DDM Analysis: 3450.TW

Valuation Snapshot

Stable Growth	$39.99 - $57.83	$48.67
Multi-Stage	$55.83 - $61.31	$58.52
Blended Fair Value	$53.59
Current Price	$272.00
Upside	-80.30%
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%	0.00	0.50	1.80	1.40	1.00	3.00	2.73	4.92	4.10	2.37
YoY Growth	-	-	-100.00%	-72.22%	28.57%	40.00%	-66.67%	10.00%	-44.62%	20.00%	73.33%	0.00%
Dividend Yield	-	-	0.00%	0.67%	4.48%	2.83%	1.51%	4.92%	4.04%	4.83%	3.58%	2.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	798.59
(-) Cash Dividends Paid (M)	72.84
(=) Cash Retained (M)	725.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	159.72	99.82	59.89
Cash Retained (M)	725.75	725.75	725.75
(-) Cash Required (M)	-159.72	-99.82	-59.89
(=) Excess Retained (M)	566.03	625.93	665.86
(/) Shares Outstanding (M)	145.79	145.79	145.79
(=) Excess Retained per Share	3.88	4.29	4.57
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	3.88	4.29	4.57
(=) Adjusted Dividend	4.38	4.79	5.07
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	-0.93%	0.07%	1.07%
Fair Value	$39.99	$48.67	$57.83
Upside / Downside	-85.30%	-82.11%	-78.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	798.59	799.13	799.67	800.21	800.76	801.30	825.34
Payout Ratio	9.12%	25.30%	41.47%	57.65%	73.82%	90.00%	92.50%
Projected Dividends (M)	72.84	202.16	331.65	461.31	591.15	721.17	763.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	-0.93%	0.07%	1.07%
Year 1 PV (M)	182.07	183.91	185.74
Year 2 PV (M)	269.01	274.47	279.99
Year 3 PV (M)	337.01	347.32	357.84
Year 4 PV (M)	388.96	404.90	421.33
Year 5 PV (M)	427.35	449.36	472.27
PV of Terminal Value (M)	6,534.88	6,871.42	7,221.69
Equity Value (M)	8,139.28	8,531.38	8,938.86
Shares Outstanding (M)	145.79	145.79	145.79
Fair Value	$55.83	$58.52	$61.31
Upside / Downside	-79.47%	-78.49%	-77.46%

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Elite Advanced Laser Corporation (3450.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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