DDM Analysis: 6274.TWO

Valuation Snapshot

Stable Growth	$290.72 - $1,011.08	$479.57
Multi-Stage	$275.79 - $301.98	$288.64
Blended Fair Value	$384.11
Current Price	$314.50
Upside	22.13%
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	-0.47%	14.16%	3.81	3.77	4.71	4.50	4.27	3.91	2.75	1.79	1.36	1.36
YoY Growth	-	-	1.24%	-20.07%	4.66%	5.41%	9.41%	41.98%	53.52%	31.96%	0.00%	33.79%
Dividend Yield	-	-	2.46%	2.06%	6.62%	5.39%	3.58%	3.20%	2.52%	1.81%	2.65%	5.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,031.03
(-) Cash Dividends Paid (M)	1,797.00
(=) Cash Retained (M)	1,234.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	606.21	378.88	227.33
Cash Retained (M)	1,234.03	1,234.03	1,234.03
(-) Cash Required (M)	-606.21	-378.88	-227.33
(=) Excess Retained (M)	627.83	855.15	1,006.71
(/) Shares Outstanding (M)	285.78	285.78	285.78
(=) Excess Retained per Share	2.20	2.99	3.52
LTM Dividend per Share	6.29	6.29	6.29
(+) Excess Retained per Share	2.20	2.99	3.52
(=) Adjusted Dividend	8.49	9.28	9.81
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	3.65%	4.65%	5.65%
Fair Value	$290.72	$479.57	$1,011.08
Upside / Downside	-7.56%	52.49%	221.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,031.03	3,171.98	3,319.47	3,473.82	3,635.35	3,804.40	3,918.53
Payout Ratio	59.29%	65.43%	71.57%	77.71%	83.86%	90.00%	92.50%
Projected Dividends (M)	1,797.00	2,075.40	2,375.81	2,699.67	3,048.51	3,423.96	3,624.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	3.65%	4.65%	5.65%
Year 1 PV (M)	1,926.95	1,945.54	1,964.13
Year 2 PV (M)	2,048.08	2,087.79	2,127.88
Year 3 PV (M)	2,160.79	2,223.93	2,288.30
Year 4 PV (M)	2,265.46	2,354.16	2,445.44
Year 5 PV (M)	2,362.45	2,478.64	2,599.35
PV of Terminal Value (M)	68,050.51	71,397.18	74,874.24
Equity Value (M)	78,814.23	82,487.23	86,299.32
Shares Outstanding (M)	285.78	285.78	285.78
Fair Value	$275.79	$288.64	$301.98
Upside / Downside	-12.31%	-8.22%	-3.98%

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Taiwan Union Technology Corporation (6274.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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