DDM Analysis: 3711.TW

Valuation Snapshot

Stable Growth	$330.82 - $1,589.28	$716.89
Multi-Stage	$182.62 - $199.44	$190.88
Blended Fair Value	$453.88
Current Price	$147.50
Upside	207.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.15%	8.46%	5.10	8.59	6.80	4.10	1.93	2.41	2.41	2.54	2.78	3.47
YoY Growth	-	-	-40.65%	26.17%	65.86%	112.21%	-19.79%	0.09%	-5.36%	-8.41%	-19.96%	53.48%
Dividend Yield	-	-	3.56%	5.72%	6.05%	3.96%	1.80%	4.11%	3.51%	3.03%	3.58%	4.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	35,219.94
(-) Cash Dividends Paid (M)	23,034.58
(=) Cash Retained (M)	12,185.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,043.99	4,402.49	2,641.50
Cash Retained (M)	12,185.35	12,185.35	12,185.35
(-) Cash Required (M)	-7,043.99	-4,402.49	-2,641.50
(=) Excess Retained (M)	5,141.37	7,782.86	9,543.86
(/) Shares Outstanding (M)	4,407.25	4,407.25	4,407.25
(=) Excess Retained per Share	1.17	1.77	2.17
LTM Dividend per Share	5.23	5.23	5.23
(+) Excess Retained per Share	1.17	1.77	2.17
(=) Adjusted Dividend	6.39	6.99	7.39
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$330.82	$716.89	$1,589.28
Upside / Downside	124.28%	386.02%	977.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35,219.94	37,509.23	39,947.33	42,543.91	45,309.26	48,254.36	49,702.00
Payout Ratio	65.40%	70.32%	75.24%	80.16%	85.08%	90.00%	92.50%
Projected Dividends (M)	23,034.58	26,377.13	30,056.88	34,103.56	38,549.31	43,428.93	45,974.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	24,297.70	24,528.01	24,758.32
Year 2 PV (M)	25,504.65	25,990.44	26,480.81
Year 3 PV (M)	26,657.09	27,422.32	28,202.06
Year 4 PV (M)	27,756.68	28,824.12	29,922.06
Year 5 PV (M)	28,804.98	30,196.27	31,640.81
PV of Terminal Value (M)	671,837.02	704,287.00	737,978.91
Equity Value (M)	804,858.12	841,248.16	878,982.98
Shares Outstanding (M)	4,407.25	4,407.25	4,407.25
Fair Value	$182.62	$190.88	$199.44
Upside / Downside	23.81%	29.41%	35.21%

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ASE Technology Holding Co., Ltd. (3711.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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