DDM Analysis: 1256.TW

Valuation Snapshot

Stable Growth	$94.83 - $147.74	$119.24
Multi-Stage	$116.25 - $127.59	$121.81
Blended Fair Value	$120.53
Current Price	$169.11
Upside	-28.73%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.21%	9.74%	6.57	6.47	12.95	11.95	6.18	5.61	4.53	3.36	3.20	4.00
YoY Growth	-	-	1.54%	-50.00%	8.33%	93.55%	10.00%	24.00%	34.82%	5.00%	-20.00%	54.00%
Dividend Yield	-	-	5.02%	2.66%	3.89%	4.08%	1.40%	3.19%	2.81%	2.35%	2.43%	3.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	327.31
(-) Cash Dividends Paid (M)	1.50
(=) Cash Retained (M)	325.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65.46	40.91	24.55
Cash Retained (M)	325.81	325.81	325.81
(-) Cash Required (M)	-65.46	-40.91	-24.55
(=) Excess Retained (M)	260.35	284.90	301.27
(/) Shares Outstanding (M)	33.98	33.98	33.98
(=) Excess Retained per Share	7.66	8.39	8.87
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	7.66	8.39	8.87
(=) Adjusted Dividend	7.71	8.43	8.91
WACC / Discount Rate	9.43%	9.43%	9.43%
Growth Rate	1.21%	2.21%	3.21%
Fair Value	$94.83	$119.24	$147.74
Upside / Downside	-43.92%	-29.49%	-12.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	327.31	334.53	341.92	349.46	357.18	365.06	376.01
Payout Ratio	0.46%	18.37%	36.27%	54.18%	72.09%	90.00%	92.50%
Projected Dividends (M)	1.50	61.44	124.03	189.35	257.49	328.55	347.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.43%	9.43%	9.43%
Growth Rate	1.21%	2.21%	3.21%
Year 1 PV (M)	55.60	56.14	56.69
Year 2 PV (M)	101.55	103.57	105.61
Year 3 PV (M)	140.29	144.49	148.77
Year 4 PV (M)	172.63	179.55	186.68
Year 5 PV (M)	199.31	209.35	219.80
PV of Terminal Value (M)	3,280.33	3,445.63	3,617.52
Equity Value (M)	3,949.70	4,138.73	4,335.07
Shares Outstanding (M)	33.98	33.98	33.98
Fair Value	$116.25	$121.81	$127.59
Upside / Downside	-31.26%	-27.97%	-24.55%

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Sunjuice Holdings Co., Limited (1256.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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