DDM Analysis: 1504.TW

Valuation Snapshot

Stable Growth	$207.02 - $507.01	$475.15
Multi-Stage	$76.38 - $83.45	$79.85
Blended Fair Value	$277.50
Current Price	$95.10
Upside	191.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.00%	8.51%	2.36	1.52	1.37	1.17	0.91	0.84	0.82	0.84	0.76	1.04
YoY Growth	-	-	55.39%	11.11%	17.39%	28.19%	8.35%	2.82%	-2.27%	10.00%	-27.27%	0.00%
Dividend Yield	-	-	4.82%	2.70%	3.22%	3.63%	2.81%	3.48%	3.85%	3.38%	2.46%	3.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,380.34
(-) Cash Dividends Paid (M)	4,729.66
(=) Cash Retained (M)	650.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,076.07	672.54	403.53
Cash Retained (M)	650.67	650.67	650.67
(-) Cash Required (M)	-1,076.07	-672.54	-403.53
(=) Excess Retained (M)	-425.39	-21.87	247.15
(/) Shares Outstanding (M)	2,110.42	2,110.42	2,110.42
(=) Excess Retained per Share	-0.20	-0.01	0.12
LTM Dividend per Share	2.24	2.24	2.24
(+) Excess Retained per Share	-0.20	-0.01	0.12
(=) Adjusted Dividend	2.04	2.23	2.36
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$207.02	$475.15	$507.01
Upside / Downside	117.69%	399.63%	433.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,380.34	5,730.06	6,102.51	6,499.18	6,921.62	7,371.53	7,592.67
Payout Ratio	87.91%	88.33%	88.74%	89.16%	89.58%	90.00%	92.50%
Projected Dividends (M)	4,729.66	5,061.08	5,415.61	5,794.83	6,200.48	6,634.38	7,023.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4,705.83	4,750.44	4,795.04
Year 2 PV (M)	4,682.01	4,771.19	4,861.21
Year 3 PV (M)	4,658.21	4,791.93	4,928.19
Year 4 PV (M)	4,634.43	4,812.66	4,995.97
Year 5 PV (M)	4,610.67	4,833.36	5,064.58
PV of Terminal Value (M)	137,903.26	144,564.04	151,479.74
Equity Value (M)	161,194.40	168,523.61	176,124.73
Shares Outstanding (M)	2,110.42	2,110.42	2,110.42
Fair Value	$76.38	$79.85	$83.45
Upside / Downside	-19.68%	-16.03%	-12.25%

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TECO Electric & Machinery Co., Ltd. (1504.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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