DDM Analysis: 6591.TW

Valuation Snapshot

Stable Growth	$86.18 - $168.09	$118.65
Multi-Stage	$81.80 - $89.66	$85.66
Blended Fair Value	$102.15
Current Price	$81.80
Upside	24.88%
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	21.34%	0.00%	2.64	3.52	3.31	2.26	1.05	1.00	1.22	0.71	0.00	0.00
YoY Growth	-	-	-25.09%	6.54%	46.64%	113.84%	5.10%	-17.82%	72.51%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.46%	6.10%	6.56%	3.82%	1.62%	3.10%	3.00%	0.87%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	203.97
(-) Cash Dividends Paid (M)	0.69
(=) Cash Retained (M)	203.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.79	25.50	15.30
Cash Retained (M)	203.29	203.29	203.29
(-) Cash Required (M)	-40.79	-25.50	-15.30
(=) Excess Retained (M)	162.49	177.79	187.99
(/) Shares Outstanding (M)	38.82	38.82	38.82
(=) Excess Retained per Share	4.19	4.58	4.84
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	4.19	4.58	4.84
(=) Adjusted Dividend	4.20	4.60	4.86
WACC / Discount Rate	8.65%	8.65%	8.65%
Growth Rate	3.60%	4.60%	5.60%
Fair Value	$86.18	$118.65	$168.09
Upside / Downside	5.35%	45.04%	105.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	203.97	213.35	223.16	233.41	244.14	255.36	263.03
Payout Ratio	0.34%	18.27%	36.20%	54.13%	72.07%	90.00%	92.50%
Projected Dividends (M)	0.69	38.98	80.79	126.36	175.95	229.83	243.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.65%	8.65%	8.65%
Growth Rate	3.60%	4.60%	5.60%
Year 1 PV (M)	35.53	35.87	36.22
Year 2 PV (M)	67.13	68.44	69.75
Year 3 PV (M)	95.72	98.52	101.37
Year 4 PV (M)	121.50	126.26	131.16
Year 5 PV (M)	144.68	151.79	159.19
PV of Terminal Value (M)	2,710.79	2,844.17	2,982.75
Equity Value (M)	3,175.35	3,325.05	3,480.44
Shares Outstanding (M)	38.82	38.82	38.82
Fair Value	$81.80	$85.66	$89.66
Upside / Downside	0.00%	4.72%	9.61%

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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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Sun Max Tech Limited (6591.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener