DDM Analysis: 3114.TWO

Valuation Snapshot

Stable Growth	$19.20 - $28.66	$23.70
Multi-Stage	$37.33 - $41.02	$39.14
Blended Fair Value	$31.42
Current Price	$24.20
Upside	29.83%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.03%	0.00%	1.20	1.25	0.81	1.09	0.86	1.20	0.46	0.38	0.61	0.00
YoY Growth	-	-	-4.00%	53.11%	-25.00%	26.60%	-28.22%	160.00%	20.00%	-37.50%	0.00%	0.00%
Dividend Yield	-	-	4.78%	4.51%	3.12%	4.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	152.40
(-) Cash Dividends Paid (M)	78.16
(=) Cash Retained (M)	74.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.48	19.05	11.43
Cash Retained (M)	74.25	74.25	74.25
(-) Cash Required (M)	-30.48	-19.05	-11.43
(=) Excess Retained (M)	43.77	55.20	62.82
(/) Shares Outstanding (M)	65.25	65.25	65.25
(=) Excess Retained per Share	0.67	0.85	0.96
LTM Dividend per Share	1.20	1.20	1.20
(+) Excess Retained per Share	0.67	0.85	0.96
(=) Adjusted Dividend	1.87	2.04	2.16
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$19.20	$23.70	$28.66
Upside / Downside	-20.67%	-2.08%	18.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	152.40	150.88	149.37	147.88	146.40	144.93	149.28
Payout Ratio	51.28%	59.03%	66.77%	74.51%	82.26%	90.00%	92.50%
Projected Dividends (M)	78.16	89.06	99.73	110.19	120.42	130.44	138.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	81.98	82.82	83.65
Year 2 PV (M)	84.51	86.24	87.99
Year 3 PV (M)	85.94	88.60	91.31
Year 4 PV (M)	86.46	90.04	93.74
Year 5 PV (M)	86.21	90.70	95.37
PV of Terminal Value (M)	2,011.10	2,115.82	2,224.86
Equity Value (M)	2,436.20	2,554.22	2,676.93
Shares Outstanding (M)	65.25	65.25	65.25
Fair Value	$37.33	$39.14	$41.02
Upside / Downside	54.27%	61.75%	69.52%

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Howteh Technology Co., Ltd. (3114.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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