DDM Analysis: 6442.TW

Valuation Snapshot

Stable Growth	$3,250.81 - $3,830.00	$3,589.27
Multi-Stage	$2,489.12 - $2,731.45	$2,608.03
Blended Fair Value	$3,098.65
Current Price	$793.00
Upside	290.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.91%	11.39%	2.07	1.81	1.04	0.86	1.17	1.29	1.72	2.84	2.58	1.56
YoY Growth	-	-	14.03%	75.00%	20.00%	-26.47%	-8.92%	-25.00%	-39.39%	10.00%	65.00%	122.22%
Dividend Yield	-	-	0.50%	1.31%	1.95%	2.42%	3.75%	4.11%	4.28%	7.89%	5.66%	2.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,479.35
(-) Cash Dividends Paid (M)	653.60
(=) Cash Retained (M)	825.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	295.87	184.92	110.95
Cash Retained (M)	825.75	825.75	825.75
(-) Cash Required (M)	-295.87	-184.92	-110.95
(=) Excess Retained (M)	529.88	640.83	714.80
(/) Shares Outstanding (M)	76.82	76.82	76.82
(=) Excess Retained per Share	6.90	8.34	9.31
LTM Dividend per Share	8.51	8.51	8.51
(+) Excess Retained per Share	6.90	8.34	9.31
(=) Adjusted Dividend	15.41	16.85	17.81
WACC / Discount Rate	-0.07%	-0.07%	-0.07%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3,250.81	$3,589.27	$3,830.00
Upside / Downside	309.94%	352.62%	382.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,479.35	1,575.51	1,677.92	1,786.98	1,903.14	2,026.84	2,087.65
Payout Ratio	44.18%	53.35%	62.51%	71.67%	80.84%	90.00%	92.50%
Projected Dividends (M)	653.60	840.46	1,048.85	1,280.78	1,538.43	1,824.16	1,931.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.07%	-0.07%	-0.07%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	833.16	841.05	848.95
Year 2 PV (M)	1,030.70	1,050.33	1,070.15
Year 3 PV (M)	1,247.68	1,283.50	1,319.99
Year 4 PV (M)	1,485.65	1,542.78	1,601.55
Year 5 PV (M)	1,746.27	1,830.61	1,918.19
PV of Terminal Value (M)	184,861.70	193,790.59	203,061.21
Equity Value (M)	191,205.15	200,338.86	209,820.03
Shares Outstanding (M)	76.82	76.82	76.82
Fair Value	$2,489.12	$2,608.03	$2,731.45
Upside / Downside	213.89%	228.88%	244.45%

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EZconn Corporation (6442.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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