DDM Analysis: 1537.TW

Valuation Snapshot

Stable Growth	$92.64 - $144.85	$116.68
Multi-Stage	$199.05 - $218.69	$208.68
Blended Fair Value	$162.68
Current Price	$139.50
Upside	16.62%
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	-6.84%	2.49%	6.97	9.95	6.96	9.94	9.93	9.93	9.44	8.94	7.45	6.44
YoY Growth	-	-	-29.95%	42.95%	-29.96%	0.06%	0.00%	5.26%	5.56%	20.00%	15.67%	18.18%
Dividend Yield	-	-	4.65%	7.08%	4.87%	7.23%	6.71%	7.47%	5.69%	6.17%	4.73%	4.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	788.57
(-) Cash Dividends Paid (M)	574.00
(=) Cash Retained (M)	214.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	157.71	98.57	59.14
Cash Retained (M)	214.57	214.57	214.57
(-) Cash Required (M)	-157.71	-98.57	-59.14
(=) Excess Retained (M)	56.85	116.00	155.42
(/) Shares Outstanding (M)	82.33	82.33	82.33
(=) Excess Retained per Share	0.69	1.41	1.89
LTM Dividend per Share	6.97	6.97	6.97
(+) Excess Retained per Share	0.69	1.41	1.89
(=) Adjusted Dividend	7.66	8.38	8.86
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-1.49%	-0.49%	0.51%
Fair Value	$92.64	$116.68	$144.85
Upside / Downside	-33.59%	-16.36%	3.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	788.57	784.70	780.85	777.02	773.21	769.42	792.51
Payout Ratio	72.79%	76.23%	79.67%	83.12%	86.56%	90.00%	92.50%
Projected Dividends (M)	574.00	598.20	622.14	645.83	669.28	692.48	733.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	-1.49%	-0.49%	0.51%
Year 1 PV (M)	555.22	560.86	566.49
Year 2 PV (M)	535.96	546.90	557.94
Year 3 PV (M)	516.40	532.29	548.50
Year 4 PV (M)	496.71	517.18	538.29
Year 5 PV (M)	477.00	501.71	527.43
PV of Terminal Value (M)	13,806.85	14,522.01	15,266.50
Equity Value (M)	16,388.15	17,180.95	18,005.16
Shares Outstanding (M)	82.33	82.33	82.33
Fair Value	$199.05	$208.68	$218.69
Upside / Downside	42.69%	49.59%	56.77%

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Kung Long Batteries Industrial Co.,Ltd (1537.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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