DDM Analysis: 2467.TW

Valuation Snapshot

Stable Growth	$86.88 - $176.90	$121.54
Multi-Stage	$129.37 - $141.67	$135.41
Blended Fair Value	$128.48
Current Price	$191.50
Upside	-32.91%
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	3.79%	6.55%	2.98	3.74	3.03	2.47	2.47	2.47	1.48	0.50	0.00	1.37
YoY Growth	-	-	-20.39%	23.60%	22.40%	0.00%	0.00%	66.67%	199.99%	0.00%	-100.00%	-13.33%
Dividend Yield	-	-	2.07%	2.88%	6.27%	5.15%	5.35%	10.38%	5.17%	1.95%	0.00%	9.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	764.03
(-) Cash Dividends Paid (M)	754.57
(=) Cash Retained (M)	9.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	152.81	95.50	57.30
Cash Retained (M)	9.46	9.46	9.46
(-) Cash Required (M)	-152.81	-95.50	-57.30
(=) Excess Retained (M)	-143.35	-86.04	-47.84
(/) Shares Outstanding (M)	150.72	150.72	150.72
(=) Excess Retained per Share	-0.95	-0.57	-0.32
LTM Dividend per Share	5.01	5.01	5.01
(+) Excess Retained per Share	-0.95	-0.57	-0.32
(=) Adjusted Dividend	4.06	4.44	4.69
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.79%	2.79%	3.79%
Fair Value	$86.88	$121.54	$176.90
Upside / Downside	-54.63%	-36.53%	-7.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	764.03	785.33	807.23	829.74	852.87	876.65	902.95
Payout Ratio	98.76%	97.01%	95.26%	93.50%	91.75%	90.00%	92.50%
Projected Dividends (M)	754.57	761.85	768.94	775.84	782.53	788.99	835.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.79%	2.79%	3.79%
Year 1 PV (M)	708.13	715.08	722.04
Year 2 PV (M)	664.33	677.44	690.69
Year 3 PV (M)	623.03	641.57	660.48
Year 4 PV (M)	584.09	607.38	631.36
Year 5 PV (M)	547.38	574.80	603.31
PV of Terminal Value (M)	16,371.90	17,192.07	18,044.78
Equity Value (M)	19,498.85	20,408.35	21,352.67
Shares Outstanding (M)	150.72	150.72	150.72
Fair Value	$129.37	$135.41	$141.67
Upside / Downside	-32.44%	-29.29%	-26.02%

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C Sun Mfg Ltd. (2467.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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