DDM Analysis: 4952.TW

Valuation Snapshot

Stable Growth	$10.87 - $15.69	$13.22
Multi-Stage	$23.87 - $26.21	$25.02
Blended Fair Value	$19.12
Current Price	$40.35
Upside	-52.62%
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	-12.26%	-6.33%	1.30	4.98	5.38	2.39	1.79	2.49	2.99	3.49	3.19	2.79
YoY Growth	-	-	-74.00%	-7.41%	125.00%	33.33%	-28.00%	-16.67%	-14.29%	9.37%	14.29%	12.00%
Dividend Yield	-	-	2.84%	10.32%	9.34%	3.02%	3.11%	9.48%	8.33%	7.09%	7.76%	6.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	168.71
(-) Cash Dividends Paid (M)	141.46
(=) Cash Retained (M)	27.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.74	21.09	12.65
Cash Retained (M)	27.25	27.25	27.25
(-) Cash Required (M)	-33.74	-21.09	-12.65
(=) Excess Retained (M)	-6.49	6.16	14.60
(/) Shares Outstanding (M)	109.17	109.17	109.17
(=) Excess Retained per Share	-0.06	0.06	0.13
LTM Dividend per Share	1.30	1.30	1.30
(+) Excess Retained per Share	-0.06	0.06	0.13
(=) Adjusted Dividend	1.24	1.35	1.43
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	-3.44%	-2.44%	-1.44%
Fair Value	$10.87	$13.22	$15.69
Upside / Downside	-73.06%	-67.25%	-61.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	168.71	164.59	160.57	156.64	152.82	149.08	153.55
Payout Ratio	83.85%	85.08%	86.31%	87.54%	88.77%	90.00%	92.50%
Projected Dividends (M)	141.46	140.03	138.58	137.12	135.65	134.17	142.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.54%	7.54%	7.54%
Growth Rate	-3.44%	-2.44%	-1.44%
Year 1 PV (M)	128.88	130.21	131.55
Year 2 PV (M)	117.39	119.84	122.30
Year 3 PV (M)	106.91	110.26	113.69
Year 4 PV (M)	97.34	101.43	105.66
Year 5 PV (M)	88.61	93.29	98.17
PV of Terminal Value (M)	2,067.06	2,176.34	2,290.19
Equity Value (M)	2,606.18	2,731.38	2,861.56
Shares Outstanding (M)	109.17	109.17	109.17
Fair Value	$23.87	$25.02	$26.21
Upside / Downside	-40.84%	-37.99%	-35.04%

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Generalplus Technology Inc. (4952.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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