DDM Analysis: 1603.TW

Valuation Snapshot

Stable Growth	$331.84 - $728.19	$682.42
Multi-Stage	$109.81 - $120.19	$114.90
Blended Fair Value	$398.66
Current Price	$39.90
Upside	899.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.06%	0.00%	1.30	0.50	0.50	0.50	0.50	0.50	1.00	0.50	0.71	0.00
YoY Growth	-	-	160.00%	0.00%	0.00%	0.00%	0.00%	-50.00%	100.00%	-30.00%	0.00%	0.00%
Dividend Yield	-	-	3.78%	1.16%	1.83%	1.70%	1.87%	1.79%	4.53%	1.88%	2.76%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	583.03
(-) Cash Dividends Paid (M)	238.27
(=) Cash Retained (M)	344.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	116.61	72.88	43.73
Cash Retained (M)	344.77	344.77	344.77
(-) Cash Required (M)	-116.61	-72.88	-43.73
(=) Excess Retained (M)	228.16	271.89	301.04
(/) Shares Outstanding (M)	159.23	159.23	159.23
(=) Excess Retained per Share	1.43	1.71	1.89
LTM Dividend per Share	1.50	1.50	1.50
(+) Excess Retained per Share	1.43	1.71	1.89
(=) Adjusted Dividend	2.93	3.20	3.39
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$331.84	$682.42	$728.19
Upside / Downside	731.68%	1,610.33%	1,725.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	583.03	620.93	661.29	704.28	750.05	798.81	822.77
Payout Ratio	40.87%	50.69%	60.52%	70.35%	80.17%	90.00%	92.50%
Projected Dividends (M)	238.27	314.77	400.22	495.44	601.34	718.93	761.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	292.98	295.75	298.53
Year 2 PV (M)	346.71	353.31	359.98
Year 3 PV (M)	399.47	410.94	422.63
Year 4 PV (M)	451.29	468.65	486.50
Year 5 PV (M)	502.17	526.43	551.61
PV of Terminal Value (M)	15,492.92	16,241.23	17,018.18
Equity Value (M)	17,485.53	18,296.31	19,137.42
Shares Outstanding (M)	159.23	159.23	159.23
Fair Value	$109.81	$114.90	$120.19
Upside / Downside	175.22%	187.98%	201.22%

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China Wire & Cable Co., Ltd. (1603.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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