DDM Analysis: 4916.TW

Valuation Snapshot

Stable Growth	$4.40 - $5.66	$5.07
Multi-Stage	$9.83 - $10.94	$10.37
Blended Fair Value	$7.72
Current Price	$58.20
Upside	-86.73%
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	-27.82%	-11.65%	0.34	0.30	0.35	0.35	1.42	1.73	0.69	0.60	0.29	0.88
YoY Growth	-	-	12.76%	-15.12%	0.00%	-75.00%	-18.13%	150.82%	14.84%	109.74%	-67.36%	-25.00%
Dividend Yield	-	-	0.86%	0.95%	1.07%	1.21%	5.96%	7.22%	1.88%	1.79%	0.84%	2.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	191.07
(-) Cash Dividends Paid (M)	42.01
(=) Cash Retained (M)	149.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.21	23.88	14.33
Cash Retained (M)	149.05	149.05	149.05
(-) Cash Required (M)	-38.21	-23.88	-14.33
(=) Excess Retained (M)	110.84	125.17	134.72
(/) Shares Outstanding (M)	115.99	115.99	115.99
(=) Excess Retained per Share	0.96	1.08	1.16
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	0.96	1.08	1.16
(=) Adjusted Dividend	1.32	1.44	1.52
WACC / Discount Rate	8.58%	8.58%	8.58%
Growth Rate	-16.44%	-15.44%	-14.44%
Fair Value	$4.40	$5.07	$5.66
Upside / Downside	-92.44%	-91.28%	-90.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	191.07	161.56	136.61	115.52	97.68	82.60	85.07
Payout Ratio	21.99%	35.59%	49.19%	62.80%	76.40%	90.00%	92.50%
Projected Dividends (M)	42.01	57.50	67.20	72.54	74.63	74.34	78.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.58%	8.58%	8.58%
Growth Rate	-16.44%	-15.44%	-14.44%
Year 1 PV (M)	52.33	52.96	53.58
Year 2 PV (M)	55.66	57.00	58.36
Year 3 PV (M)	54.67	56.66	58.69
Year 4 PV (M)	51.19	53.68	56.27
Year 5 PV (M)	46.40	49.25	52.23
PV of Terminal Value (M)	879.67	933.58	990.11
Equity Value (M)	1,139.92	1,203.12	1,269.23
Shares Outstanding (M)	115.99	115.99	115.99
Fair Value	$9.83	$10.37	$10.94
Upside / Downside	-83.11%	-82.18%	-81.20%

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Parpro Corporation (4916.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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