DDM Analysis: 8466.TW

Valuation Snapshot

Stable Growth	$8.53 - $12.37	$10.39
Multi-Stage	$16.31 - $17.95	$17.11
Blended Fair Value	$13.75
Current Price	$26.70
Upside	-48.49%
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	-36.98%	-25.17%	0.27	1.33	0.62	2.68	3.67	2.68	5.37	6.26	4.93	4.73
YoY Growth	-	-	-80.00%	114.28%	-76.80%	-26.83%	36.67%	-50.00%	-14.29%	27.02%	4.25%	-2.41%
Dividend Yield	-	-	0.74%	2.94%	1.50%	5.42%	5.83%	4.47%	8.19%	7.64%	4.10%	3.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	87.21
(-) Cash Dividends Paid (M)	19.70
(=) Cash Retained (M)	67.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.44	10.90	6.54
Cash Retained (M)	67.51	67.51	67.51
(-) Cash Required (M)	-17.44	-10.90	-6.54
(=) Excess Retained (M)	50.07	56.61	60.97
(/) Shares Outstanding (M)	73.83	73.83	73.83
(=) Excess Retained per Share	0.68	0.77	0.83
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.68	0.77	0.83
(=) Adjusted Dividend	0.94	1.03	1.09
WACC / Discount Rate	7.86%	7.86%	7.86%
Growth Rate	-2.89%	-1.89%	-0.89%
Fair Value	$8.53	$10.39	$12.37
Upside / Downside	-68.04%	-61.07%	-53.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	87.21	85.57	83.95	82.36	80.80	79.28	81.66
Payout Ratio	22.59%	36.07%	49.56%	63.04%	76.52%	90.00%	92.50%
Projected Dividends (M)	19.70	30.87	41.60	51.92	61.83	71.35	75.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.86%	7.86%	7.86%
Growth Rate	-2.89%	-1.89%	-0.89%
Year 1 PV (M)	28.32	28.62	28.91
Year 2 PV (M)	35.03	35.76	36.49
Year 3 PV (M)	40.12	41.37	42.65
Year 4 PV (M)	43.84	45.68	47.57
Year 5 PV (M)	46.42	48.86	51.41
PV of Terminal Value (M)	1,010.20	1,063.29	1,118.60
Equity Value (M)	1,203.94	1,263.58	1,325.61
Shares Outstanding (M)	73.83	73.83	73.83
Fair Value	$16.31	$17.11	$17.95
Upside / Downside	-38.93%	-35.90%	-32.76%

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M.J. International Co., Ltd. (8466.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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