DDM Analysis: 2546.TW

Valuation Snapshot

Stable Growth	$757.56 - $1,641.83	$1,538.63
Multi-Stage	$249.15 - $272.66	$260.69
Blended Fair Value	$899.66
Current Price	$77.36
Upside	1,062.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.71%	16.37%	3.73	3.74	2.13	2.95	2.46	2.46	1.77	1.23	0.82	1.23
YoY Growth	-	-	-0.24%	75.58%	-27.78%	20.00%	0.00%	38.89%	44.00%	50.00%	-33.33%	50.00%
Dividend Yield	-	-	5.07%	4.58%	3.51%	6.24%	6.03%	8.81%	6.65%	6.22%	5.22%	9.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,069.45
(-) Cash Dividends Paid (M)	482.89
(=) Cash Retained (M)	586.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	213.89	133.68	80.21
Cash Retained (M)	586.56	586.56	586.56
(-) Cash Required (M)	-213.89	-133.68	-80.21
(=) Excess Retained (M)	372.67	452.88	506.35
(/) Shares Outstanding (M)	129.54	129.54	129.54
(=) Excess Retained per Share	2.88	3.50	3.91
LTM Dividend per Share	3.73	3.73	3.73
(+) Excess Retained per Share	2.88	3.50	3.91
(=) Adjusted Dividend	6.60	7.22	7.64
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$757.56	$1,538.63	$1,641.83
Upside / Downside	879.27%	1,888.93%	2,022.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,069.45	1,138.96	1,213.00	1,291.84	1,375.81	1,465.24	1,509.19
Payout Ratio	45.15%	54.12%	63.09%	72.06%	81.03%	90.00%	92.50%
Projected Dividends (M)	482.89	616.43	765.30	930.91	1,114.83	1,318.71	1,396.01

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)	573.81	579.25	584.68
Year 2 PV (M)	663.12	675.75	688.50
Year 3 PV (M)	750.85	772.40	794.36
Year 4 PV (M)	837.01	869.20	902.31
Year 5 PV (M)	921.62	966.14	1,012.36
PV of Terminal Value (M)	28,529.56	29,907.55	31,338.28
Equity Value (M)	32,275.97	33,770.28	35,320.49
Shares Outstanding (M)	129.54	129.54	129.54
Fair Value	$249.15	$260.69	$272.66
Upside / Downside	222.07%	236.98%	252.45%

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Kedge Construction Co., Ltd. (2546.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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