DDM Analysis: 3037.TW

Valuation Snapshot

Stable Growth	$47.30 - $119.18	$71.17
Multi-Stage	$34.74 - $37.85	$36.27
Blended Fair Value	$53.72
Current Price	$151.50
Upside	-64.54%
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	31.48%	17.36%	3.02	8.03	3.31	1.35	1.06	0.77	0.49	0.29	0.17	0.29
YoY Growth	-	-	-62.47%	143.04%	144.13%	28.32%	37.49%	55.98%	67.48%	70.24%	-40.73%	-52.14%
Dividend Yield	-	-	3.26%	4.16%	2.24%	0.54%	1.15%	2.40%	1.52%	1.56%	1.03%	1.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,194.70
(-) Cash Dividends Paid (M)	2,294.58
(=) Cash Retained (M)	900.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	638.94	399.34	239.60
Cash Retained (M)	900.12	900.12	900.12
(-) Cash Required (M)	-638.94	-399.34	-239.60
(=) Excess Retained (M)	261.18	500.78	660.52
(/) Shares Outstanding (M)	1,517.34	1,517.34	1,517.34
(=) Excess Retained per Share	0.17	0.33	0.44
LTM Dividend per Share	1.51	1.51	1.51
(+) Excess Retained per Share	0.17	0.33	0.44
(=) Adjusted Dividend	1.68	1.84	1.95
WACC / Discount Rate	9.26%	9.26%	9.26%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$47.30	$71.17	$119.18
Upside / Downside	-68.78%	-53.02%	-21.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,194.70	3,402.36	3,623.51	3,859.04	4,109.88	4,377.02	4,508.33
Payout Ratio	71.82%	75.46%	79.09%	82.73%	86.36%	90.00%	92.50%
Projected Dividends (M)	2,294.58	2,567.41	2,866.01	3,192.58	3,549.49	3,939.32	4,170.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.26%	9.26%	9.26%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,327.82	2,349.89	2,371.95
Year 2 PV (M)	2,356.07	2,400.94	2,446.24
Year 3 PV (M)	2,379.61	2,447.92	2,517.53
Year 4 PV (M)	2,398.76	2,491.01	2,585.89
Year 5 PV (M)	2,413.77	2,530.35	2,651.40
PV of Terminal Value (M)	40,840.31	42,812.92	44,861.02
Equity Value (M)	52,716.34	55,033.03	57,434.03
Shares Outstanding (M)	1,517.34	1,517.34	1,517.34
Fair Value	$34.74	$36.27	$37.85
Upside / Downside	-77.07%	-76.06%	-75.02%

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Financial Statements

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Unimicron Technology Corp. (3037.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener