DDM Analysis: 8466.TW

Valuation Snapshot

Stable Growth	$6.85 - $9.50	$8.18
Multi-Stage	$10.28 - $11.29	$10.78
Blended Fair Value	$9.48
Current Price	$26.70
Upside	-64.50%
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	-36.98%	-25.17%	0.27	1.33	0.62	2.68	3.67	2.68	5.37	6.26	4.93	4.73
YoY Growth	-	-	-80.00%	114.28%	-76.80%	-26.83%	36.67%	-50.00%	-14.29%	27.02%	4.25%	-2.41%
Dividend Yield	-	-	0.74%	2.94%	1.50%	5.42%	5.83%	4.47%	8.19%	7.64%	4.10%	3.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	87.21
(-) Cash Dividends Paid (M)	19.70
(=) Cash Retained (M)	67.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.44	10.90	6.54
Cash Retained (M)	67.51	67.51	67.51
(-) Cash Required (M)	-17.44	-10.90	-6.54
(=) Excess Retained (M)	50.07	56.61	60.97
(/) Shares Outstanding (M)	73.83	73.83	73.83
(=) Excess Retained per Share	0.68	0.77	0.83
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.68	0.77	0.83
(=) Adjusted Dividend	0.94	1.03	1.09
WACC / Discount Rate	10.51%	10.51%	10.51%
Growth Rate	-2.89%	-1.89%	-0.89%
Fair Value	$6.85	$8.18	$9.50
Upside / Downside	-74.35%	-69.36%	-64.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	87.21	85.57	83.95	82.36	80.80	79.28	81.66
Payout Ratio	22.59%	36.07%	49.56%	63.04%	76.52%	90.00%	92.50%
Projected Dividends (M)	19.70	30.87	41.60	51.92	61.83	71.35	75.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.51%	10.51%	10.51%
Growth Rate	-2.89%	-1.89%	-0.89%
Year 1 PV (M)	27.65	27.93	28.22
Year 2 PV (M)	33.38	34.07	34.76
Year 3 PV (M)	37.31	38.47	39.66
Year 4 PV (M)	39.80	41.46	43.18
Year 5 PV (M)	41.13	43.30	45.55
PV of Terminal Value (M)	580.07	610.56	642.32
Equity Value (M)	759.33	795.79	833.68
Shares Outstanding (M)	73.83	73.83	73.83
Fair Value	$10.28	$10.78	$11.29
Upside / Downside	-61.48%	-59.63%	-57.71%

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M.J. International Co., Ltd. (8466.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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