DDM Analysis: 2748.TW

Valuation Snapshot

Stable Growth	$37.03 - $72.31	$51.01
Multi-Stage	$61.54 - $67.48	$64.45
Blended Fair Value	$57.73
Current Price	$45.75
Upside	26.19%
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	3.23%	0.00%	2.01	1.25	0.43	0.72	0.62	1.71	1.71	1.56	1.43	0.86
YoY Growth	-	-	61.02%	190.42%	-40.06%	15.00%	-63.64%	0.00%	10.00%	9.38%	66.67%	0.00%
Dividend Yield	-	-	3.65%	1.72%	0.47%	1.77%	1.46%	5.44%	3.18%	3.16%	2.98%	1.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	243.01
(-) Cash Dividends Paid (M)	211.56
(=) Cash Retained (M)	31.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	48.60	30.38	18.23
Cash Retained (M)	31.45	31.45	31.45
(-) Cash Required (M)	-48.60	-30.38	-18.23
(=) Excess Retained (M)	-17.15	1.08	13.23
(/) Shares Outstanding (M)	105.27	105.27	105.27
(=) Excess Retained per Share	-0.16	0.01	0.13
LTM Dividend per Share	2.01	2.01	2.01
(+) Excess Retained per Share	-0.16	0.01	0.13
(=) Adjusted Dividend	1.85	2.02	2.14
WACC / Discount Rate	6.27%	6.27%	6.27%
Growth Rate	1.23%	2.23%	3.23%
Fair Value	$37.03	$51.01	$72.31
Upside / Downside	-19.05%	11.49%	58.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	243.01	248.42	253.95	259.60	265.38	271.29	279.42
Payout Ratio	87.06%	87.65%	88.23%	88.82%	89.41%	90.00%	92.50%
Projected Dividends (M)	211.56	217.73	224.07	230.58	237.28	244.16	258.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.27%	6.27%	6.27%
Growth Rate	1.23%	2.23%	3.23%
Year 1 PV (M)	202.87	204.87	206.88
Year 2 PV (M)	194.53	198.39	202.29
Year 3 PV (M)	186.53	192.11	197.80
Year 4 PV (M)	178.84	186.02	193.40
Year 5 PV (M)	171.47	180.11	189.09
PV of Terminal Value (M)	5,544.08	5,823.39	6,113.84
Equity Value (M)	6,478.32	6,784.89	7,103.31
Shares Outstanding (M)	105.27	105.27	105.27
Fair Value	$61.54	$64.45	$67.48
Upside / Downside	34.52%	40.88%	47.50%

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FDC International Hotels Corporation (2748.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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