DDM Analysis: 2539.TW

Valuation Snapshot

Stable Growth	$854.16 - $1,006.34	$943.09
Multi-Stage	$291.98 - $320.29	$305.87
Blended Fair Value	$624.48
Current Price	$48.55
Upside	1,186.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.24%	19.79%	0.33	0.14	0.12	0.11	0.44	0.08	0.54	0.53	0.30	0.23
YoY Growth	-	-	133.03%	14.76%	14.69%	-75.90%	468.03%	-85.60%	3.13%	74.55%	32.00%	323.33%
Dividend Yield	-	-	0.62%	0.27%	0.53%	0.60%	2.78%	0.63%	5.38%	5.48%	3.55%	2.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,289.78
(-) Cash Dividends Paid (M)	497.13
(=) Cash Retained (M)	4,792.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,057.96	661.22	396.73
Cash Retained (M)	4,792.65	4,792.65	4,792.65
(-) Cash Required (M)	-1,057.96	-661.22	-396.73
(=) Excess Retained (M)	3,734.70	4,131.43	4,395.92
(/) Shares Outstanding (M)	1,045.37	1,045.37	1,045.37
(=) Excess Retained per Share	3.57	3.95	4.21
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	3.57	3.95	4.21
(=) Adjusted Dividend	4.05	4.43	4.68
WACC / Discount Rate	4.80%	4.80%	4.80%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$854.16	$943.09	$1,006.34
Upside / Downside	1,659.34%	1,842.52%	1,972.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,289.78	5,633.61	5,999.80	6,389.78	6,805.12	7,247.45	7,464.88
Payout Ratio	9.40%	25.52%	41.64%	57.76%	73.88%	90.00%	92.50%
Projected Dividends (M)	497.13	1,437.60	2,498.24	3,690.68	5,027.59	6,522.71	6,905.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.80%	4.80%	4.80%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,358.89	1,371.77	1,384.65
Year 2 PV (M)	2,232.15	2,274.66	2,317.58
Year 3 PV (M)	3,117.02	3,206.50	3,297.68
Year 4 PV (M)	4,013.63	4,167.98	4,326.75
Year 5 PV (M)	4,922.09	5,159.83	5,406.67
PV of Terminal Value (M)	289,583.62	303,570.61	318,092.92
Equity Value (M)	305,227.39	319,751.35	334,826.24
Shares Outstanding (M)	1,045.37	1,045.37	1,045.37
Fair Value	$291.98	$305.87	$320.29
Upside / Downside	501.40%	530.02%	559.72%

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Sakura Development Co.,Ltd (2539.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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