DDM Analysis: 2478.TW

Valuation Snapshot

Stable Growth	$30.53 - $49.52	$39.05
Multi-Stage	$49.58 - $54.38	$51.93
Blended Fair Value	$45.49
Current Price	$41.15
Upside	10.55%
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	-14.45%	19.34%	1.49	1.99	3.97	2.95	1.75	3.25	1.03	0.43	0.35	0.71
YoY Growth	-	-	-25.00%	-50.00%	34.82%	68.40%	-46.19%	215.83%	138.53%	23.92%	-51.19%	180.63%
Dividend Yield	-	-	3.18%	4.16%	8.54%	4.93%	2.19%	6.31%	1.36%	0.94%	1.24%	2.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	406.22
(-) Cash Dividends Paid (M)	217.10
(=) Cash Retained (M)	189.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	81.24	50.78	30.47
Cash Retained (M)	189.12	189.12	189.12
(-) Cash Required (M)	-81.24	-50.78	-30.47
(=) Excess Retained (M)	107.88	138.34	158.65
(/) Shares Outstanding (M)	145.65	145.65	145.65
(=) Excess Retained per Share	0.74	0.95	1.09
LTM Dividend per Share	1.49	1.49	1.49
(+) Excess Retained per Share	0.74	0.95	1.09
(=) Adjusted Dividend	2.23	2.44	2.58
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	0.21%	1.21%	2.21%
Fair Value	$30.53	$39.05	$49.52
Upside / Downside	-25.82%	-5.09%	20.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	406.22	411.15	416.14	421.19	426.30	431.48	444.42
Payout Ratio	53.44%	60.76%	68.07%	75.38%	82.69%	90.00%	92.50%
Projected Dividends (M)	217.10	249.79	283.25	317.48	352.51	388.33	411.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	0.21%	1.21%	2.21%
Year 1 PV (M)	229.99	232.28	234.58
Year 2 PV (M)	240.11	244.93	249.79
Year 3 PV (M)	247.79	255.29	262.93
Year 4 PV (M)	253.31	263.58	274.15
Year 5 PV (M)	256.93	270.01	283.61
PV of Terminal Value (M)	5,992.57	6,297.58	6,614.89
Equity Value (M)	7,220.70	7,563.66	7,919.95
Shares Outstanding (M)	145.65	145.65	145.65
Fair Value	$49.58	$51.93	$54.38
Upside / Downside	20.48%	26.20%	32.15%

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TA-I Technology Co., Ltd. (2478.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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