DDM Analysis: 3545.TW

Valuation Snapshot

Stable Growth	$40.23 - $73.68	$54.06
Multi-Stage	$52.43 - $57.48	$54.91
Blended Fair Value	$54.49
Current Price	$66.10
Upside	-17.57%
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	7.68%	-2.52%	1.00	0.50	15.71	3.23	0.69	0.69	0.69	0.88	0.98	0.60
YoY Growth	-	-	101.07%	-96.82%	385.71%	366.67%	0.00%	0.00%	-21.05%	-10.49%	63.26%	-53.64%
Dividend Yield	-	-	1.51%	0.53%	20.27%	2.22%	0.38%	1.71%	1.97%	1.93%	1.70%	1.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	599.30
(-) Cash Dividends Paid (M)	217.15
(=) Cash Retained (M)	382.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	119.86	74.91	44.95
Cash Retained (M)	382.15	382.15	382.15
(-) Cash Required (M)	-119.86	-74.91	-44.95
(=) Excess Retained (M)	262.29	307.23	337.20
(/) Shares Outstanding (M)	216.40	216.40	216.40
(=) Excess Retained per Share	1.21	1.42	1.56
LTM Dividend per Share	1.00	1.00	1.00
(+) Excess Retained per Share	1.21	1.42	1.56
(=) Adjusted Dividend	2.22	2.42	2.56
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	1.93%	2.93%	3.93%
Fair Value	$40.23	$54.06	$73.68
Upside / Downside	-39.14%	-18.21%	11.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	599.30	616.83	634.87	653.45	672.56	692.24	713.01
Payout Ratio	36.23%	46.99%	57.74%	68.49%	79.25%	90.00%	92.50%
Projected Dividends (M)	217.15	289.83	366.58	447.57	532.99	623.02	659.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	1.93%	2.93%	3.93%
Year 1 PV (M)	266.90	269.51	272.13
Year 2 PV (M)	310.86	316.99	323.17
Year 3 PV (M)	349.50	359.89	370.48
Year 4 PV (M)	383.26	398.53	414.24
Year 5 PV (M)	412.55	433.19	454.64
PV of Terminal Value (M)	9,622.15	10,103.52	10,603.97
Equity Value (M)	11,345.21	11,881.62	12,438.64
Shares Outstanding (M)	216.40	216.40	216.40
Fair Value	$52.43	$54.91	$57.48
Upside / Downside	-20.68%	-16.93%	-13.04%

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FocalTech Systems Co., Ltd. (3545.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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