DDM Analysis: 1590.TW

Valuation Snapshot

Stable Growth	$3,196.11 - $7,825.35	$7,333.50
Multi-Stage	$1,146.36 - $1,254.32	$1,199.35
Blended Fair Value	$4,266.43
Current Price	$753.00
Upside	466.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	30.35%	12.84%	17.97	13.43	13.37	8.56	4.56	4.77	6.76	4.92	3.58	4.09
YoY Growth	-	-	33.75%	0.45%	56.30%	87.49%	-4.42%	-29.41%	37.51%	37.45%	-12.50%	-23.81%
Dividend Yield	-	-	2.16%	1.17%	1.13%	0.92%	0.46%	1.07%	1.62%	0.99%	1.23%	2.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,873.31
(-) Cash Dividends Paid (M)	3,594.96
(=) Cash Retained (M)	4,278.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,574.66	984.16	590.50
Cash Retained (M)	4,278.35	4,278.35	4,278.35
(-) Cash Required (M)	-1,574.66	-984.16	-590.50
(=) Excess Retained (M)	2,703.69	3,294.19	3,687.85
(/) Shares Outstanding (M)	200.09	200.09	200.09
(=) Excess Retained per Share	13.51	16.46	18.43
LTM Dividend per Share	17.97	17.97	17.97
(+) Excess Retained per Share	13.51	16.46	18.43
(=) Adjusted Dividend	31.48	34.43	36.40
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3,196.11	$7,333.50	$7,825.35
Upside / Downside	324.45%	873.90%	939.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,873.31	8,385.07	8,930.10	9,510.56	10,128.75	10,787.12	11,110.73
Payout Ratio	45.66%	54.53%	63.40%	72.26%	81.13%	90.00%	92.50%
Projected Dividends (M)	3,594.96	4,572.22	5,661.33	6,872.71	8,217.66	9,708.40	10,277.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4,251.29	4,291.59	4,331.89
Year 2 PV (M)	4,894.48	4,987.71	5,081.81
Year 3 PV (M)	5,524.72	5,683.31	5,844.92
Year 4 PV (M)	6,142.20	6,378.41	6,621.37
Year 5 PV (M)	6,747.11	7,073.00	7,411.36
PV of Terminal Value (M)	201,820.39	211,568.39	221,689.47
Equity Value (M)	229,380.19	239,982.41	250,980.81
Shares Outstanding (M)	200.09	200.09	200.09
Fair Value	$1,146.36	$1,199.35	$1,254.32
Upside / Downside	52.24%	59.28%	66.58%

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AirTAC International Group (1590.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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