DDM Analysis: 3406.TW

Valuation Snapshot

Stable Growth	$1,677.74 - $5,960.30	$5,501.29
Multi-Stage	$775.45 - $847.59	$810.86
Blended Fair Value	$3,156.08
Current Price	$428.00
Upside	637.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	30.69%	0.00%	11.98	12.05	8.04	10.01	8.94	3.14	3.09	0.00	0.00	0.00
YoY Growth	-	-	-0.55%	49.78%	-19.68%	11.99%	184.49%	1.64%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.06%	2.46%	2.09%	2.20%	1.85%	0.76%	0.79%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,384.53
(-) Cash Dividends Paid (M)	2,029.38
(=) Cash Retained (M)	1,355.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	676.91	423.07	253.84
Cash Retained (M)	1,355.15	1,355.15	1,355.15
(-) Cash Required (M)	-676.91	-423.07	-253.84
(=) Excess Retained (M)	678.25	932.08	1,101.31
(/) Shares Outstanding (M)	112.93	112.93	112.93
(=) Excess Retained per Share	6.01	8.25	9.75
LTM Dividend per Share	17.97	17.97	17.97
(+) Excess Retained per Share	6.01	8.25	9.75
(=) Adjusted Dividend	23.98	26.22	27.72
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,677.74	$5,501.29	$5,960.30
Upside / Downside	291.99%	1,185.35%	1,292.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,384.53	3,604.52	3,838.81	4,088.34	4,354.08	4,637.09	4,776.21
Payout Ratio	59.96%	65.97%	71.98%	77.98%	83.99%	90.00%	92.50%
Projected Dividends (M)	2,029.38	2,377.84	2,763.03	3,188.25	3,657.08	4,173.38	4,417.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,201.26	2,222.12	2,242.99
Year 2 PV (M)	2,367.89	2,412.99	2,458.52
Year 3 PV (M)	2,529.40	2,602.01	2,675.99
Year 4 PV (M)	2,685.88	2,789.17	2,895.41
Year 5 PV (M)	2,837.45	2,974.50	3,116.79
PV of Terminal Value (M)	74,950.15	78,570.27	82,328.94
Equity Value (M)	87,572.02	91,571.06	95,718.65
Shares Outstanding (M)	112.93	112.93	112.93
Fair Value	$775.45	$810.86	$847.59
Upside / Downside	81.18%	89.45%	98.04%

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Genius Electronic Optical Co., Ltd (3406.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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