DDM Analysis: 4106.TW

Valuation Snapshot

Stable Growth	$17.21 - $29.47	$22.51
Multi-Stage	$24.92 - $27.30	$26.09
Blended Fair Value	$24.30
Current Price	$22.10
Upside	9.96%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.24%	3.30%	0.79	0.84	0.55	0.55	0.45	0.64	0.66	0.66	0.82	0.82
YoY Growth	-	-	-5.88%	54.55%	0.00%	22.22%	-30.77%	-1.67%	0.00%	-20.00%	0.00%	42.86%
Dividend Yield	-	-	3.27%	2.95%	1.89%	2.02%	1.65%	2.47%	2.49%	2.29%	2.64%	1.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	138.72
(-) Cash Dividends Paid (M)	80.73
(=) Cash Retained (M)	57.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.74	17.34	10.40
Cash Retained (M)	57.99	57.99	57.99
(-) Cash Required (M)	-27.74	-17.34	-10.40
(=) Excess Retained (M)	30.24	40.65	47.58
(/) Shares Outstanding (M)	101.71	101.71	101.71
(=) Excess Retained per Share	0.30	0.40	0.47
LTM Dividend per Share	0.79	0.79	0.79
(+) Excess Retained per Share	0.30	0.40	0.47
(=) Adjusted Dividend	1.09	1.19	1.26
WACC / Discount Rate	7.65%	7.65%	7.65%
Growth Rate	1.23%	2.23%	3.23%
Fair Value	$17.21	$22.51	$29.47
Upside / Downside	-22.14%	1.86%	33.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	138.72	141.80	144.96	148.19	151.49	154.86	159.51
Payout Ratio	58.20%	64.56%	70.92%	77.28%	83.64%	90.00%	92.50%
Projected Dividends (M)	80.73	91.55	102.80	114.52	126.71	139.38	147.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.65%	7.65%	7.65%
Growth Rate	1.23%	2.23%	3.23%
Year 1 PV (M)	84.21	85.04	85.88
Year 2 PV (M)	86.99	88.72	90.46
Year 3 PV (M)	89.14	91.81	94.53
Year 4 PV (M)	90.73	94.36	98.11
Year 5 PV (M)	91.80	96.43	101.24
PV of Terminal Value (M)	2,091.83	2,197.22	2,306.81
Equity Value (M)	2,534.71	2,653.58	2,777.03
Shares Outstanding (M)	101.71	101.71	101.71
Fair Value	$24.92	$26.09	$27.30
Upside / Downside	12.77%	18.05%	23.55%

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Wellell Inc. (4106.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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