DDM Analysis: 2614.TW

Valuation Snapshot

Stable Growth	$10.77 - $14.79	$12.80
Multi-Stage	$13.88 - $15.23	$14.54
Blended Fair Value	$13.67
Current Price	$22.10
Upside	-38.14%
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	0.00%	0.00%	0.00	0.00	1.61	1.35	1.69	1.69	0.92	0.00	0.03	0.31
YoY Growth	-	-	0.00%	-100.00%	18.75%	-20.00%	0.00%	84.24%	0.00%	-100.00%	-91.63%	-70.33%
Dividend Yield	-	-	0.00%	0.00%	5.87%	2.68%	5.82%	9.93%	4.11%	0.00%	0.13%	2.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	642.01
(-) Cash Dividends Paid (M)	75.18
(=) Cash Retained (M)	566.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	128.40	80.25	48.15
Cash Retained (M)	566.83	566.83	566.83
(-) Cash Required (M)	-128.40	-80.25	-48.15
(=) Excess Retained (M)	438.43	486.58	518.68
(/) Shares Outstanding (M)	329.51	329.51	329.51
(=) Excess Retained per Share	1.33	1.48	1.57
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	1.33	1.48	1.57
(=) Adjusted Dividend	1.56	1.70	1.80
WACC / Discount Rate	12.19%	12.19%	12.19%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$10.77	$12.80	$14.79
Upside / Downside	-51.27%	-42.08%	-33.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	642.01	635.59	629.23	622.94	616.71	610.54	628.86
Payout Ratio	11.71%	27.37%	43.03%	58.68%	74.34%	90.00%	92.50%
Projected Dividends (M)	75.18	173.95	270.73	365.57	458.47	549.49	581.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.19%	12.19%	12.19%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	153.49	155.05	156.62
Year 2 PV (M)	210.79	215.12	219.48
Year 3 PV (M)	251.15	258.92	266.84
Year 4 PV (M)	277.93	289.45	301.32
Year 5 PV (M)	293.92	309.23	325.17
PV of Terminal Value (M)	3,387.54	3,563.94	3,747.61
Equity Value (M)	4,574.83	4,791.70	5,017.04
Shares Outstanding (M)	329.51	329.51	329.51
Fair Value	$13.88	$14.54	$15.23
Upside / Downside	-37.18%	-34.20%	-31.10%

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Eastern Media International Corporation (2614.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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