DDM Analysis: 6416.TW

Valuation Snapshot

Stable Growth	$44.71 - $72.36	$57.15
Multi-Stage	$85.20 - $93.53	$89.29
Blended Fair Value	$73.22
Current Price	$89.80
Upside	-18.47%
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	-2.74%	5.52%	2.80	3.60	1.99	3.63	2.77	3.21	3.27	4.09	3.76	2.45
YoY Growth	-	-	-22.22%	80.39%	-45.11%	31.07%	-13.79%	-1.71%	-20.00%	8.70%	53.33%	50.00%
Dividend Yield	-	-	2.91%	2.79%	1.75%	3.95%	1.94%	2.76%	3.42%	2.73%	3.13%	1.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	304.31
(-) Cash Dividends Paid (M)	205.38
(=) Cash Retained (M)	98.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	60.86	38.04	22.82
Cash Retained (M)	98.93	98.93	98.93
(-) Cash Required (M)	-60.86	-38.04	-22.82
(=) Excess Retained (M)	38.07	60.89	76.11
(/) Shares Outstanding (M)	73.44	73.44	73.44
(=) Excess Retained per Share	0.52	0.83	1.04
LTM Dividend per Share	2.80	2.80	2.80
(+) Excess Retained per Share	0.52	0.83	1.04
(=) Adjusted Dividend	3.31	3.63	3.83
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-0.52%	0.48%	1.48%
Fair Value	$44.71	$57.15	$72.36
Upside / Downside	-50.21%	-36.36%	-19.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	304.31	305.75	307.21	308.67	310.14	311.62	320.96
Payout Ratio	67.49%	71.99%	76.49%	81.00%	85.50%	90.00%	92.50%
Projected Dividends (M)	205.38	220.12	235.00	250.01	265.16	280.45	296.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-0.52%	0.48%	1.48%
Year 1 PV (M)	203.95	206.01	208.06
Year 2 PV (M)	201.75	205.83	209.95
Year 3 PV (M)	198.88	204.94	211.12
Year 4 PV (M)	195.45	203.42	211.64
Year 5 PV (M)	191.54	201.36	211.58
PV of Terminal Value (M)	5,265.45	5,535.48	5,816.49
Equity Value (M)	6,257.02	6,557.04	6,868.83
Shares Outstanding (M)	73.44	73.44	73.44
Fair Value	$85.20	$89.29	$93.53
Upside / Downside	-5.12%	-0.57%	4.16%

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CASwell Inc. (6416.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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