DDM Analysis: 6414.TW

Valuation Snapshot

Stable Growth	$1,087.54 - $3,863.57	$3,566.03
Multi-Stage	$499.68 - $546.33	$522.58
Blended Fair Value	$2,044.30
Current Price	$288.00
Upside	609.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.85%	16.70%	10.12	10.41	4.82	3.12	2.15	3.77	4.43	4.95	4.07	1.55
YoY Growth	-	-	-2.84%	116.19%	54.38%	44.96%	-42.86%	-15.00%	-10.50%	21.58%	162.57%	-28.15%
Dividend Yield	-	-	3.58%	2.91%	1.82%	1.54%	0.89%	2.78%	1.81%	1.15%	1.15%	0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,994.14
(-) Cash Dividends Paid (M)	1,559.07
(=) Cash Retained (M)	1,435.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	598.83	374.27	224.56
Cash Retained (M)	1,435.07	1,435.07	1,435.07
(-) Cash Required (M)	-598.83	-374.27	-224.56
(=) Excess Retained (M)	836.24	1,060.80	1,210.50
(/) Shares Outstanding (M)	154.12	154.12	154.12
(=) Excess Retained per Share	5.43	6.88	7.85
LTM Dividend per Share	10.12	10.12	10.12
(+) Excess Retained per Share	5.43	6.88	7.85
(=) Adjusted Dividend	15.54	17.00	17.97
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,087.54	$3,566.03	$3,863.57
Upside / Downside	277.62%	1,138.20%	1,241.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,994.14	3,188.76	3,396.03	3,616.77	3,851.86	4,102.23	4,225.29
Payout Ratio	52.07%	59.66%	67.24%	74.83%	82.41%	90.00%	92.50%
Projected Dividends (M)	1,559.07	1,902.31	2,283.57	2,706.37	3,174.48	3,692.00	3,908.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,761.04	1,777.73	1,794.42
Year 2 PV (M)	1,957.00	1,994.27	2,031.90
Year 3 PV (M)	2,147.09	2,208.73	2,271.53
Year 4 PV (M)	2,331.44	2,421.10	2,513.32
Year 5 PV (M)	2,510.16	2,631.40	2,757.29
PV of Terminal Value (M)	66,305.03	69,507.59	72,832.71
Equity Value (M)	77,011.75	80,540.82	84,201.17
Shares Outstanding (M)	154.12	154.12	154.12
Fair Value	$499.68	$522.58	$546.33
Upside / Downside	73.50%	81.45%	89.70%

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Ennoconn Corporation (6414.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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