DDM Analysis: 2316.TW

Valuation Snapshot

Stable Growth	$33.48 - $44.83	$39.33
Multi-Stage	$93.77 - $104.18	$98.86
Blended Fair Value	$69.10
Current Price	$53.50
Upside	29.15%
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	-16.54%	-9.83%	0.50	0.50	1.00	1.50	0.56	1.23	0.00	0.00	6.96	2.64
YoY Growth	-	-	0.00%	-50.00%	-33.33%	170.00%	-55.00%	0.00%	0.00%	-100.00%	164.17%	87.50%
Dividend Yield	-	-	1.26%	1.13%	3.48%	4.83%	1.77%	4.68%	0.00%	0.00%	26.64%	6.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,440.85
(-) Cash Dividends Paid (M)	90.83
(=) Cash Retained (M)	1,350.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	288.17	180.11	108.06
Cash Retained (M)	1,350.02	1,350.02	1,350.02
(-) Cash Required (M)	-288.17	-180.11	-108.06
(=) Excess Retained (M)	1,061.85	1,169.91	1,241.96
(/) Shares Outstanding (M)	181.60	181.60	181.60
(=) Excess Retained per Share	5.85	6.44	6.84
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	5.85	6.44	6.84
(=) Adjusted Dividend	6.35	6.94	7.34
WACC / Discount Rate	6.90%	6.90%	6.90%
Growth Rate	-10.14%	-9.14%	-8.14%
Fair Value	$33.48	$39.33	$44.83
Upside / Downside	-37.42%	-26.48%	-16.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,440.85	1,309.15	1,189.48	1,080.75	981.96	892.20	918.97
Payout Ratio	6.30%	23.04%	39.78%	56.52%	73.26%	90.00%	92.50%
Projected Dividends (M)	90.83	301.67	473.20	610.86	719.39	802.98	850.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.90%	6.90%	6.90%
Growth Rate	-10.14%	-9.14%	-8.14%
Year 1 PV (M)	279.10	282.21	285.31
Year 2 PV (M)	405.05	414.12	423.28
Year 3 PV (M)	483.76	500.09	516.79
Year 4 PV (M)	527.10	550.95	575.61
Year 5 PV (M)	544.33	575.30	607.66
PV of Terminal Value (M)	14,788.78	15,630.19	16,509.46
Equity Value (M)	17,028.12	17,952.85	18,918.11
Shares Outstanding (M)	181.60	181.60	181.60
Fair Value	$93.77	$98.86	$104.18
Upside / Downside	75.27%	84.79%	94.72%

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WUS Printed Circuit Co., Ltd. (2316.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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