DDM Analysis: 2701.TW

Valuation Snapshot

Stable Growth	$3.78 - $5.47	$4.60
Multi-Stage	$10.18 - $11.23	$10.70
Blended Fair Value	$7.65
Current Price	$11.35
Upside	-32.62%
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	-5.26%	12.57%	0.29	0.24	0.17	0.24	0.39	0.38	0.23	0.22	0.17	0.13
YoY Growth	-	-	22.55%	39.92%	-30.69%	-37.00%	1.94%	68.24%	3.01%	32.84%	30.25%	42.75%
Dividend Yield	-	-	2.40%	1.91%	1.35%	2.00%	3.20%	3.46%	1.76%	1.70%	1.26%	0.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	239.65
(-) Cash Dividends Paid (M)	126.75
(=) Cash Retained (M)	112.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	47.93	29.96	17.97
Cash Retained (M)	112.90	112.90	112.90
(-) Cash Required (M)	-47.93	-29.96	-17.97
(=) Excess Retained (M)	64.97	82.94	94.93
(/) Shares Outstanding (M)	445.00	445.00	445.00
(=) Excess Retained per Share	0.15	0.19	0.21
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.15	0.19	0.21
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-4.46%	-3.46%	-2.46%
Fair Value	$3.78	$4.60	$5.47
Upside / Downside	-66.69%	-59.47%	-51.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	239.65	231.35	223.34	215.60	208.13	200.92	206.95
Payout Ratio	52.89%	60.31%	67.73%	75.16%	82.58%	90.00%	92.50%
Projected Dividends (M)	126.75	139.53	151.28	162.04	171.87	180.83	191.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-4.46%	-3.46%	-2.46%
Year 1 PV (M)	129.75	131.11	132.47
Year 2 PV (M)	130.81	133.56	136.34
Year 3 PV (M)	130.29	134.43	138.65
Year 4 PV (M)	128.51	133.98	139.62
Year 5 PV (M)	125.73	132.45	139.46
PV of Terminal Value (M)	3,886.43	4,094.13	4,310.62
Equity Value (M)	4,531.52	4,759.66	4,997.15
Shares Outstanding (M)	445.00	445.00	445.00
Fair Value	$10.18	$10.70	$11.23
Upside / Downside	-10.28%	-5.76%	-1.06%

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Wan Hwa Enterprise Company Ltd. (2701.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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