DDM Analysis: 2739.TW

Valuation Snapshot

Stable Growth	$19.10 - $31.45	$24.58
Multi-Stage	$40.31 - $44.31	$42.27
Blended Fair Value	$33.43
Current Price	$38.65
Upside	-13.51%
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	0.00	0.00	0.00	1.21	1.21	1.21	2.66	2.79	1.76
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	-54.55%	-4.35%	58.55%	156.80%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	3.79%	4.86%	3.35%	5.62%	6.17%	2.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	156.08
(-) Cash Dividends Paid (M)	91.53
(=) Cash Retained (M)	64.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.22	19.51	11.71
Cash Retained (M)	64.55	64.55	64.55
(-) Cash Required (M)	-31.22	-19.51	-11.71
(=) Excess Retained (M)	33.34	45.04	52.85
(/) Shares Outstanding (M)	92.08	92.08	92.08
(=) Excess Retained per Share	0.36	0.49	0.57
LTM Dividend per Share	0.99	0.99	0.99
(+) Excess Retained per Share	0.36	0.49	0.57
(=) Adjusted Dividend	1.36	1.48	1.57
WACC / Discount Rate	6.27%	6.27%	6.27%
Growth Rate	-0.77%	0.23%	1.23%
Fair Value	$19.10	$24.58	$31.45
Upside / Downside	-50.59%	-36.39%	-18.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	156.08	156.43	156.79	157.15	157.51	157.87	162.60
Payout Ratio	58.64%	64.91%	71.18%	77.46%	83.73%	90.00%	92.50%
Projected Dividends (M)	91.53	101.55	111.61	121.72	131.88	142.08	150.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.27%	6.27%	6.27%
Growth Rate	-0.77%	0.23%	1.23%
Year 1 PV (M)	94.60	95.55	96.50
Year 2 PV (M)	96.86	98.82	100.80
Year 3 PV (M)	98.40	101.41	104.48
Year 4 PV (M)	99.32	103.38	107.57
Year 5 PV (M)	99.68	104.81	110.14
PV of Terminal Value (M)	3,222.73	3,388.43	3,560.87
Equity Value (M)	3,711.59	3,892.40	4,080.37
Shares Outstanding (M)	92.08	92.08	92.08
Fair Value	$40.31	$42.27	$44.31
Upside / Downside	4.29%	9.37%	14.65%

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CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
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My Humble House Hospitality Management Consulting Co., Ltd. (2739.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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