DDM Analysis: 2845.TW

Valuation Snapshot

Stable Growth	$35.16 - $172.16	$74.84
Multi-Stage	$21.73 - $23.76	$22.73
Blended Fair Value	$48.78
Current Price	$12.11
Upside	302.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.96%	11.69%	0.47	0.38	0.35	0.26	0.36	0.34	0.32	0.30	0.28	0.26
YoY Growth	-	-	23.75%	10.13%	34.42%	-28.43%	6.76%	5.28%	6.93%	7.70%	5.99%	67.90%
Dividend Yield	-	-	3.77%	2.98%	3.51%	2.47%	4.01%	4.10%	3.59%	3.94%	3.84%	3.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,777.88
(-) Cash Dividends Paid (M)	2,059.16
(=) Cash Retained (M)	1,718.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	755.58	472.23	283.34
Cash Retained (M)	1,718.72	1,718.72	1,718.72
(-) Cash Required (M)	-755.58	-472.23	-283.34
(=) Excess Retained (M)	963.14	1,246.48	1,435.38
(/) Shares Outstanding (M)	4,341.99	4,341.99	4,341.99
(=) Excess Retained per Share	0.22	0.29	0.33
LTM Dividend per Share	0.47	0.47	0.47
(+) Excess Retained per Share	0.22	0.29	0.33
(=) Adjusted Dividend	0.70	0.76	0.80
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	4.96%	5.96%	6.96%
Fair Value	$35.16	$74.84	$172.16
Upside / Downside	190.33%	517.96%	1,321.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,777.88	4,002.91	4,241.35	4,493.99	4,761.67	5,045.31	5,196.67
Payout Ratio	54.51%	61.60%	68.70%	75.80%	82.90%	90.00%	92.50%
Projected Dividends (M)	2,059.16	2,465.98	2,913.95	3,406.54	3,947.48	4,540.78	4,806.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	4.96%	5.96%	6.96%
Year 1 PV (M)	2,282.16	2,303.91	2,325.65
Year 2 PV (M)	2,495.73	2,543.52	2,591.75
Year 3 PV (M)	2,700.15	2,778.07	2,857.47
Year 4 PV (M)	2,895.69	3,007.63	3,122.79
Year 5 PV (M)	3,082.62	3,232.30	3,387.73
PV of Terminal Value (M)	80,884.54	84,811.91	88,890.37
Equity Value (M)	94,340.90	98,677.33	103,175.77
Shares Outstanding (M)	4,341.99	4,341.99	4,341.99
Fair Value	$21.73	$22.73	$23.76
Upside / Downside	79.42%	87.67%	96.22%

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Far Eastern International Bank Ltd. (2845.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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