DDM Analysis: 3515.TW

Valuation Snapshot

Stable Growth	$708.70 - $2,521.65	$2,316.73
Multi-Stage	$327.31 - $357.78	$342.27
Blended Fair Value	$1,329.50
Current Price	$274.00
Upside	385.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.37%	-1.96%	7.31	8.74	13.03	7.80	3.90	3.90	3.90	1.86	2.33	3.72
YoY Growth	-	-	-16.32%	-32.93%	66.94%	100.00%	-0.05%	-0.04%	109.92%	-20.00%	-37.50%	-58.23%
Dividend Yield	-	-	3.95%	3.41%	9.24%	3.63%	2.43%	3.68%	6.21%	2.11%	5.70%	8.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,568.42
(-) Cash Dividends Paid (M)	904.19
(=) Cash Retained (M)	664.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	313.68	196.05	117.63
Cash Retained (M)	664.23	664.23	664.23
(-) Cash Required (M)	-313.68	-196.05	-117.63
(=) Excess Retained (M)	350.55	468.18	546.60
(/) Shares Outstanding (M)	123.70	123.70	123.70
(=) Excess Retained per Share	2.83	3.78	4.42
LTM Dividend per Share	7.31	7.31	7.31
(+) Excess Retained per Share	2.83	3.78	4.42
(=) Adjusted Dividend	10.14	11.09	11.73
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$708.70	$2,316.73	$2,521.65
Upside / Downside	158.65%	745.52%	820.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,568.42	1,670.37	1,778.94	1,894.57	2,017.72	2,148.87	2,213.34
Payout Ratio	57.65%	64.12%	70.59%	77.06%	83.53%	90.00%	92.50%
Projected Dividends (M)	904.19	1,071.04	1,255.75	1,459.96	1,685.40	1,933.99	2,047.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	991.48	1,000.88	1,010.27
Year 2 PV (M)	1,076.12	1,096.62	1,117.31
Year 3 PV (M)	1,158.18	1,191.42	1,225.30
Year 4 PV (M)	1,237.70	1,285.30	1,334.26
Year 5 PV (M)	1,314.76	1,378.26	1,444.19
PV of Terminal Value (M)	34,708.46	36,384.89	38,125.48
Equity Value (M)	40,486.70	42,337.37	44,256.82
Shares Outstanding (M)	123.70	123.70	123.70
Fair Value	$327.31	$342.27	$357.78
Upside / Downside	19.45%	24.92%	30.58%

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ASROCK Incorporation (3515.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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