DDM Analysis: 8464.TW

Valuation Snapshot

Stable Growth	$1,999.05 - $4,449.10	$4,169.46
Multi-Stage	$678.70 - $742.22	$709.88
Blended Fair Value	$2,439.67
Current Price	$424.50
Upside	474.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.71%	95.65%	11.97	10.97	10.97	9.97	9.97	9.97	9.97	10.03	8.10	0.03
YoY Growth	-	-	9.09%	0.00%	10.00%	0.00%	0.00%	0.00%	-0.52%	23.80%	25,686.94%	115.68%
Dividend Yield	-	-	3.04%	3.13%	3.36%	2.96%	2.51%	5.53%	3.66%	3.57%	2.86%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,571.83
(-) Cash Dividends Paid (M)	4,248.79
(=) Cash Retained (M)	2,323.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,314.37	821.48	492.89
Cash Retained (M)	2,323.04	2,323.04	2,323.04
(-) Cash Required (M)	-1,314.37	-821.48	-492.89
(=) Excess Retained (M)	1,008.67	1,501.56	1,830.15
(/) Shares Outstanding (M)	293.76	293.76	293.76
(=) Excess Retained per Share	3.43	5.11	6.23
LTM Dividend per Share	14.46	14.46	14.46
(+) Excess Retained per Share	3.43	5.11	6.23
(=) Adjusted Dividend	17.90	19.57	20.69
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,999.05	$4,169.46	$4,449.10
Upside / Downside	370.92%	882.21%	948.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,571.83	6,999.00	7,453.93	7,938.44	8,454.44	9,003.98	9,274.09
Payout Ratio	64.65%	69.72%	74.79%	79.86%	84.93%	90.00%	92.50%
Projected Dividends (M)	4,248.79	4,879.79	5,574.87	6,339.69	7,180.38	8,103.58	8,578.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4,541.31	4,584.35	4,627.40
Year 2 PV (M)	4,828.29	4,920.26	5,013.09
Year 3 PV (M)	5,109.83	5,256.52	5,405.98
Year 4 PV (M)	5,385.99	5,593.12	5,806.17
Year 5 PV (M)	5,656.85	5,930.08	6,213.76
PV of Terminal Value (M)	173,853.19	182,250.36	190,968.92
Equity Value (M)	199,375.46	208,534.69	218,035.32
Shares Outstanding (M)	293.76	293.76	293.76
Fair Value	$678.70	$709.88	$742.22
Upside / Downside	59.88%	67.23%	74.85%

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Nien Made Enterprise Co., Ltd. (8464.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener