DDM Analysis: 3257.TW

Valuation Snapshot

Stable Growth	$31.30 - $55.09	$41.40
Multi-Stage	$45.25 - $49.51	$47.34
Blended Fair Value	$44.37
Current Price	$59.20
Upside	-25.05%
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	-2.91%	6.26%	2.91	0.97	4.86	2.65	2.04	3.38	0.42	0.52	0.48	1.85
YoY Growth	-	-	200.00%	-80.00%	83.56%	29.47%	-39.49%	700.00%	-18.08%	8.50%	-74.35%	16.59%
Dividend Yield	-	-	5.50%	1.33%	9.24%	3.49%	2.61%	8.38%	0.80%	0.96%	1.59%	5.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	191.79
(-) Cash Dividends Paid (M)	159.65
(=) Cash Retained (M)	32.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.36	23.97	14.38
Cash Retained (M)	32.14	32.14	32.14
(-) Cash Required (M)	-38.36	-23.97	-14.38
(=) Excess Retained (M)	-6.22	8.16	17.75
(/) Shares Outstanding (M)	82.16	82.16	82.16
(=) Excess Retained per Share	-0.08	0.10	0.22
LTM Dividend per Share	1.94	1.94	1.94
(+) Excess Retained per Share	-0.08	0.10	0.22
(=) Adjusted Dividend	1.87	2.04	2.16
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	1.48%	2.48%	3.48%
Fair Value	$31.30	$41.40	$55.09
Upside / Downside	-47.14%	-30.06%	-6.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	191.79	196.55	201.43	206.43	211.56	216.81	223.31
Payout Ratio	83.24%	84.59%	85.95%	87.30%	88.65%	90.00%	92.50%
Projected Dividends (M)	159.65	166.27	173.12	180.21	187.54	195.13	206.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	1.48%	2.48%	3.48%
Year 1 PV (M)	153.10	154.61	156.12
Year 2 PV (M)	146.79	149.70	152.63
Year 3 PV (M)	140.70	144.90	149.19
Year 4 PV (M)	134.83	140.23	145.78
Year 5 PV (M)	129.18	135.67	142.42
PV of Terminal Value (M)	3,013.01	3,164.41	3,321.84
Equity Value (M)	3,717.62	3,889.53	4,067.99
Shares Outstanding (M)	82.16	82.16	82.16
Fair Value	$45.25	$47.34	$49.51
Upside / Downside	-23.57%	-20.03%	-16.36%

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Champion Microelectronic Corporation (3257.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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