DDM Analysis: 601138.SS

Valuation Snapshot

Stable Growth	$26.50 - $53.03	$36.83
Multi-Stage	$20.85 - $22.80	$21.81
Blended Fair Value	$29.32
Current Price	$66.01
Upside	-55.58%
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	40.13%	0.00%	0.69	0.67	0.50	0.25	0.20	0.13	0.04	0.10	0.02	0.02
YoY Growth	-	-	4.25%	34.14%	99.14%	24.97%	55.25%	266.60%	-64.33%	431.92%	-23.48%	0.00%
Dividend Yield	-	-	3.50%	2.86%	2.89%	2.46%	1.39%	0.97%	0.23%	0.50%	0.09%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30,553.26
(-) Cash Dividends Paid (M)	1,600.88
(=) Cash Retained (M)	28,952.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,110.65	3,819.16	2,291.49
Cash Retained (M)	28,952.38	28,952.38	28,952.38
(-) Cash Required (M)	-6,110.65	-3,819.16	-2,291.49
(=) Excess Retained (M)	22,841.73	25,133.22	26,660.88
(/) Shares Outstanding (M)	19,902.37	19,902.37	19,902.37
(=) Excess Retained per Share	1.15	1.26	1.34
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	1.15	1.26	1.34
(=) Adjusted Dividend	1.23	1.34	1.42
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	4.92%	5.92%	6.92%
Fair Value	$26.50	$36.83	$53.03
Upside / Downside	-59.86%	-44.21%	-19.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30,553.26	32,362.87	34,279.66	36,309.97	38,460.54	40,738.48	41,960.63
Payout Ratio	5.24%	22.19%	39.14%	56.10%	73.05%	90.00%	92.50%
Projected Dividends (M)	1,600.88	7,181.87	13,418.35	20,368.39	28,094.62	36,664.63	38,813.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	4.92%	5.92%	6.92%
Year 1 PV (M)	6,479.95	6,541.70	6,603.46
Year 2 PV (M)	10,923.61	11,132.83	11,344.03
Year 3 PV (M)	14,960.88	15,392.74	15,832.83
Year 4 PV (M)	18,619.04	19,339.07	20,079.79
Year 5 PV (M)	21,923.75	22,988.61	24,094.45
PV of Terminal Value (M)	342,009.63	358,621.43	375,872.53
Equity Value (M)	414,916.86	434,016.38	453,827.09
Shares Outstanding (M)	19,902.37	19,902.37	19,902.37
Fair Value	$20.85	$21.81	$22.80
Upside / Downside	-68.42%	-66.96%	-65.46%

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Foxconn Industrial Internet Co., Ltd. (601138.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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