DDM Analysis: 3219.TWO

Valuation Snapshot

Stable Growth	$26.36 - $63.33	$39.07
Multi-Stage	$106.99 - $118.24	$112.50
Blended Fair Value	$75.78
Current Price	$81.30
Upside	-6.78%
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%	0.35	0.99	2.40	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-64.43%	-58.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.05%	2.50%	4.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	96.59
(-) Cash Dividends Paid (M)	18.88
(=) Cash Retained (M)	77.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.32	12.07	7.24
Cash Retained (M)	77.72	77.72	77.72
(-) Cash Required (M)	-19.32	-12.07	-7.24
(=) Excess Retained (M)	58.40	65.64	70.47
(/) Shares Outstanding (M)	73.10	73.10	73.10
(=) Excess Retained per Share	0.80	0.90	0.96
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.80	0.90	0.96
(=) Adjusted Dividend	1.06	1.16	1.22
WACC / Discount Rate	1.93%	1.93%	1.93%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$26.36	$39.07	$63.33
Upside / Downside	-67.58%	-51.95%	-22.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	96.59	95.63	94.67	93.73	92.79	91.86	94.62
Payout Ratio	19.54%	33.63%	47.72%	61.82%	75.91%	90.00%	92.50%
Projected Dividends (M)	18.88	32.16	45.18	57.94	70.43	82.67	87.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.93%	1.93%	1.93%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	31.24	31.55	31.87
Year 2 PV (M)	42.61	43.49	44.37
Year 3 PV (M)	53.07	54.71	56.38
Year 4 PV (M)	62.65	65.25	67.93
Year 5 PV (M)	71.42	75.14	79.01
PV of Terminal Value (M)	7,560.51	7,954.21	8,364.13
Equity Value (M)	7,821.50	8,224.34	8,643.69
Shares Outstanding (M)	73.10	73.10	73.10
Fair Value	$106.99	$112.50	$118.24
Upside / Downside	31.60%	38.38%	45.44%

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Aethertek technology co., Ltd. (3219.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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