DDM Analysis: 1439.TW

Valuation Snapshot

Stable Growth	$12.19 - $16.48	$14.38
Multi-Stage	$119.31 - $133.42	$126.21
Blended Fair Value	$70.29
Current Price	$29.25
Upside	140.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	-4.98%	0.30	0.30	0.20	1.56	5.01	0.00	0.00	0.50	0.50	0.50
YoY Growth	-	-	0.00%	50.00%	-87.14%	-68.90%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.95%	1.08%	0.89%	6.53%	19.68%	0.00%	0.00%	1.81%	2.43%	3.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	256.61
(-) Cash Dividends Paid (M)	27.60
(=) Cash Retained (M)	229.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.32	32.08	19.25
Cash Retained (M)	229.01	229.01	229.01
(-) Cash Required (M)	-51.32	-32.08	-19.25
(=) Excess Retained (M)	177.69	196.94	209.77
(/) Shares Outstanding (M)	91.83	91.83	91.83
(=) Excess Retained per Share	1.93	2.14	2.28
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	1.93	2.14	2.28
(=) Adjusted Dividend	2.24	2.45	2.58
WACC / Discount Rate	3.28%	3.28%	3.28%
Growth Rate	-12.72%	-11.72%	-10.72%
Fair Value	$12.19	$14.38	$16.48
Upside / Downside	-58.33%	-50.83%	-43.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	256.61	226.53	199.98	176.54	155.85	137.58	141.70
Payout Ratio	10.76%	26.60%	42.45%	58.30%	74.15%	90.00%	92.50%
Projected Dividends (M)	27.60	60.27	84.90	102.93	115.56	123.82	131.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.28%	3.28%	3.28%
Growth Rate	-12.72%	-11.72%	-10.72%
Year 1 PV (M)	57.69	58.35	59.01
Year 2 PV (M)	77.79	79.58	81.40
Year 3 PV (M)	90.28	93.42	96.63
Year 4 PV (M)	97.02	101.55	106.23
Year 5 PV (M)	99.51	105.34	111.45
PV of Terminal Value (M)	10,534.32	11,151.80	11,797.91
Equity Value (M)	10,956.62	11,590.05	12,252.61
Shares Outstanding (M)	91.83	91.83	91.83
Fair Value	$119.31	$126.21	$133.42
Upside / Downside	307.89%	331.48%	356.14%

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Ascent Development Co Ltd (1439.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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