DDM Analysis: 5601.TWO

Valuation Snapshot

Stable Growth	$2.21 - $3.02	$2.62
Multi-Stage	$2.78 - $3.00	$2.89
Blended Fair Value	$2.75
Current Price	$38.10
Upside	-92.77%
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	5.12%	0.00%	0.39	0.48	0.26	0.25	0.21	0.30	0.00	0.00	0.00	0.00
YoY Growth	-	-	-19.81%	84.52%	4.08%	19.05%	-30.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.03%	1.32%	0.62%	0.62%	0.73%	1.16%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	25.56
(-) Cash Dividends Paid (M)	22.68
(=) Cash Retained (M)	2.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.11	3.19	1.92
Cash Retained (M)	2.88	2.88	2.88
(-) Cash Required (M)	-5.11	-3.19	-1.92
(=) Excess Retained (M)	-2.24	-0.32	0.96
(/) Shares Outstanding (M)	64.35	64.35	64.35
(=) Excess Retained per Share	-0.03	0.00	0.01
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	-0.03	0.00	0.01
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	15.31%	15.31%	15.31%
Growth Rate	0.80%	1.80%	2.80%
Fair Value	$2.21	$2.62	$3.02
Upside / Downside	-94.21%	-93.13%	-92.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	25.56	26.02	26.48	26.96	27.45	27.94	28.78
Payout Ratio	88.75%	89.00%	89.25%	89.50%	89.75%	90.00%	92.50%
Projected Dividends (M)	22.68	23.15	23.64	24.13	24.63	25.15	26.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	15.31%	15.31%	15.31%
Growth Rate	0.80%	1.80%	2.80%
Year 1 PV (M)	19.88	20.08	20.28
Year 2 PV (M)	17.43	17.78	18.13
Year 3 PV (M)	15.28	15.74	16.20
Year 4 PV (M)	13.39	13.93	14.49
Year 5 PV (M)	11.74	12.33	12.95
PV of Terminal Value (M)	100.92	106.02	111.33
Equity Value (M)	178.63	185.88	193.38
Shares Outstanding (M)	64.35	64.35	64.35
Fair Value	$2.78	$2.89	$3.00
Upside / Downside	-92.71%	-92.42%	-92.11%

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Sector

Taiwan Allied Container Terminal Corp. (5601.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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