DDM Analysis: 6789.TW

Valuation Snapshot

Stable Growth	$35.32 - $50.29	$42.68
Multi-Stage	$53.85 - $59.15	$56.45
Blended Fair Value	$49.57
Current Price	$231.50
Upside	-78.59%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-11.47%	0.00%	0.99	1.98	1.84	1.83	0.00	1.83	0.00	0.00	0.00	0.00
YoY Growth	-	-	-49.81%	7.56%	0.76%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.46%	0.64%	0.81%	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)	1,675.99
(-) Cash Dividends Paid (M)	316.72
(=) Cash Retained (M)	1,359.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	335.20	209.50	125.70
Cash Retained (M)	1,359.26	1,359.26	1,359.26
(-) Cash Required (M)	-335.20	-209.50	-125.70
(=) Excess Retained (M)	1,024.06	1,149.76	1,233.56
(/) Shares Outstanding (M)	318.52	318.52	318.52
(=) Excess Retained per Share	3.22	3.61	3.87
LTM Dividend per Share	0.99	0.99	0.99
(+) Excess Retained per Share	3.22	3.61	3.87
(=) Adjusted Dividend	4.21	4.60	4.87
WACC / Discount Rate	9.68%	9.68%	9.68%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$35.32	$42.68	$50.29
Upside / Downside	-84.74%	-81.56%	-78.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,675.99	1,659.23	1,642.63	1,626.21	1,609.94	1,593.85	1,641.66
Payout Ratio	18.90%	33.12%	47.34%	61.56%	75.78%	90.00%	92.50%
Projected Dividends (M)	316.72	549.51	777.60	1,001.08	1,220.01	1,434.46	1,518.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.68%	9.68%	9.68%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	495.96	501.02	506.08
Year 2 PV (M)	633.43	646.42	659.54
Year 3 PV (M)	736.00	758.76	781.99
Year 4 PV (M)	809.55	843.10	877.68
Year 5 PV (M)	859.09	903.82	950.40
PV of Terminal Value (M)	13,617.74	14,326.85	15,065.20
Equity Value (M)	17,151.76	17,979.97	18,840.89
Shares Outstanding (M)	318.52	318.52	318.52
Fair Value	$53.85	$56.45	$59.15
Upside / Downside	-76.74%	-75.62%	-74.45%

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VisEra Technologies Company Ltd. (6789.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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