DDM Analysis: 2441.TW

Valuation Snapshot

Stable Growth	$55.13 - $96.49	$72.76
Multi-Stage	$79.58 - $87.14	$83.29
Blended Fair Value	$78.03
Current Price	$63.10
Upside	23.66%
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	-1.53%	2.26%	2.48	3.67	4.96	3.07	2.28	2.68	2.97	2.73	2.38	2.78
YoY Growth	-	-	-32.43%	-26.00%	61.29%	34.78%	-14.81%	-10.00%	9.09%	14.58%	-14.29%	40.00%
Dividend Yield	-	-	4.30%	5.85%	9.30%	4.14%	3.21%	6.37%	6.98%	4.89%	5.72%	7.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,389.50
(-) Cash Dividends Paid (M)	1,706.54
(=) Cash Retained (M)	682.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	477.90	298.69	179.21
Cash Retained (M)	682.96	682.96	682.96
(-) Cash Required (M)	-477.90	-298.69	-179.21
(=) Excess Retained (M)	205.06	384.27	503.75
(/) Shares Outstanding (M)	573.76	573.76	573.76
(=) Excess Retained per Share	0.36	0.67	0.88
LTM Dividend per Share	2.97	2.97	2.97
(+) Excess Retained per Share	0.36	0.67	0.88
(=) Adjusted Dividend	3.33	3.64	3.85
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	1.41%	2.41%	3.41%
Fair Value	$55.13	$72.76	$96.49
Upside / Downside	-12.63%	15.32%	52.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,389.50	2,447.08	2,506.06	2,566.45	2,628.31	2,691.65	2,772.40
Payout Ratio	71.42%	75.13%	78.85%	82.57%	86.28%	90.00%	92.50%
Projected Dividends (M)	1,706.54	1,838.61	1,976.05	2,119.05	2,267.80	2,422.48	2,564.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	1.41%	2.41%	3.41%
Year 1 PV (M)	1,693.02	1,709.72	1,726.41
Year 2 PV (M)	1,675.50	1,708.71	1,742.24
Year 3 PV (M)	1,654.48	1,703.91	1,754.31
Year 4 PV (M)	1,630.41	1,695.68	1,762.89
Year 5 PV (M)	1,603.72	1,684.36	1,768.22
PV of Terminal Value (M)	37,404.74	39,285.70	41,241.59
Equity Value (M)	45,661.88	47,788.08	49,995.67
Shares Outstanding (M)	573.76	573.76	573.76
Fair Value	$79.58	$83.29	$87.14
Upside / Downside	26.12%	32.00%	38.09%

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Greatek Electronics Inc. (2441.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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