DDM Analysis: 6415.TW

Valuation Snapshot

Stable Growth	$410.22 - $1,292.56	$1,211.32
Multi-Stage	$172.88 - $189.17	$180.88
Blended Fair Value	$696.10
Current Price	$258.00
Upside	169.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.16%	16.56%	1.91	4.36	4.29	2.46	1.73	1.48	1.33	1.09	0.39	0.82
YoY Growth	-	-	-56.28%	1.74%	74.22%	42.14%	16.76%	11.18%	22.01%	180.80%	-52.23%	97.81%
Dividend Yield	-	-	0.51%	1.29%	0.89%	0.29%	0.30%	0.60%	1.12%	0.67%	0.28%	0.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,563.81
(-) Cash Dividends Paid (M)	930.47
(=) Cash Retained (M)	1,633.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	512.76	320.48	192.29
Cash Retained (M)	1,633.34	1,633.34	1,633.34
(-) Cash Required (M)	-512.76	-320.48	-192.29
(=) Excess Retained (M)	1,120.57	1,312.86	1,441.05
(/) Shares Outstanding (M)	394.47	394.47	394.47
(=) Excess Retained per Share	2.84	3.33	3.65
LTM Dividend per Share	2.36	2.36	2.36
(+) Excess Retained per Share	2.84	3.33	3.65
(=) Adjusted Dividend	5.20	5.69	6.01
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$410.22	$1,211.32	$1,292.56
Upside / Downside	59.00%	369.50%	400.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,563.81	2,730.46	2,907.94	3,096.95	3,298.25	3,512.64	3,618.02
Payout Ratio	36.29%	47.03%	57.78%	68.52%	79.26%	90.00%	92.50%
Projected Dividends (M)	930.47	1,284.24	1,680.08	2,121.94	2,614.15	3,161.38	3,346.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,190.77	1,202.06	1,213.34
Year 2 PV (M)	1,444.41	1,471.92	1,499.69
Year 3 PV (M)	1,691.51	1,740.06	1,789.54
Year 4 PV (M)	1,932.20	2,006.50	2,082.93
Year 5 PV (M)	2,166.60	2,271.24	2,379.90
PV of Terminal Value (M)	59,772.37	62,659.40	65,656.92
Equity Value (M)	68,197.85	71,351.18	74,622.32
Shares Outstanding (M)	394.47	394.47	394.47
Fair Value	$172.88	$180.88	$189.17
Upside / Downside	-32.99%	-29.89%	-26.68%

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TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
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SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
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Financial Statements

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Silergy Corp. (6415.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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