DDM Analysis: 5434.TW

Valuation Snapshot

Stable Growth	$823.66 - $3,955.39	$1,785.56
Multi-Stage	$452.17 - $493.95	$472.68
Blended Fair Value	$1,129.12
Current Price	$314.00
Upside	259.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.40%	12.97%	9.67	9.31	8.19	7.45	6.05	4.94	3.91	4.25	3.25	2.99
YoY Growth	-	-	3.85%	13.64%	10.00%	23.08%	22.64%	26.19%	-8.00%	30.77%	8.57%	4.83%
Dividend Yield	-	-	3.71%	4.15%	4.37%	4.41%	4.47%	5.49%	4.94%	5.08%	3.33%	5.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,880.95
(-) Cash Dividends Paid (M)	2,293.35
(=) Cash Retained (M)	1,587.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	776.19	485.12	291.07
Cash Retained (M)	1,587.59	1,587.59	1,587.59
(-) Cash Required (M)	-776.19	-485.12	-291.07
(=) Excess Retained (M)	811.41	1,102.48	1,296.52
(/) Shares Outstanding (M)	195.13	195.13	195.13
(=) Excess Retained per Share	4.16	5.65	6.64
LTM Dividend per Share	11.75	11.75	11.75
(+) Excess Retained per Share	4.16	5.65	6.64
(=) Adjusted Dividend	15.91	17.40	18.40
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$823.66	$1,785.56	$3,955.39
Upside / Downside	162.31%	468.65%	1,159.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,880.95	4,133.21	4,401.86	4,687.99	4,992.71	5,317.23	5,476.75
Payout Ratio	59.09%	65.27%	71.46%	77.64%	83.82%	90.00%	92.50%
Projected Dividends (M)	2,293.35	2,697.91	3,145.38	3,639.61	4,184.81	4,785.51	5,065.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,485.24	2,508.80	2,532.36
Year 2 PV (M)	2,669.04	2,719.87	2,771.19
Year 3 PV (M)	2,844.97	2,926.64	3,009.86
Year 4 PV (M)	3,013.28	3,129.16	3,248.36
Year 5 PV (M)	3,174.19	3,327.50	3,486.69
PV of Terminal Value (M)	74,046.72	77,623.20	81,336.57
Equity Value (M)	88,233.44	92,235.18	96,385.02
Shares Outstanding (M)	195.13	195.13	195.13
Fair Value	$452.17	$472.68	$493.95
Upside / Downside	44.00%	50.54%	57.31%

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Topco Scientific Co.,Ltd. (5434.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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