DDM Analysis: 8467.TW

Valuation Snapshot

Stable Growth	$107.51 - $162.01	$133.25
Multi-Stage	$184.94 - $203.46	$194.02
Blended Fair Value	$163.63
Current Price	$173.00
Upside	-5.41%
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	0.00%	0.00%	0.00	2.82	1.88	0.47	1.88	2.35	1.41	1.45	1.99	1.58
YoY Growth	-	-	-100.00%	50.00%	300.00%	-75.00%	-20.00%	66.67%	-2.61%	-27.15%	25.93%	0.00%
Dividend Yield	-	-	0.00%	1.46%	3.16%	1.24%	4.03%	5.94%	4.04%	4.53%	5.07%	2.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	659.77
(-) Cash Dividends Paid (M)	103.66
(=) Cash Retained (M)	556.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	131.95	82.47	49.48
Cash Retained (M)	556.11	556.11	556.11
(-) Cash Required (M)	-131.95	-82.47	-49.48
(=) Excess Retained (M)	424.15	473.64	506.63
(/) Shares Outstanding (M)	52.60	52.60	52.60
(=) Excess Retained per Share	8.06	9.00	9.63
LTM Dividend per Share	1.97	1.97	1.97
(+) Excess Retained per Share	8.06	9.00	9.63
(=) Adjusted Dividend	10.03	10.97	11.60
WACC / Discount Rate	7.87%	7.87%	7.87%
Growth Rate	-1.34%	-0.34%	0.66%
Fair Value	$107.51	$133.25	$162.01
Upside / Downside	-37.86%	-22.98%	-6.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	659.77	657.54	655.31	653.10	650.88	648.68	668.14
Payout Ratio	15.71%	30.57%	45.43%	60.28%	75.14%	90.00%	92.50%
Projected Dividends (M)	103.66	201.01	297.69	393.72	489.09	583.81	618.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.87%	7.87%	7.87%
Growth Rate	-1.34%	-0.34%	0.66%
Year 1 PV (M)	184.47	186.34	188.21
Year 2 PV (M)	250.73	255.84	261.00
Year 3 PV (M)	304.33	313.68	323.22
Year 4 PV (M)	346.95	361.24	375.95
Year 5 PV (M)	380.08	399.74	420.20
PV of Terminal Value (M)	8,262.40	8,689.70	9,134.50
Equity Value (M)	9,728.97	10,206.53	10,703.08
Shares Outstanding (M)	52.60	52.60	52.60
Fair Value	$184.94	$194.02	$203.46
Upside / Downside	6.90%	12.15%	17.61%

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Bonny Worldwide Limited (8467.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener