DDM Analysis: 2645.TW

Valuation Snapshot

Stable Growth	$45.42 - $68.66	$56.37
Multi-Stage	$96.32 - $105.72	$100.93
Blended Fair Value	$78.65
Current Price	$162.00
Upside	-51.45%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	11.47%	0.00%	4.49	3.99	1.88	2.82	5.22	2.61	0.00	0.00	0.00	0.00
YoY Growth	-	-	12.50%	112.34%	-33.33%	-45.96%	100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.58%	3.61%	1.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,981.48
(-) Cash Dividends Paid (M)	1,685.57
(=) Cash Retained (M)	295.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	396.30	247.68	148.61
Cash Retained (M)	295.91	295.91	295.91
(-) Cash Required (M)	-396.30	-247.68	-148.61
(=) Excess Retained (M)	-100.39	48.22	147.30
(/) Shares Outstanding (M)	375.32	375.32	375.32
(=) Excess Retained per Share	-0.27	0.13	0.39
LTM Dividend per Share	4.49	4.49	4.49
(+) Excess Retained per Share	-0.27	0.13	0.39
(=) Adjusted Dividend	4.22	4.62	4.88
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$45.42	$56.37	$68.66
Upside / Downside	-71.96%	-65.20%	-57.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,981.48	1,961.66	1,942.05	1,922.63	1,903.40	1,884.37	1,940.90
Payout Ratio	85.07%	86.05%	87.04%	88.03%	89.01%	90.00%	92.50%
Projected Dividends (M)	1,685.57	1,688.07	1,690.35	1,692.42	1,694.28	1,695.93	1,795.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1,560.06	1,575.98	1,591.90
Year 2 PV (M)	1,443.71	1,473.32	1,503.24
Year 3 PV (M)	1,335.86	1,377.17	1,419.33
Year 4 PV (M)	1,235.92	1,287.14	1,339.94
Year 5 PV (M)	1,143.31	1,202.84	1,264.83
PV of Terminal Value (M)	29,430.67	30,963.19	32,558.90
Equity Value (M)	36,149.52	37,879.64	39,678.13
Shares Outstanding (M)	375.32	375.32	375.32
Fair Value	$96.32	$100.93	$105.72
Upside / Downside	-40.55%	-37.70%	-34.74%

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Evergreen Aviation Technologies Corporation (2645.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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