DDM Analysis: 9910.TW

Valuation Snapshot

Stable Growth	$78.98 - $153.48	$108.59
Multi-Stage	$124.21 - $136.12	$130.05
Blended Fair Value	$119.32
Current Price	$122.50
Upside	-2.60%
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	-1.05%	8.74%	4.31	6.88	3.67	3.31	2.98	4.54	3.39	3.52	3.02	2.17
YoY Growth	-	-	-37.45%	87.80%	10.81%	11.00%	-34.33%	34.00%	-3.85%	16.48%	39.19%	16.61%
Dividend Yield	-	-	3.62%	4.29%	2.13%	1.93%	1.71%	4.69%	2.35%	3.92%	3.69%	2.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,881.59
(-) Cash Dividends Paid (M)	4,246.18
(=) Cash Retained (M)	635.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	976.32	610.20	366.12
Cash Retained (M)	635.41	635.41	635.41
(-) Cash Required (M)	-976.32	-610.20	-366.12
(=) Excess Retained (M)	-340.90	25.22	269.29
(/) Shares Outstanding (M)	986.16	986.16	986.16
(=) Excess Retained per Share	-0.35	0.03	0.27
LTM Dividend per Share	4.31	4.31	4.31
(+) Excess Retained per Share	-0.35	0.03	0.27
(=) Adjusted Dividend	3.96	4.33	4.58
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	1.42%	2.42%	3.42%
Fair Value	$78.98	$108.59	$153.48
Upside / Downside	-35.53%	-11.36%	25.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,881.59	4,999.96	5,121.20	5,245.39	5,372.58	5,502.86	5,667.94
Payout Ratio	86.98%	87.59%	88.19%	88.79%	89.40%	90.00%	92.50%
Projected Dividends (M)	4,246.18	4,379.30	4,516.39	4,657.56	4,802.91	4,952.57	5,242.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	1.42%	2.42%	3.42%
Year 1 PV (M)	4,071.48	4,111.63	4,151.77
Year 2 PV (M)	3,903.79	3,981.15	4,059.27
Year 3 PV (M)	3,742.83	3,854.63	3,968.64
Year 4 PV (M)	3,588.34	3,731.96	3,879.86
Year 5 PV (M)	3,440.07	3,613.04	3,792.89
PV of Terminal Value (M)	103,742.65	108,958.76	114,382.60
Equity Value (M)	122,489.16	128,251.16	134,235.02
Shares Outstanding (M)	986.16	986.16	986.16
Fair Value	$124.21	$130.05	$136.12
Upside / Downside	1.39%	6.16%	11.12%

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Feng Tay Enterprises Co., Ltd. (9910.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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