DDM Analysis: 3219.TWO

Valuation Snapshot

Stable Growth	$9.34 - $13.45	$11.35
Multi-Stage	$14.95 - $16.43	$15.67
Blended Fair Value	$13.51
Current Price	$81.30
Upside	-83.38%
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	0.00%	0.00%	0.35	0.99	2.40	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-64.43%	-58.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.05%	2.50%	4.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	96.59
(-) Cash Dividends Paid (M)	18.88
(=) Cash Retained (M)	77.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.32	12.07	7.24
Cash Retained (M)	77.72	77.72	77.72
(-) Cash Required (M)	-19.32	-12.07	-7.24
(=) Excess Retained (M)	58.40	65.64	70.47
(/) Shares Outstanding (M)	73.10	73.10	73.10
(=) Excess Retained per Share	0.80	0.90	0.96
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.80	0.90	0.96
(=) Adjusted Dividend	1.06	1.16	1.22
WACC / Discount Rate	9.09%	9.09%	9.09%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$9.34	$11.35	$13.45
Upside / Downside	-88.51%	-86.05%	-83.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	96.59	95.63	94.67	93.73	92.79	91.86	94.62
Payout Ratio	19.54%	33.63%	47.72%	61.82%	75.91%	90.00%	92.50%
Projected Dividends (M)	18.88	32.16	45.18	57.94	70.43	82.67	87.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.09%	9.09%	9.09%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	29.19	29.48	29.78
Year 2 PV (M)	37.20	37.97	38.74
Year 3 PV (M)	43.29	44.63	46.00
Year 4 PV (M)	47.76	49.73	51.78
Year 5 PV (M)	50.87	53.51	56.27
PV of Terminal Value (M)	884.37	930.42	978.37
Equity Value (M)	1,092.67	1,145.75	1,200.94
Shares Outstanding (M)	73.10	73.10	73.10
Fair Value	$14.95	$15.67	$16.43
Upside / Downside	-81.62%	-80.72%	-79.79%

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Aethertek technology co., Ltd. (3219.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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