DDM Analysis: 2103.TW

Valuation Snapshot

Stable Growth	$7.41 - $12.28	$9.56
Multi-Stage	$14.91 - $16.37	$15.63
Blended Fair Value	$12.60
Current Price	$17.95
Upside	-29.83%
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	-10.58%	-9.74%	0.55	1.26	2.67	0.52	0.63	0.97	0.95	1.03	1.15	1.67
YoY Growth	-	-	-56.25%	-52.64%	409.17%	-17.32%	-34.46%	2.06%	-8.11%	-10.65%	-31.05%	8.62%
Dividend Yield	-	-	2.85%	5.42%	9.45%	1.50%	2.24%	6.64%	3.41%	3.38%	3.30%	6.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	538.21
(-) Cash Dividends Paid (M)	464.81
(=) Cash Retained (M)	73.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	107.64	67.28	40.37
Cash Retained (M)	73.40	73.40	73.40
(-) Cash Required (M)	-107.64	-67.28	-40.37
(=) Excess Retained (M)	-34.24	6.12	33.03
(/) Shares Outstanding (M)	835.70	835.70	835.70
(=) Excess Retained per Share	-0.04	0.01	0.04
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	-0.04	0.01	0.04
(=) Adjusted Dividend	0.52	0.56	0.60
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-0.44%	0.56%	1.56%
Fair Value	$7.41	$9.56	$12.28
Upside / Downside	-58.73%	-46.72%	-31.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	538.21	541.23	544.27	547.32	550.40	553.49	570.09
Payout Ratio	86.36%	87.09%	87.82%	88.54%	89.27%	90.00%	92.50%
Projected Dividends (M)	464.81	471.36	477.96	484.63	491.35	498.14	527.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-0.44%	0.56%	1.56%
Year 1 PV (M)	438.24	442.65	447.05
Year 2 PV (M)	413.17	421.51	429.93
Year 3 PV (M)	389.50	401.35	413.45
Year 4 PV (M)	367.16	382.14	397.57
Year 5 PV (M)	346.08	363.82	382.27
PV of Terminal Value (M)	10,509.09	11,047.57	11,607.90
Equity Value (M)	12,463.25	13,059.03	13,678.16
Shares Outstanding (M)	835.70	835.70	835.70
Fair Value	$14.91	$15.63	$16.37
Upside / Downside	-16.92%	-12.94%	-8.82%

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TSRC Corporation (2103.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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