DDM Analysis: 3305.TW

Valuation Snapshot

Stable Growth	$208.84 - $578.45	$542.10
Multi-Stage	$83.00 - $90.71	$86.78
Blended Fair Value	$314.44
Current Price	$107.00
Upside	193.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.81%	1.06%	1.92	1.91	2.38	1.28	0.86	0.88	0.88	2.03	0.91	1.76
YoY Growth	-	-	0.26%	-19.79%	86.11%	49.25%	-2.65%	0.00%	-56.52%	123.84%	-48.62%	2.20%
Dividend Yield	-	-	3.24%	2.99%	4.96%	1.69%	1.94%	4.92%	4.43%	8.04%	2.74%	7.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	401.16
(-) Cash Dividends Paid (M)	290.60
(=) Cash Retained (M)	110.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	80.23	50.14	30.09
Cash Retained (M)	110.56	110.56	110.56
(-) Cash Required (M)	-80.23	-50.14	-30.09
(=) Excess Retained (M)	30.33	60.42	80.48
(/) Shares Outstanding (M)	137.92	137.92	137.92
(=) Excess Retained per Share	0.22	0.44	0.58
LTM Dividend per Share	2.11	2.11	2.11
(+) Excess Retained per Share	0.22	0.44	0.58
(=) Adjusted Dividend	2.33	2.55	2.69
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$208.84	$542.10	$578.45
Upside / Downside	95.18%	406.63%	440.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	401.16	427.23	455.00	484.58	516.07	549.62	566.11
Payout Ratio	72.44%	75.95%	79.46%	82.98%	86.49%	90.00%	92.50%
Projected Dividends (M)	290.60	324.49	361.56	402.08	446.34	494.66	523.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	301.33	304.18	307.04
Year 2 PV (M)	311.79	317.73	323.72
Year 3 PV (M)	321.98	331.22	340.64
Year 4 PV (M)	331.91	344.67	357.80
Year 5 PV (M)	341.58	358.08	375.21
PV of Terminal Value (M)	9,838.27	10,313.46	10,806.84
Equity Value (M)	11,446.86	11,969.35	12,511.26
Shares Outstanding (M)	137.92	137.92	137.92
Fair Value	$83.00	$86.78	$90.71
Upside / Downside	-22.43%	-18.89%	-15.22%

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Shenmao Technology Inc (3305.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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