DDM Analysis: 4148.TW

Valuation Snapshot

Stable Growth	$16.98 - $25.24	$20.92
Multi-Stage	$26.72 - $29.35	$28.01
Blended Fair Value	$24.46
Current Price	$39.30
Upside	-37.75%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-16.06%	-6.47%	0.97	2.41	1.45	0.97	0.97	2.32	2.56	1.83	0.85	1.28
YoY Growth	-	-	-60.00%	66.67%	50.00%	0.00%	-58.33%	-9.43%	39.69%	115.00%	-33.33%	-32.20%
Dividend Yield	-	-	2.40%	4.94%	2.31%	1.62%	2.80%	11.21%	4.66%	1.49%	1.25%	1.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	137.92
(-) Cash Dividends Paid (M)	32.02
(=) Cash Retained (M)	105.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.58	17.24	10.34
Cash Retained (M)	105.90	105.90	105.90
(-) Cash Required (M)	-27.58	-17.24	-10.34
(=) Excess Retained (M)	78.32	88.66	95.56
(/) Shares Outstanding (M)	66.33	66.33	66.33
(=) Excess Retained per Share	1.18	1.34	1.44
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	1.18	1.34	1.44
(=) Adjusted Dividend	1.66	1.82	1.92
WACC / Discount Rate	8.67%	8.67%	8.67%
Growth Rate	-1.02%	-0.02%	0.98%
Fair Value	$16.98	$20.92	$25.24
Upside / Downside	-56.79%	-46.77%	-35.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	137.92	137.88	137.85	137.82	137.78	137.75	141.88
Payout Ratio	23.21%	36.57%	49.93%	63.29%	76.64%	90.00%	92.50%
Projected Dividends (M)	32.02	50.43	68.83	87.22	105.60	123.97	131.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.67%	8.67%	8.67%
Growth Rate	-1.02%	-0.02%	0.98%
Year 1 PV (M)	45.94	46.40	46.87
Year 2 PV (M)	57.12	58.28	59.45
Year 3 PV (M)	65.95	67.96	70.02
Year 4 PV (M)	72.74	75.72	78.80
Year 5 PV (M)	77.80	81.81	85.98
PV of Terminal Value (M)	1,452.62	1,527.50	1,605.44
Equity Value (M)	1,772.16	1,857.68	1,946.56
Shares Outstanding (M)	66.33	66.33	66.33
Fair Value	$26.72	$28.01	$29.35
Upside / Downside	-32.02%	-28.74%	-25.33%

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All Cosmos Bio-Tech Holding Corporation (4148.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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