DDM Analysis: 3044.TW

Valuation Snapshot

Stable Growth	$388.72 - $979.04	$584.87
Multi-Stage	$440.54 - $482.96	$461.35
Blended Fair Value	$523.11
Current Price	$247.50
Upside	111.36%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.92%	12.79%	7.48	7.43	6.98	7.33	7.23	5.88	5.24	4.24	3.24	2.74
YoY Growth	-	-	0.67%	6.43%	-4.76%	1.38%	22.88%	12.38%	23.53%	30.77%	18.18%	22.22%
Dividend Yield	-	-	3.82%	3.62%	6.23%	5.47%	5.15%	6.19%	5.26%	4.44%	3.79%	4.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,353.77
(-) Cash Dividends Paid (M)	3,942.04
(=) Cash Retained (M)	5,411.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,870.75	1,169.22	701.53
Cash Retained (M)	5,411.73	5,411.73	5,411.73
(-) Cash Required (M)	-1,870.75	-1,169.22	-701.53
(=) Excess Retained (M)	3,540.97	4,242.51	4,710.20
(/) Shares Outstanding (M)	526.98	526.98	526.98
(=) Excess Retained per Share	6.72	8.05	8.94
LTM Dividend per Share	7.48	7.48	7.48
(+) Excess Retained per Share	6.72	8.05	8.94
(=) Adjusted Dividend	14.20	15.53	16.42
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	2.92%	3.92%	4.92%
Fair Value	$388.72	$584.87	$979.04
Upside / Downside	57.06%	136.31%	295.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,353.77	9,720.07	10,100.71	10,496.26	10,907.29	11,334.42	11,674.46
Payout Ratio	42.14%	51.72%	61.29%	70.86%	80.43%	90.00%	92.50%
Projected Dividends (M)	3,942.04	5,026.74	6,190.35	7,437.39	8,772.60	10,200.98	10,798.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	2.92%	3.92%	4.92%
Year 1 PV (M)	4,666.84	4,712.18	4,757.53
Year 2 PV (M)	5,335.65	5,439.84	5,545.04
Year 3 PV (M)	5,951.53	6,126.71	6,305.29
Year 4 PV (M)	6,517.37	6,774.39	7,038.94
Year 5 PV (M)	7,035.93	7,384.47	7,746.68
PV of Terminal Value (M)	202,649.85	212,688.45	223,120.98
Equity Value (M)	232,157.17	243,126.04	254,514.47
Shares Outstanding (M)	526.98	526.98	526.98
Fair Value	$440.54	$461.35	$482.96
Upside / Downside	78.00%	86.41%	95.14%

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Tripod Technology Corporation (3044.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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