DDM Analysis: 9945.TW

Valuation Snapshot

Stable Growth	$312.45 - $677.15	$634.59
Multi-Stage	$101.97 - $111.63	$106.71
Blended Fair Value	$370.65
Current Price	$29.60
Upside	1,152.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.28%	-2.04%	1.55	0.00	1.53	0.55	0.36	0.73	1.21	0.00	0.00	1.73
YoY Growth	-	-	0.00%	-100.00%	180.00%	50.00%	-50.00%	-40.00%	0.00%	0.00%	-100.00%	-9.10%
Dividend Yield	-	-	4.41%	0.00%	3.89%	0.93%	1.39%	5.40%	7.50%	0.00%	0.00%	8.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,391.53
(-) Cash Dividends Paid (M)	3,128.65
(=) Cash Retained (M)	6,262.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,878.31	1,173.94	704.36
Cash Retained (M)	6,262.88	6,262.88	6,262.88
(-) Cash Required (M)	-1,878.31	-1,173.94	-704.36
(=) Excess Retained (M)	4,384.57	5,088.94	5,558.52
(/) Shares Outstanding (M)	2,758.23	2,758.23	2,758.23
(=) Excess Retained per Share	1.59	1.85	2.02
LTM Dividend per Share	1.13	1.13	1.13
(+) Excess Retained per Share	1.59	1.85	2.02
(=) Adjusted Dividend	2.72	2.98	3.15
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$312.45	$634.59	$677.15
Upside / Downside	955.57%	2,043.89%	2,187.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,391.53	10,001.98	10,652.11	11,344.49	12,081.88	12,867.21	13,253.22
Payout Ratio	33.31%	44.65%	55.99%	67.33%	78.66%	90.00%	92.50%
Projected Dividends (M)	3,128.65	4,465.96	5,963.91	7,637.73	9,503.94	11,580.49	12,259.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4,157.15	4,196.56	4,235.96
Year 2 PV (M)	5,167.64	5,266.07	5,365.43
Year 3 PV (M)	6,160.36	6,337.20	6,517.39
Year 4 PV (M)	7,135.53	7,409.94	7,692.19
Year 5 PV (M)	8,093.38	8,484.29	8,890.16
PV of Terminal Value (M)	250,536.64	262,637.65	275,201.80
Equity Value (M)	281,250.69	294,331.71	307,902.94
Shares Outstanding (M)	2,758.23	2,758.23	2,758.23
Fair Value	$101.97	$106.71	$111.63
Upside / Downside	244.49%	260.51%	277.13%

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Ruentex Development Co.,Ltd. (9945.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener