DDM Analysis: 8415.TWO

Valuation Snapshot

Stable Growth	$188.10 - $522.22	$489.38
Multi-Stage	$80.45 - $88.03	$84.17
Blended Fair Value	$286.78
Current Price	$33.55
Upside	754.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-9.20%	15.55%	1.49	1.79	1.81	1.40	1.41	2.41	0.60	0.56	0.35	0.23
YoY Growth	-	-	-16.95%	-0.93%	29.65%	-0.83%	-41.67%	304.84%	6.69%	59.22%	50.00%	-33.33%
Dividend Yield	-	-	4.17%	5.30%	5.02%	3.64%	5.18%	8.94%	1.66%	2.56%	2.14%	1.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,702.13
(-) Cash Dividends Paid (M)	1,517.39
(=) Cash Retained (M)	1,184.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	540.43	337.77	202.66
Cash Retained (M)	1,184.75	1,184.75	1,184.75
(-) Cash Required (M)	-540.43	-337.77	-202.66
(=) Excess Retained (M)	644.32	846.98	982.09
(/) Shares Outstanding (M)	1,025.95	1,025.95	1,025.95
(=) Excess Retained per Share	0.63	0.83	0.96
LTM Dividend per Share	1.48	1.48	1.48
(+) Excess Retained per Share	0.63	0.83	0.96
(=) Adjusted Dividend	2.11	2.30	2.44
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	5.18%	6.18%	7.18%
Fair Value	$188.10	$489.38	$522.22
Upside / Downside	460.65%	1,358.67%	1,456.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,702.13	2,869.05	3,046.29	3,234.47	3,434.28	3,646.44	3,755.83
Payout Ratio	56.16%	62.92%	69.69%	76.46%	83.23%	90.00%	92.50%
Projected Dividends (M)	1,517.39	1,805.33	2,123.05	2,473.15	2,858.39	3,281.79	3,474.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	5.18%	6.18%	7.18%
Year 1 PV (M)	1,681.46	1,697.44	1,713.43
Year 2 PV (M)	1,841.71	1,876.89	1,912.41
Year 3 PV (M)	1,998.20	2,055.74	2,114.37
Year 4 PV (M)	2,151.00	2,233.98	2,319.34
Year 5 PV (M)	2,300.17	2,411.62	2,527.34
PV of Terminal Value (M)	72,563.66	76,079.46	79,730.24
Equity Value (M)	82,536.19	86,355.13	90,317.13
Shares Outstanding (M)	1,025.95	1,025.95	1,025.95
Fair Value	$80.45	$84.17	$88.03
Upside / Downside	139.79%	150.88%	162.39%

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Brighton-Best International (Taiwan) Inc. (8415.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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