DDM Analysis: 3533.TW

Valuation Snapshot

Stable Growth	$5,271.33 - $14,600.45	$13,682.76
Multi-Stage	$2,072.14 - $2,266.06	$2,167.33
Blended Fair Value	$7,925.04
Current Price	$1,545.00
Upside	412.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.34%	24.38%	25.79	24.94	15.09	12.25	9.67	8.01	4.57	3.33	3.74	4.57
YoY Growth	-	-	3.38%	65.34%	23.21%	26.67%	20.69%	75.10%	37.50%	-11.11%	-18.18%	57.14%
Dividend Yield	-	-	1.88%	1.76%	1.64%	1.76%	1.95%	2.94%	1.87%	1.59%	4.22%	4.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,251.17
(-) Cash Dividends Paid (M)	4,670.19
(=) Cash Retained (M)	3,580.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,650.23	1,031.40	618.84
Cash Retained (M)	3,580.98	3,580.98	3,580.98
(-) Cash Required (M)	-1,650.23	-1,031.40	-618.84
(=) Excess Retained (M)	1,930.75	2,549.59	2,962.15
(/) Shares Outstanding (M)	112.39	112.39	112.39
(=) Excess Retained per Share	17.18	22.69	26.36
LTM Dividend per Share	41.55	41.55	41.55
(+) Excess Retained per Share	17.18	22.69	26.36
(=) Adjusted Dividend	58.73	64.24	67.91
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5,271.33	$13,682.76	$14,600.45
Upside / Downside	241.19%	785.62%	845.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,251.17	8,787.50	9,358.69	9,967.00	10,614.86	11,304.82	11,643.97
Payout Ratio	56.60%	63.28%	69.96%	76.64%	83.32%	90.00%	92.50%
Projected Dividends (M)	4,670.19	5,560.75	6,547.35	7,638.72	8,844.31	10,174.34	10,770.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,163.83	5,212.77	5,261.72
Year 2 PV (M)	5,646.02	5,753.56	5,862.12
Year 3 PV (M)	6,116.96	6,292.56	6,471.48
Year 4 PV (M)	6,576.84	6,829.76	7,089.91
Year 5 PV (M)	7,025.83	7,365.18	7,717.52
PV of Terminal Value (M)	202,358.96	212,132.97	222,281.06
Equity Value (M)	232,888.44	243,586.81	254,683.81
Shares Outstanding (M)	112.39	112.39	112.39
Fair Value	$2,072.14	$2,167.33	$2,266.06
Upside / Downside	34.12%	40.28%	46.67%

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Lotes Co., Ltd (3533.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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