DDM Analysis: 3265.TWO

Valuation Snapshot

Stable Growth	$110.25 - $276.31	$165.62
Multi-Stage	$108.86 - $118.87	$113.77
Blended Fair Value	$139.70
Current Price	$94.40
Upside	47.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	31.95%	0.00%	4.79	4.99	2.29	1.23	1.50	1.20	0.00	0.00	0.00	0.00
YoY Growth	-	-	-4.00%	117.39%	87.09%	-18.04%	25.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.12%	3.81%	3.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	684.95
(-) Cash Dividends Paid (M)	654.06
(=) Cash Retained (M)	30.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	136.99	85.62	51.37
Cash Retained (M)	30.89	30.89	30.89
(-) Cash Required (M)	-136.99	-85.62	-51.37
(=) Excess Retained (M)	-106.10	-54.73	-20.48
(/) Shares Outstanding (M)	136.60	136.60	136.60
(=) Excess Retained per Share	-0.78	-0.40	-0.15
LTM Dividend per Share	4.79	4.79	4.79
(+) Excess Retained per Share	-0.78	-0.40	-0.15
(=) Adjusted Dividend	4.01	4.39	4.64
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	3.76%	4.76%	5.76%
Fair Value	$110.25	$165.62	$276.31
Upside / Downside	16.79%	75.44%	192.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	684.95	717.57	751.74	787.55	825.05	864.35	890.28
Payout Ratio	95.49%	94.39%	93.29%	92.20%	91.10%	90.00%	92.50%
Projected Dividends (M)	654.06	677.33	701.33	726.09	751.61	777.91	823.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	3.76%	4.76%	5.76%
Year 1 PV (M)	623.84	629.85	635.86
Year 2 PV (M)	594.93	606.46	618.09
Year 3 PV (M)	567.29	583.85	600.73
Year 4 PV (M)	540.86	562.01	583.78
Year 5 PV (M)	515.58	540.91	567.22
PV of Terminal Value (M)	12,027.28	12,618.12	13,231.95
Equity Value (M)	14,869.78	15,541.19	16,237.63
Shares Outstanding (M)	136.60	136.60	136.60
Fair Value	$108.86	$113.77	$118.87
Upside / Downside	15.32%	20.52%	25.92%

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Winstek Semiconductor Co., Ltd. (3265.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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