sold	(237,056)	(277,902)	(307,531)	(363,393)	(410,393)	(480,595)
% of Revenue	89%	89%	89%	89%	89%	89%

Selling, G&A expenses	(11,188)	(13,116)	(14,515)	(17,151)	(19,369)	(22,683)
% of Revenue	4%	4%	4%	4%	4%	4%

Research & Development	(4,128)	(4,839)	(5,355)	(6,327)	(7,146)	(8,368)
% of Revenue	2%	2%	2%	2%	2%	2%

Net interest & other expenses	821	963	1,065	1,259	1,422	1,665
% of Revenue	0%	0%	0%	0%	0%	0%

Tax expense	(2,843)	(3,333)	(3,688)	(4,358)	(4,921)	(5,763)
Tax rate	21%	21%	21%	21%	21%	21%

Net profit	10,755	12,608	13,953	16,487	18,619	21,804
% Margin	4%	4%	4%	4%	4%	4%