DDM Analysis: 6213.TW

Valuation Snapshot

Stable Growth	$22.52 - $32.23	$27.28
Multi-Stage	$58.20 - $64.20	$61.14
Blended Fair Value	$44.21
Current Price	$87.20
Upside	-49.30%
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	-13.91%	-2.76%	1.50	3.00	5.28	4.59	4.59	3.18	2.59	2.09	1.34	1.05
YoY Growth	-	-	-50.00%	-43.13%	15.02%	0.00%	44.61%	22.58%	24.00%	56.25%	27.04%	-47.02%
Dividend Yield	-	-	2.39%	2.81%	6.75%	3.83%	3.43%	2.43%	3.07%	3.03%	3.08%	3.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,225.18
(-) Cash Dividends Paid (M)	544.44
(=) Cash Retained (M)	680.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	245.04	153.15	91.89
Cash Retained (M)	680.75	680.75	680.75
(-) Cash Required (M)	-245.04	-153.15	-91.89
(=) Excess Retained (M)	435.71	527.60	588.86
(/) Shares Outstanding (M)	362.47	362.47	362.47
(=) Excess Retained per Share	1.20	1.46	1.62
LTM Dividend per Share	1.50	1.50	1.50
(+) Excess Retained per Share	1.20	1.46	1.62
(=) Adjusted Dividend	2.70	2.96	3.13
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-4.76%	-3.76%	-2.76%
Fair Value	$22.52	$27.28	$32.23
Upside / Downside	-74.17%	-68.72%	-63.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,225.18	1,179.13	1,134.80	1,092.15	1,051.09	1,011.58	1,041.93
Payout Ratio	44.44%	53.55%	62.66%	71.77%	80.89%	90.00%	92.50%
Projected Dividends (M)	544.44	631.42	711.09	783.89	850.20	910.42	963.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-4.76%	-3.76%	-2.76%
Year 1 PV (M)	585.76	591.91	598.06
Year 2 PV (M)	611.97	624.89	637.94
Year 3 PV (M)	625.83	645.75	666.09
Year 4 PV (M)	629.69	656.55	684.27
Year 5 PV (M)	625.53	659.06	694.02
PV of Terminal Value (M)	18,018.33	18,984.34	19,991.34
Equity Value (M)	21,097.10	22,162.50	23,271.72
Shares Outstanding (M)	362.47	362.47	362.47
Fair Value	$58.20	$61.14	$64.20
Upside / Downside	-33.25%	-29.88%	-26.37%

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VHI	Valhi, Inc.	2.63%	$0.32	49.46%
FHI	Federated Hermes, Inc.	2.62%	$1.37	27.23%
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FANG	Diamondback Energy, Inc.	2.56%	$3.90	26.98%
JEF	Jefferies Financial Group Inc.	2.56%	$1.63	49.77%
UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
DOX	Amdocs Limited	2.55%	$2.04	39.68%
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HIMYX	Pioneer High Income Municipal Fund Class Y	2.51%	$0.14	81.31%
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FMBH	First Mid Bancshares, Inc.	2.50%	$0.96	26.52%

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ITEQ Corporation (6213.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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