DDM Analysis: 8442.TW

Valuation Snapshot

Stable Growth	$427.11 - $1,215.05	$1,138.68
Multi-Stage	$172.85 - $188.91	$180.73
Blended Fair Value	$659.70
Current Price	$83.50
Upside	690.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	36.27%	28.54%	4.45	3.80	0.76	0.00	0.23	0.95	0.00	1.39	1.66	0.53
YoY Growth	-	-	17.02%	401.96%	0.00%	-100.00%	-76.00%	0.00%	-100.00%	-16.51%	215.80%	45.80%
Dividend Yield	-	-	4.71%	2.98%	0.90%	0.00%	0.56%	2.22%	0.00%	2.28%	3.13%	1.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	484.18
(-) Cash Dividends Paid (M)	352.44
(=) Cash Retained (M)	131.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	96.84	60.52	36.31
Cash Retained (M)	131.74	131.74	131.74
(-) Cash Required (M)	-96.84	-60.52	-36.31
(=) Excess Retained (M)	34.91	71.22	95.43
(/) Shares Outstanding (M)	79.25	79.25	79.25
(=) Excess Retained per Share	0.44	0.90	1.20
LTM Dividend per Share	4.45	4.45	4.45
(+) Excess Retained per Share	0.44	0.90	1.20
(=) Adjusted Dividend	4.89	5.35	5.65
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$427.11	$1,138.68	$1,215.05
Upside / Downside	411.51%	1,263.68%	1,355.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	484.18	515.65	549.17	584.86	622.88	663.37	683.27
Payout Ratio	72.79%	76.23%	79.67%	83.12%	86.56%	90.00%	92.50%
Projected Dividends (M)	352.44	393.09	437.54	486.12	539.15	597.03	632.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	364.92	368.38	371.84
Year 2 PV (M)	377.09	384.27	391.52
Year 3 PV (M)	388.93	400.09	411.47
Year 4 PV (M)	400.45	415.85	431.69
Year 5 PV (M)	411.66	431.54	452.19
PV of Terminal Value (M)	11,754.93	12,322.69	12,912.19
Equity Value (M)	13,697.97	14,322.83	14,970.90
Shares Outstanding (M)	79.25	79.25	79.25
Fair Value	$172.85	$180.73	$188.91
Upside / Downside	107.00%	116.45%	126.24%

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WW Holding Inc. (8442.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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