CHUNGHWA TELECOM CO LTD
CHTdata completeness 88%8 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
CHUNGHWA TELECOM CO LTD earns about 11% on invested capital, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $1.59 and $2.81 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Revenue | $7.39B1 | $7.59B2 | $7.05B3 | $7.29B4 | $7.01B5 |
| Net income | $1.19B6 | $1.28B7 | $1.18B8 | $1.21B9 | $1.13B10 |
| Operating cash flow | $2.65B11 | $2.7B12 | $2.47B13 | $2.44B14 | $2.42B15 |
| Capital expenditure | $838M16 | $1.27B17 | $1.03B18 | $1B19 | $877M20 |
| Free cash flow (derived) | $1.81B11 | $1.43B12 | $1.45B13 | $1.43B14 | $1.54B15 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $1.1B21 | $1.29B22 | $1.64B23 | $1.03B24 | $1.11B24 |
| Diluted shares | 7.76B | 7.76B | 7.76B | 7.76B | 7.76B |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $15.05 of net worth that earned you $1.46 and generated $1.99 of cash last year.
It earned about 11% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $1.59 and $2.81 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$1.45B
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$1.45B
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$1.19B
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $2.81 |
| Base | 0.0% | $2.81 |
| Bull | 5.0% | $3.45 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
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