DDM Analysis: 6449.TW

Valuation Snapshot

Stable Growth	$415.10 - $1,149.39	$1,077.14
Multi-Stage	$161.22 - $176.41	$168.68
Blended Fair Value	$622.91
Current Price	$112.00
Upside	456.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.45%	14.33%	2.29	2.29	2.01	1.91	0.96	0.94	1.77	1.44	1.28	1.33
YoY Growth	-	-	0.00%	13.71%	5.26%	99.96%	1.61%	-46.75%	22.76%	12.50%	-3.42%	120.82%
Dividend Yield	-	-	2.03%	2.74%	3.61%	3.43%	1.42%	4.02%	5.57%	2.57%	3.68%	4.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	510.72
(-) Cash Dividends Paid (M)	202.29
(=) Cash Retained (M)	308.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	102.14	63.84	38.30
Cash Retained (M)	308.43	308.43	308.43
(-) Cash Required (M)	-102.14	-63.84	-38.30
(=) Excess Retained (M)	206.28	244.59	270.12
(/) Shares Outstanding (M)	88.37	88.37	88.37
(=) Excess Retained per Share	2.33	2.77	3.06
LTM Dividend per Share	2.29	2.29	2.29
(+) Excess Retained per Share	2.33	2.77	3.06
(=) Adjusted Dividend	4.62	5.06	5.35
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$415.10	$1,077.14	$1,149.39
Upside / Downside	270.63%	861.74%	926.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	510.72	543.92	579.27	616.92	657.02	699.73	720.72
Payout Ratio	39.61%	49.69%	59.77%	69.84%	79.92%	90.00%	92.50%
Projected Dividends (M)	202.29	270.26	346.21	430.88	525.11	629.76	666.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	250.97	253.35	255.73
Year 2 PV (M)	298.55	304.23	309.97
Year 3 PV (M)	345.05	354.95	365.05
Year 4 PV (M)	390.49	405.50	420.95
Year 5 PV (M)	434.88	455.89	477.70
PV of Terminal Value (M)	12,526.81	13,131.86	13,760.07
Equity Value (M)	14,246.74	14,905.79	15,589.46
Shares Outstanding (M)	88.37	88.37	88.37
Fair Value	$161.22	$168.68	$176.41
Upside / Downside	43.95%	50.61%	57.51%

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LFVN	LifeVantage Corporation	2.67%	$0.16	18.67%
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MSEX	Middlesex Water Company	2.67%	$1.34	56.69%
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PEBK	Peoples Bancorp of North Carolina, Inc.	2.66%	$0.95	30.99%
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MVBF	MVB Financial Corp.	2.65%	$0.68	27.31%
PPG	PPG Industries, Inc.	2.65%	$2.76	62.85%
TWMIX	American Century Emerging Markets Investor Class	2.64%	$0.40	76.80%
0M2A.L	Adeia Inc.	2.63%	$0.35	53.29%
ALLY	Ally Financial Inc.	2.63%	$1.20	59.56%
FRAF	Franklin Financial Services Corporation	2.63%	$1.28	36.88%
LEA	Lear Corporation	2.63%	$3.12	37.81%
VHI	Valhi, Inc.	2.63%	$0.32	49.46%
FHI	Federated Hermes, Inc.	2.62%	$1.37	27.23%
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BAH	Booz Allen Hamilton Holding Corporation	2.61%	$2.22	33.15%
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CBAN	Colony Bankcorp, Inc.	2.59%	$0.46	28.75%
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PLBC	Plumas Bancorp	2.59%	$1.14	27.38%
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WBS	Webster Financial Corporation	2.57%	$1.64	29.21%
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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TGNA	TEGNA Inc.	2.55%	$0.49	23.26%
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DTM	DT Midstream, Inc.	2.52%	$3.04	77.42%
LEVI	Levi Strauss & Co.	2.52%	$0.52	34.78%
NFG	National Fuel Gas Company	2.52%	$2.07	36.34%
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HIMYX	Pioneer High Income Municipal Fund Class Y	2.51%	$0.14	81.31%
ACNB	ACNB Corporation	2.50%	$1.18	37.66%
FMBH	First Mid Bancshares, Inc.	2.50%	$0.96	26.52%

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Apaq Technology Co., Ltd. (6449.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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