DDM Analysis: 6491.TW

Valuation Snapshot

Stable Growth	$1,067.49 - $4,059.25	$3,098.96
Multi-Stage	$511.62 - $559.28	$535.01
Blended Fair Value	$1,816.99
Current Price	$319.50
Upside	468.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	54.02%	0.00%	9.90	8.98	7.55	4.44	2.22	1.14	0.00	0.76	0.00	0.00
YoY Growth	-	-	10.25%	18.91%	70.00%	100.00%	94.44%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.76%	1.88%	1.87%	0.89%	0.59%	1.17%	0.00%	0.40%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,607.77
(-) Cash Dividends Paid (M)	865.34
(=) Cash Retained (M)	742.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	321.55	200.97	120.58
Cash Retained (M)	742.43	742.43	742.43
(-) Cash Required (M)	-321.55	-200.97	-120.58
(=) Excess Retained (M)	420.88	541.46	621.85
(/) Shares Outstanding (M)	78.77	78.77	78.77
(=) Excess Retained per Share	5.34	6.87	7.89
LTM Dividend per Share	10.99	10.99	10.99
(+) Excess Retained per Share	5.34	6.87	7.89
(=) Adjusted Dividend	16.33	17.86	18.88
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,067.49	$3,098.96	$4,059.25
Upside / Downside	234.11%	869.94%	1,170.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,607.77	1,712.28	1,823.58	1,942.11	2,068.35	2,202.79	2,268.87
Payout Ratio	53.82%	61.06%	68.29%	75.53%	82.76%	90.00%	92.50%
Projected Dividends (M)	865.34	1,045.48	1,245.38	1,466.85	1,711.86	1,982.51	2,098.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	966.88	976.05	985.21
Year 2 PV (M)	1,065.17	1,085.46	1,105.94
Year 3 PV (M)	1,160.27	1,193.58	1,227.52
Year 4 PV (M)	1,252.27	1,300.43	1,349.96
Year 5 PV (M)	1,341.23	1,406.01	1,473.27
PV of Terminal Value (M)	34,514.31	36,181.37	37,912.22
Equity Value (M)	40,300.13	42,142.89	44,054.12
Shares Outstanding (M)	78.77	78.77	78.77
Fair Value	$511.62	$535.01	$559.28
Upside / Downside	60.13%	67.45%	75.05%

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Pegavision Corporation (6491.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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