DDM Analysis: 8438.TW

Valuation Snapshot

Stable Growth	$33.06 - $76.62	$48.40
Multi-Stage	$44.67 - $48.95	$46.77
Blended Fair Value	$47.59
Current Price	$30.40
Upside	56.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.53%	0.00%	0.90	1.00	1.99	0.80	0.18	0.52	0.00	0.30	0.21	0.27
YoY Growth	-	-	-10.00%	-50.00%	150.37%	345.86%	-65.65%	0.00%	-100.00%	43.48%	-23.05%	0.00%
Dividend Yield	-	-	2.78%	3.58%	8.00%	2.04%	0.55%	2.61%	0.00%	1.41%	0.92%	1.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	115.50
(-) Cash Dividends Paid (M)	90.93
(=) Cash Retained (M)	24.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.10	14.44	8.66
Cash Retained (M)	24.57	24.57	24.57
(-) Cash Required (M)	-23.10	-14.44	-8.66
(=) Excess Retained (M)	1.47	10.13	15.91
(/) Shares Outstanding (M)	70.24	70.24	70.24
(=) Excess Retained per Share	0.02	0.14	0.23
LTM Dividend per Share	1.29	1.29	1.29
(+) Excess Retained per Share	0.02	0.14	0.23
(=) Adjusted Dividend	1.32	1.44	1.52
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	2.28%	3.28%	4.28%
Fair Value	$33.06	$48.40	$76.62
Upside / Downside	8.74%	59.21%	152.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	115.50	119.29	123.21	127.25	131.43	135.75	139.82
Payout Ratio	78.73%	80.98%	83.24%	85.49%	87.75%	90.00%	92.50%
Projected Dividends (M)	90.93	96.60	102.55	108.79	115.33	122.18	129.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	2.28%	3.28%	4.28%
Year 1 PV (M)	89.95	90.83	91.71
Year 2 PV (M)	88.92	90.66	92.43
Year 3 PV (M)	87.83	90.43	93.08
Year 4 PV (M)	86.70	90.14	93.68
Year 5 PV (M)	85.52	89.79	94.22
PV of Terminal Value (M)	2,698.95	2,833.49	2,973.34
Equity Value (M)	3,137.87	3,285.34	3,438.46
Shares Outstanding (M)	70.24	70.24	70.24
Fair Value	$44.67	$46.77	$48.95
Upside / Downside	46.94%	53.85%	61.02%

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Amia Co.,Ltd (8438.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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