DDM Analysis: 6438.TW

Valuation Snapshot

Stable Growth	$636.84 - $1,560.00	$1,461.94
Multi-Stage	$230.83 - $252.43	$241.43
Blended Fair Value	$851.69
Current Price	$177.00
Upside	381.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.92%	2.52%	4.22	8.00	5.60	3.23	1.13	2.01	2.88	1.31	2.01	1.64
YoY Growth	-	-	-47.31%	42.81%	73.62%	186.67%	-44.11%	-30.00%	118.94%	-34.69%	22.50%	-50.00%
Dividend Yield	-	-	2.29%	6.52%	5.41%	2.68%	1.14%	4.84%	4.70%	1.64%	3.64%	3.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	630.32
(-) Cash Dividends Paid (M)	383.36
(=) Cash Retained (M)	246.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	126.06	78.79	47.27
Cash Retained (M)	246.96	246.96	246.96
(-) Cash Required (M)	-126.06	-78.79	-47.27
(=) Excess Retained (M)	120.90	168.17	199.69
(/) Shares Outstanding (M)	80.36	80.36	80.36
(=) Excess Retained per Share	1.50	2.09	2.49
LTM Dividend per Share	4.77	4.77	4.77
(+) Excess Retained per Share	1.50	2.09	2.49
(=) Adjusted Dividend	6.28	6.86	7.26
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$636.84	$1,461.94	$1,560.00
Upside / Downside	259.79%	725.96%	781.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	630.32	671.29	714.93	761.40	810.89	863.60	889.50
Payout Ratio	60.82%	66.66%	72.49%	78.33%	84.16%	90.00%	92.50%
Projected Dividends (M)	383.36	447.46	518.26	596.39	682.48	777.24	822.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	416.05	419.99	423.93
Year 2 PV (M)	448.06	456.59	465.21
Year 3 PV (M)	479.41	493.17	507.19
Year 4 PV (M)	510.10	529.72	549.89
Year 5 PV (M)	540.15	566.24	593.32
PV of Terminal Value (M)	16,154.62	16,934.90	17,745.04
Equity Value (M)	18,548.38	19,400.60	20,284.58
Shares Outstanding (M)	80.36	80.36	80.36
Fair Value	$230.83	$241.43	$252.43
Upside / Downside	30.41%	36.40%	42.62%

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Symtek Automation Asia Co., Ltd. (6438.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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