DDM Analysis: 3706.TW

Valuation Snapshot

Stable Growth	$79.41 - $162.27	$111.23
Multi-Stage	$59.03 - $64.45	$61.69
Blended Fair Value	$86.46
Current Price	$87.70
Upside	-1.41%
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	2.68%	13.52%	1.19	1.18	1.80	0.90	0.81	1.04	0.78	1.50	0.91	0.40
YoY Growth	-	-	1.17%	-34.78%	100.26%	11.68%	-22.64%	33.24%	-47.86%	64.23%	130.99%	18.13%
Dividend Yield	-	-	2.38%	2.53%	7.26%	3.35%	3.07%	4.73%	3.50%	7.21%	4.41%	2.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,902.77
(-) Cash Dividends Paid (M)	1,238.84
(=) Cash Retained (M)	4,663.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,180.55	737.85	442.71
Cash Retained (M)	4,663.93	4,663.93	4,663.93
(-) Cash Required (M)	-1,180.55	-737.85	-442.71
(=) Excess Retained (M)	3,483.38	3,926.08	4,221.22
(/) Shares Outstanding (M)	1,328.30	1,328.30	1,328.30
(=) Excess Retained per Share	2.62	2.96	3.18
LTM Dividend per Share	0.93	0.93	0.93
(+) Excess Retained per Share	2.62	2.96	3.18
(=) Adjusted Dividend	3.56	3.89	4.11
WACC / Discount Rate	10.22%	10.22%	10.22%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$79.41	$111.23	$162.27
Upside / Downside	-9.45%	26.83%	85.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,902.77	6,286.45	6,695.07	7,130.25	7,593.71	8,087.31	8,329.93
Payout Ratio	20.99%	34.79%	48.59%	62.39%	76.20%	90.00%	92.50%
Projected Dividends (M)	1,238.84	2,187.05	3,253.30	4,448.92	5,786.22	7,278.58	7,705.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.22%	10.22%	10.22%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,965.57	1,984.20	2,002.84
Year 2 PV (M)	2,627.75	2,677.80	2,728.33
Year 3 PV (M)	3,229.57	3,322.28	3,416.75
Year 4 PV (M)	3,774.99	3,920.17	4,069.49
Year 5 PV (M)	4,267.74	4,473.87	4,687.89
PV of Terminal Value (M)	62,547.51	65,568.57	68,705.26
Equity Value (M)	78,413.13	81,946.89	85,610.55
Shares Outstanding (M)	1,328.30	1,328.30	1,328.30
Fair Value	$59.03	$61.69	$64.45
Upside / Downside	-32.69%	-29.65%	-26.51%

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MiTAC Holdings Corporation (3706.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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