DDM Analysis: 2615.TW

Valuation Snapshot

Stable Growth	$1,018.28 - $2,418.74	$2,266.72
Multi-Stage	$353.53 - $387.07	$369.99
Blended Fair Value	$1,318.35
Current Price	$74.30
Upside	1,674.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.66%	9.02%	1.50	4.98	9.10	0.79	0.63	0.48	0.39	0.32	0.95	1.58
YoY Growth	-	-	-70.00%	-45.24%	1,055.00%	25.00%	32.09%	21.13%	25.00%	-66.67%	-40.00%	150.00%
Dividend Yield	-	-	1.91%	11.19%	13.29%	0.57%	1.45%	4.39%	3.11%	2.23%	6.80%	10.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	34,233.69
(-) Cash Dividends Paid (M)	9,821.51
(=) Cash Retained (M)	24,412.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,846.74	4,279.21	2,567.53
Cash Retained (M)	24,412.18	24,412.18	24,412.18
(-) Cash Required (M)	-6,846.74	-4,279.21	-2,567.53
(=) Excess Retained (M)	17,565.44	20,132.97	21,844.65
(/) Shares Outstanding (M)	2,814.78	2,814.78	2,814.78
(=) Excess Retained per Share	6.24	7.15	7.76
LTM Dividend per Share	3.49	3.49	3.49
(+) Excess Retained per Share	6.24	7.15	7.76
(=) Adjusted Dividend	9.73	10.64	11.25
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,018.28	$2,266.72	$2,418.74
Upside / Downside	1,270.50%	2,950.76%	3,155.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	34,233.69	36,458.88	38,828.71	41,352.58	44,040.50	46,903.13	48,310.22
Payout Ratio	28.69%	40.95%	53.21%	65.48%	77.74%	90.00%	92.50%
Projected Dividends (M)	9,821.51	14,930.53	20,662.22	27,075.95	34,236.17	42,212.81	44,686.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13,886.59	14,018.21	14,149.84
Year 2 PV (M)	17,873.84	18,214.28	18,557.94
Year 3 PV (M)	21,784.37	22,409.72	23,046.92
Year 4 PV (M)	25,619.27	26,604.52	27,617.91
Year 5 PV (M)	29,379.63	30,798.68	32,272.04
PV of Terminal Value (M)	886,577.72	929,399.75	973,860.69
Equity Value (M)	995,121.41	1,041,445.16	1,089,505.34
Shares Outstanding (M)	2,814.78	2,814.78	2,814.78
Fair Value	$353.53	$369.99	$387.07
Upside / Downside	375.82%	397.97%	420.95%

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Wan Hai Lines Ltd. (2615.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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