DDM Analysis: 1437.TW

Valuation Snapshot

Stable Growth	$86.58 - $415.77	$187.69
Multi-Stage	$47.74 - $52.14	$49.90
Blended Fair Value	$118.79
Current Price	$30.70
Upside	286.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.71%	89.39%	1.13	0.80	0.90	0.70	1.10	0.50	0.47	0.48	0.00	0.00
YoY Growth	-	-	41.25%	-11.11%	28.57%	-36.36%	120.00%	5.00%	-0.51%	35,297.82%	-10.42%	-20.67%
Dividend Yield	-	-	3.38%	2.48%	3.15%	2.52%	4.55%	2.65%	2.56%	2.74%	0.01%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	426.77
(-) Cash Dividends Paid (M)	274.55
(=) Cash Retained (M)	152.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	85.35	53.35	32.01
Cash Retained (M)	152.22	152.22	152.22
(-) Cash Required (M)	-85.35	-53.35	-32.01
(=) Excess Retained (M)	66.87	98.88	120.21
(/) Shares Outstanding (M)	204.14	204.14	204.14
(=) Excess Retained per Share	0.33	0.48	0.59
LTM Dividend per Share	1.34	1.34	1.34
(+) Excess Retained per Share	0.33	0.48	0.59
(=) Adjusted Dividend	1.67	1.83	1.93
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$86.58	$187.69	$415.77
Upside / Downside	182.01%	511.36%	1,254.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	426.77	454.51	484.06	515.52	549.03	584.72	602.26
Payout Ratio	64.33%	69.47%	74.60%	79.73%	84.87%	90.00%	92.50%
Projected Dividends (M)	274.55	315.73	361.10	411.04	465.94	526.25	557.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	290.84	293.60	296.36
Year 2 PV (M)	306.42	312.25	318.14
Year 3 PV (M)	321.30	330.52	339.92
Year 4 PV (M)	335.50	348.40	361.68
Year 5 PV (M)	349.05	365.91	383.42
PV of Terminal Value (M)	8,142.66	8,535.95	8,944.30
Equity Value (M)	9,745.77	10,186.64	10,643.81
Shares Outstanding (M)	204.14	204.14	204.14
Fair Value	$47.74	$49.90	$52.14
Upside / Downside	55.51%	62.54%	69.84%

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GTM Holdings Corporation (1437.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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