DDM Analysis: 3037.TW

Valuation Snapshot

Stable Growth	$355.40 - $418.72	$392.41
Multi-Stage	$266.12 - $291.95	$278.80
Blended Fair Value	$335.60
Current Price	$151.50
Upside	121.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	31.48%	17.36%	3.02	8.03	3.31	1.35	1.06	0.77	0.49	0.29	0.17	0.29
YoY Growth	-	-	-62.47%	143.04%	144.13%	28.32%	37.49%	55.98%	67.48%	70.24%	-40.73%	-52.14%
Dividend Yield	-	-	3.26%	4.16%	2.24%	0.54%	1.15%	2.40%	1.52%	1.56%	1.03%	1.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,194.70
(-) Cash Dividends Paid (M)	2,294.58
(=) Cash Retained (M)	900.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	638.94	399.34	239.60
Cash Retained (M)	900.12	900.12	900.12
(-) Cash Required (M)	-638.94	-399.34	-239.60
(=) Excess Retained (M)	261.18	500.78	660.52
(/) Shares Outstanding (M)	1,517.34	1,517.34	1,517.34
(=) Excess Retained per Share	0.17	0.33	0.44
LTM Dividend per Share	1.51	1.51	1.51
(+) Excess Retained per Share	0.17	0.33	0.44
(=) Adjusted Dividend	1.68	1.84	1.95
WACC / Discount Rate	0.48%	0.48%	0.48%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$355.40	$392.41	$418.72
Upside / Downside	134.59%	159.01%	176.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,194.70	3,402.36	3,623.51	3,859.04	4,109.88	4,377.02	4,508.33
Payout Ratio	71.82%	75.46%	79.09%	82.73%	86.36%	90.00%	92.50%
Projected Dividends (M)	2,294.58	2,567.41	2,866.01	3,192.58	3,549.49	3,939.32	4,170.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.48%	0.48%	0.48%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,531.16	2,555.15	2,579.15
Year 2 PV (M)	2,785.65	2,838.71	2,892.27
Year 3 PV (M)	3,059.25	3,147.07	3,236.56
Year 4 PV (M)	3,353.24	3,482.20	3,614.84
Year 5 PV (M)	3,668.97	3,846.18	4,030.18
PV of Terminal Value (M)	388,401.12	407,161.04	426,638.94
Equity Value (M)	403,799.40	423,030.35	442,991.93
Shares Outstanding (M)	1,517.34	1,517.34	1,517.34
Fair Value	$266.12	$278.80	$291.95
Upside / Downside	75.66%	84.02%	92.71%

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Financial Statements

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Unimicron Technology Corp. (3037.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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