DDM Analysis: 2308.TW

Valuation Snapshot

Stable Growth	$515.44 - $1,671.65	$834.91
Multi-Stage	$339.50 - $370.83	$354.88
Blended Fair Value	$594.90
Current Price	$854.00
Upside	-30.34%
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	5.16%	1.68%	6.41	9.81	5.49	5.49	4.99	4.99	4.99	4.99	4.99	6.27
YoY Growth	-	-	-34.65%	78.91%	0.00%	10.00%	0.00%	0.00%	0.00%	0.00%	-20.47%	15.52%
Dividend Yield	-	-	1.78%	2.93%	1.82%	2.04%	1.73%	4.14%	3.20%	3.84%	3.07%	4.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	49,962.27
(-) Cash Dividends Paid (M)	18,182.80
(=) Cash Retained (M)	31,779.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,992.45	6,245.28	3,747.17
Cash Retained (M)	31,779.47	31,779.47	31,779.47
(-) Cash Required (M)	-9,992.45	-6,245.28	-3,747.17
(=) Excess Retained (M)	21,787.02	25,534.19	28,032.30
(/) Shares Outstanding (M)	2,604.49	2,604.49	2,604.49
(=) Excess Retained per Share	8.37	9.80	10.76
LTM Dividend per Share	6.98	6.98	6.98
(+) Excess Retained per Share	8.37	9.80	10.76
(=) Adjusted Dividend	15.35	16.79	17.74
WACC / Discount Rate	8.64%	8.64%	8.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$515.44	$834.91	$1,671.65
Upside / Downside	-39.64%	-2.24%	95.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	49,962.27	53,209.82	56,668.46	60,351.91	64,274.78	68,452.65	70,506.22
Payout Ratio	36.39%	47.11%	57.84%	68.56%	79.28%	90.00%	92.50%
Projected Dividends (M)	18,182.80	25,069.52	32,774.68	41,375.60	50,956.16	61,607.38	65,218.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.64%	8.64%	8.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	22,858.86	23,075.53	23,292.21
Year 2 PV (M)	27,249.33	27,768.35	28,292.27
Year 3 PV (M)	31,366.81	32,267.23	33,184.73
Year 4 PV (M)	35,223.41	36,578.00	37,971.29
Year 5 PV (M)	38,830.78	40,706.32	42,653.65
PV of Terminal Value (M)	728,699.41	763,895.87	800,439.37
Equity Value (M)	884,228.60	924,291.31	965,833.52
Shares Outstanding (M)	2,604.49	2,604.49	2,604.49
Fair Value	$339.50	$354.88	$370.83
Upside / Downside	-60.25%	-58.44%	-56.58%

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Delta Electronics, Inc. (2308.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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