DDM Analysis: 2049.TW

Valuation Snapshot

Stable Growth	$50.94 - $83.25	$65.37
Multi-Stage	$78.29 - $85.82	$81.98
Blended Fair Value	$73.68
Current Price	$210.00
Upside	-64.92%
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	-15.91%	2.58%	2.49	5.49	4.33	1.87	1.57	5.93	2.77	1.24	1.59	2.36
YoY Growth	-	-	-54.55%	26.88%	131.75%	18.75%	-73.51%	114.57%	123.13%	-22.29%	-32.41%	22.07%
Dividend Yield	-	-	1.04%	2.00%	1.73%	0.78%	0.41%	3.19%	1.17%	0.34%	0.98%	1.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,612.65
(-) Cash Dividends Paid (M)	884.48
(=) Cash Retained (M)	728.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	322.53	201.58	120.95
Cash Retained (M)	728.17	728.17	728.17
(-) Cash Required (M)	-322.53	-201.58	-120.95
(=) Excess Retained (M)	405.64	526.58	607.22
(/) Shares Outstanding (M)	354.58	354.58	354.58
(=) Excess Retained per Share	1.14	1.49	1.71
LTM Dividend per Share	2.49	2.49	2.49
(+) Excess Retained per Share	1.14	1.49	1.71
(=) Adjusted Dividend	3.64	3.98	4.21
WACC / Discount Rate	7.77%	7.77%	7.77%
Growth Rate	0.58%	1.58%	2.58%
Fair Value	$50.94	$65.37	$83.25
Upside / Downside	-75.74%	-68.87%	-60.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,612.65	1,638.19	1,664.14	1,690.50	1,717.28	1,744.48	1,796.82
Payout Ratio	54.85%	61.88%	68.91%	75.94%	82.97%	90.00%	92.50%
Projected Dividends (M)	884.48	1,013.67	1,146.72	1,283.74	1,424.81	1,570.03	1,662.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.77%	7.77%	7.77%
Growth Rate	0.58%	1.58%	2.58%
Year 1 PV (M)	931.34	940.60	949.86
Year 2 PV (M)	968.02	987.37	1,006.90
Year 3 PV (M)	995.67	1,025.67	1,056.26
Year 4 PV (M)	1,015.34	1,056.32	1,098.53
Year 5 PV (M)	1,027.96	1,080.08	1,134.30
PV of Terminal Value (M)	22,822.25	23,979.52	25,183.26
Equity Value (M)	27,760.58	29,069.55	30,429.11
Shares Outstanding (M)	354.58	354.58	354.58
Fair Value	$78.29	$81.98	$85.82
Upside / Downside	-62.72%	-60.96%	-59.13%

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Hiwin Technologies Corp. (2049.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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