DDM Analysis: 3052.TW

Valuation Snapshot

Stable Growth	$7.78 - $11.09	$9.41
Multi-Stage	$21.58 - $23.83	$22.69
Blended Fair Value	$16.05
Current Price	$11.20
Upside	43.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	-8.02%	0.39	0.39	0.24	0.78	0.50	0.00	0.70	0.31	0.51	0.41
YoY Growth	-	-	2.00%	58.41%	-68.75%	57.18%	0.00%	-100.00%	125.19%	-39.42%	23.83%	-54.68%
Dividend Yield	-	-	3.25%	2.93%	2.30%	7.90%	3.91%	0.00%	8.59%	3.63%	6.12%	4.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	245.39
(-) Cash Dividends Paid (M)	103.19
(=) Cash Retained (M)	142.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.08	30.67	18.40
Cash Retained (M)	142.20	142.20	142.20
(-) Cash Required (M)	-49.08	-30.67	-18.40
(=) Excess Retained (M)	93.12	111.52	123.79
(/) Shares Outstanding (M)	205.36	205.36	205.36
(=) Excess Retained per Share	0.45	0.54	0.60
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.45	0.54	0.60
(=) Adjusted Dividend	0.96	1.05	1.11
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-5.23%	-4.23%	-3.23%
Fair Value	$7.78	$9.41	$11.09
Upside / Downside	-30.53%	-16.01%	-0.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	245.39	235.02	225.09	215.58	206.47	197.75	203.68
Payout Ratio	42.05%	51.64%	61.23%	70.82%	80.41%	90.00%	92.50%
Projected Dividends (M)	103.19	121.37	137.83	152.68	166.02	177.97	188.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-5.23%	-4.23%	-3.23%
Year 1 PV (M)	112.86	114.05	115.24
Year 2 PV (M)	119.17	121.70	124.25
Year 3 PV (M)	122.75	126.68	130.69
Year 4 PV (M)	124.12	129.44	134.94
Year 5 PV (M)	123.72	130.39	137.34
PV of Terminal Value (M)	3,829.95	4,036.31	4,251.47
Equity Value (M)	4,432.57	4,658.57	4,893.93
Shares Outstanding (M)	205.36	205.36	205.36
Fair Value	$21.58	$22.69	$23.83
Upside / Downside	92.72%	102.55%	112.78%

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Apex Science & Engineering Corp. (3052.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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