DDM Analysis: 5469.TW

Valuation Snapshot

Stable Growth	$58.84 - $90.23	$73.49
Multi-Stage	$127.64 - $140.51	$133.95
Blended Fair Value	$103.72
Current Price	$91.50
Upside	13.35%
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	13.47%	0.00%	1.74	2.62	2.40	2.40	1.82	0.93	0.74	0.56	0.19	0.56
YoY Growth	-	-	-33.33%	9.09%	0.00%	31.42%	96.82%	24.72%	33.33%	200.00%	-66.67%	0.00%
Dividend Yield	-	-	3.33%	3.94%	6.20%	5.21%	3.40%	2.59%	2.61%	2.97%	0.96%	5.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,157.80
(-) Cash Dividends Paid (M)	1,215.42
(=) Cash Retained (M)	1,942.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	631.56	394.72	236.83
Cash Retained (M)	1,942.38	1,942.38	1,942.38
(-) Cash Required (M)	-631.56	-394.72	-236.83
(=) Excess Retained (M)	1,310.82	1,547.66	1,705.55
(/) Shares Outstanding (M)	484.97	484.97	484.97
(=) Excess Retained per Share	2.70	3.19	3.52
LTM Dividend per Share	2.51	2.51	2.51
(+) Excess Retained per Share	2.70	3.19	3.52
(=) Adjusted Dividend	5.21	5.70	6.02
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$58.84	$73.49	$90.23
Upside / Downside	-35.69%	-19.69%	-1.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,157.80	3,126.22	3,094.96	3,064.01	3,033.37	3,003.04	3,093.13
Payout Ratio	38.49%	48.79%	59.09%	69.40%	79.70%	90.00%	92.50%
Projected Dividends (M)	1,215.42	1,525.33	1,828.92	2,126.29	2,417.53	2,702.73	2,861.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1,415.43	1,429.88	1,444.32
Year 2 PV (M)	1,574.88	1,607.19	1,639.82
Year 3 PV (M)	1,699.03	1,751.58	1,805.19
Year 4 PV (M)	1,792.57	1,866.87	1,943.45
Year 5 PV (M)	1,859.67	1,956.50	2,057.33
PV of Terminal Value (M)	53,562.31	56,351.42	59,255.53
Equity Value (M)	61,903.90	64,963.44	68,145.65
Shares Outstanding (M)	484.97	484.97	484.97
Fair Value	$127.64	$133.95	$140.51
Upside / Downside	39.50%	46.40%	53.57%

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HannStar Board Corporation (5469.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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