DDM Analysis: 2476.TW

Valuation Snapshot

Stable Growth	$114.43 - $481.86	$197.46
Multi-Stage	$103.29 - $113.15	$108.13
Blended Fair Value	$152.80
Current Price	$105.00
Upside	45.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.17%	5.11%	2.34	1.99	1.79	1.01	1.09	1.06	1.35	1.41	1.27	1.23
YoY Growth	-	-	17.36%	11.17%	77.71%	-7.69%	3.17%	-21.25%	-4.54%	11.20%	3.24%	-13.63%
Dividend Yield	-	-	2.89%	2.69%	3.19%	1.79%	3.37%	5.82%	5.78%	5.62%	4.83%	5.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	841.85
(-) Cash Dividends Paid (M)	416.58
(=) Cash Retained (M)	425.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	168.37	105.23	63.14
Cash Retained (M)	425.27	425.27	425.27
(-) Cash Required (M)	-168.37	-105.23	-63.14
(=) Excess Retained (M)	256.90	320.04	362.13
(/) Shares Outstanding (M)	219.89	219.89	219.89
(=) Excess Retained per Share	1.17	1.46	1.65
LTM Dividend per Share	1.89	1.89	1.89
(+) Excess Retained per Share	1.17	1.46	1.65
(=) Adjusted Dividend	3.06	3.35	3.54
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.76%	4.76%	5.76%
Fair Value	$114.43	$197.46	$481.86
Upside / Downside	8.98%	88.06%	358.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	841.85	881.94	923.94	967.94	1,014.03	1,062.32	1,094.19
Payout Ratio	49.48%	57.59%	65.69%	73.79%	81.90%	90.00%	92.50%
Projected Dividends (M)	416.58	507.89	606.94	714.28	830.46	956.09	1,012.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	3.76%	4.76%	5.76%
Year 1 PV (M)	472.16	476.71	481.26
Year 2 PV (M)	524.56	534.72	544.98
Year 3 PV (M)	573.90	590.66	607.73
Year 4 PV (M)	620.32	644.58	669.55
Year 5 PV (M)	663.93	696.54	730.43
PV of Terminal Value (M)	19,857.73	20,833.24	21,846.71
Equity Value (M)	22,712.60	23,776.45	24,880.66
Shares Outstanding (M)	219.89	219.89	219.89
Fair Value	$103.29	$108.13	$113.15
Upside / Downside	-1.63%	2.98%	7.76%

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G-SHANK Enterprise Co., Ltd. (2476.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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