DDM Analysis: 4148.TW

Valuation Snapshot

Stable Growth	$22.77 - $37.14	$29.20
Multi-Stage	$48.65 - $53.58	$51.06
Blended Fair Value	$40.13
Current Price	$39.30
Upside	2.12%
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	-16.06%	-6.47%	0.97	2.41	1.45	0.97	0.97	2.32	2.56	1.83	0.85	1.28
YoY Growth	-	-	-60.00%	66.67%	50.00%	0.00%	-58.33%	-9.43%	39.69%	115.00%	-33.33%	-32.20%
Dividend Yield	-	-	2.40%	4.94%	2.31%	1.62%	2.80%	11.21%	4.66%	1.49%	1.25%	1.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	137.92
(-) Cash Dividends Paid (M)	32.02
(=) Cash Retained (M)	105.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.58	17.24	10.34
Cash Retained (M)	105.90	105.90	105.90
(-) Cash Required (M)	-27.58	-17.24	-10.34
(=) Excess Retained (M)	78.32	88.66	95.56
(/) Shares Outstanding (M)	66.33	66.33	66.33
(=) Excess Retained per Share	1.18	1.34	1.44
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	1.18	1.34	1.44
(=) Adjusted Dividend	1.66	1.82	1.92
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-1.02%	-0.02%	0.98%
Fair Value	$22.77	$29.20	$37.14
Upside / Downside	-42.05%	-25.70%	-5.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	137.92	137.88	137.85	137.82	137.78	137.75	141.88
Payout Ratio	23.21%	36.57%	49.93%	63.29%	76.64%	90.00%	92.50%
Projected Dividends (M)	32.02	50.43	68.83	87.22	105.60	123.97	131.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-1.02%	-0.02%	0.98%
Year 1 PV (M)	47.01	47.48	47.96
Year 2 PV (M)	59.81	61.02	62.25
Year 3 PV (M)	70.64	72.81	75.01
Year 4 PV (M)	79.73	83.00	86.37
Year 5 PV (M)	87.25	91.75	96.43
PV of Terminal Value (M)	2,882.58	3,031.17	3,185.83
Equity Value (M)	3,227.02	3,387.23	3,553.86
Shares Outstanding (M)	66.33	66.33	66.33
Fair Value	$48.65	$51.06	$53.58
Upside / Downside	23.79%	29.93%	36.32%

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All Cosmos Bio-Tech Holding Corporation (4148.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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