DDM Analysis: 2409.TW

Valuation Snapshot

Stable Growth	$51.78 - $146.21	$137.02
Multi-Stage	$20.51 - $22.44	$21.46
Blended Fair Value	$79.24
Current Price	$13.65
Upside	480.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.48%	16.94%	0.91	0.81	1.26	0.38	0.00	0.63	1.90	0.71	0.44	0.63
YoY Growth	-	-	12.50%	-35.94%	235.88%	0.00%	-100.00%	-66.67%	167.86%	60.00%	-30.00%	233.33%
Dividend Yield	-	-	6.76%	4.44%	6.86%	1.51%	0.00%	8.00%	13.46%	4.16%	3.00%	5.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,580.68
(-) Cash Dividends Paid (M)	2,300.36
(=) Cash Retained (M)	3,280.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,116.14	697.58	418.55
Cash Retained (M)	3,280.31	3,280.31	3,280.31
(-) Cash Required (M)	-1,116.14	-697.58	-418.55
(=) Excess Retained (M)	2,164.18	2,582.73	2,861.76
(/) Shares Outstanding (M)	7,589.40	7,589.40	7,589.40
(=) Excess Retained per Share	0.29	0.34	0.38
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.29	0.34	0.38
(=) Adjusted Dividend	0.59	0.64	0.68
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.48%	6.48%	7.48%
Fair Value	$51.78	$137.02	$146.21
Upside / Downside	279.35%	903.79%	971.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,580.68	5,942.15	6,327.03	6,736.84	7,173.20	7,637.82	7,866.95
Payout Ratio	41.22%	50.98%	60.73%	70.49%	80.24%	90.00%	92.50%
Projected Dividends (M)	2,300.36	3,029.08	3,842.54	4,748.67	5,756.06	6,874.04	7,276.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.48%	6.48%	7.48%
Year 1 PV (M)	2,812.86	2,839.52	2,866.19
Year 2 PV (M)	3,313.55	3,376.67	3,440.40
Year 3 PV (M)	3,802.63	3,911.82	4,023.07
Year 4 PV (M)	4,280.31	4,444.96	4,614.31
Year 5 PV (M)	4,746.78	4,976.10	5,214.20
PV of Terminal Value (M)	136,717.36	143,322.31	150,180.11
Equity Value (M)	155,673.48	162,871.38	170,338.28
Shares Outstanding (M)	7,589.40	7,589.40	7,589.40
Fair Value	$20.51	$21.46	$22.44
Upside / Downside	50.27%	57.22%	64.43%

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AUO Corporation (2409.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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