DDM Analysis: 3617.TW

Valuation Snapshot

Stable Growth	$1,231.14 - $3,356.20	$3,145.25
Multi-Stage	$475.16 - $519.84	$497.09
Blended Fair Value	$1,821.17
Current Price	$258.50
Upside	604.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.16%	8.55%	7.68	4.41	0.85	4.61	4.57	4.53	4.27	4.06	3.84	3.61
YoY Growth	-	-	74.39%	415.75%	-81.48%	0.93%	0.94%	6.00%	5.26%	5.63%	6.45%	6.66%
Dividend Yield	-	-	2.75%	1.76%	0.70%	6.99%	5.51%	6.50%	5.38%	4.65%	4.13%	4.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,598.82
(-) Cash Dividends Paid (M)	728.07
(=) Cash Retained (M)	870.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	319.76	199.85	119.91
Cash Retained (M)	870.75	870.75	870.75
(-) Cash Required (M)	-319.76	-199.85	-119.91
(=) Excess Retained (M)	550.99	670.90	750.84
(/) Shares Outstanding (M)	94.74	94.74	94.74
(=) Excess Retained per Share	5.82	7.08	7.93
LTM Dividend per Share	7.68	7.68	7.68
(+) Excess Retained per Share	5.82	7.08	7.93
(=) Adjusted Dividend	13.50	14.77	15.61
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,231.14	$3,145.25	$3,356.20
Upside / Downside	376.26%	1,116.73%	1,198.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,598.82	1,702.75	1,813.43	1,931.30	2,056.83	2,190.53	2,256.24
Payout Ratio	45.54%	54.43%	63.32%	72.22%	81.11%	90.00%	92.50%
Projected Dividends (M)	728.07	926.81	1,148.31	1,394.69	1,668.25	1,971.47	2,087.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	860.80	868.96	877.12
Year 2 PV (M)	990.57	1,009.44	1,028.49
Year 3 PV (M)	1,117.43	1,149.50	1,182.19
Year 4 PV (M)	1,241.41	1,289.15	1,338.26
Year 5 PV (M)	1,362.57	1,428.39	1,496.72
PV of Terminal Value (M)	39,443.97	41,349.13	43,327.20
Equity Value (M)	45,016.76	47,094.58	49,249.98
Shares Outstanding (M)	94.74	94.74	94.74
Fair Value	$475.16	$497.09	$519.84
Upside / Downside	83.82%	92.30%	101.10%

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Cyber Power Systems, Inc. (3617.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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