DDM Analysis: 2640.TWO

Valuation Snapshot

Stable Growth	$849.42 - $1,794.65	$1,681.85
Multi-Stage	$280.02 - $306.12	$292.83
Blended Fair Value	$987.34
Current Price	$129.00
Upside	665.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	16.05%	0.00%	6.00	5.00	3.50	3.71	3.36	2.85	0.00	0.00	0.00	0.00
YoY Growth	-	-	20.01%	42.86%	-5.77%	10.68%	17.73%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.56%	4.25%	3.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	534.89
(-) Cash Dividends Paid (M)	414.86
(=) Cash Retained (M)	120.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	106.98	66.86	40.12
Cash Retained (M)	120.04	120.04	120.04
(-) Cash Required (M)	-106.98	-66.86	-40.12
(=) Excess Retained (M)	13.06	53.18	79.92
(/) Shares Outstanding (M)	59.27	59.27	59.27
(=) Excess Retained per Share	0.22	0.90	1.35
LTM Dividend per Share	7.00	7.00	7.00
(+) Excess Retained per Share	0.22	0.90	1.35
(=) Adjusted Dividend	7.22	7.90	8.35
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$849.42	$1,681.85	$1,794.65
Upside / Downside	558.46%	1,203.76%	1,291.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	534.89	569.66	606.69	646.13	688.12	732.85	754.84
Payout Ratio	77.56%	80.05%	82.54%	85.02%	87.51%	90.00%	92.50%
Projected Dividends (M)	414.86	456.00	500.73	549.36	602.19	659.57	698.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	424.56	428.58	432.61
Year 2 PV (M)	434.07	442.33	450.68
Year 3 PV (M)	443.38	456.11	469.08
Year 4 PV (M)	452.51	469.92	487.82
Year 5 PV (M)	461.46	483.75	506.89
PV of Terminal Value (M)	14,382.00	15,076.65	15,797.90
Equity Value (M)	16,597.98	17,357.34	18,144.97
Shares Outstanding (M)	59.27	59.27	59.27
Fair Value	$280.02	$292.83	$306.12
Upside / Downside	117.07%	127.00%	137.30%

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300452.SZ	Anhui Sunhere Pharmaceutical Excipients Co.,Ltd.	2.43%	$0.33	58.46%
603599.SS	Anhui Guangxin Agrochemical Co., Ltd.	2.43%	$0.28	35.02%
605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
9569.SR	Almuneef Company for Trade, Industry, Agriculture and Contracting	2.43%	$0.20	19.26%
ALV	Autoliv, Inc.	2.43%	$2.97	30.32%
KEPEN.AT	Flour Mills Kepenos S.A.	2.43%	$0.05	39.82%
MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
OV8.SI	Sheng Siong Group Ltd	2.43%	$0.06	66.54%
VIL.PA	VIEL & Cie, S.A.	2.43%	$0.40	12.44%
002236.SZ	Zhejiang Dahua Technology Co., Ltd.	2.42%	$0.46	38.43%
006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
2409.TW	AUO Corporation	2.42%	$0.31	41.22%
300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
AEONTS-R.BK	AEON Thana Sinsap (Thailand) Public Company Limited	2.42%	$2.60	21.04%
NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
EIOF.OL	Eidesvik Offshore ASA	2.41%	$0.30	28.32%
ETTE.HE	Etteplan Oyj	2.41%	$0.23	71.21%
ZZ-B.ST	Zinzino AB (publ)	2.41%	$3.76	58.64%
002968.SZ	New Dazheng Property Group Co., Ltd.	2.40%	$0.29	59.28%
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4015.SR	Jamjoom Pharmaceuticals Factory Company	2.40%	$3.46	54.14%
7703.TWO	Rayzher	2.40%	$5.49	59.71%
BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
002158.SZ	Shanghai Hanbell Precise Machinery Co., Ltd.	2.39%	$0.60	60.14%
004690.KS	Samchully Co.,Ltd	2.39%	$3,000.02	10.30%
0GVS.L	Catena AB (publ)	2.39%	$8.76	32.84%
300577.SZ	Anhui Korrun Co., Ltd.	2.39%	$0.51	36.22%
3044.TW	Tripod Technology Corporation	2.39%	$7.48	42.14%
603080.SS	Xinjiang Torch Gas Co., Ltd	2.39%	$0.57	43.55%
6780.TWO	Study King Co., Ltd.	2.39%	$0.80	89.60%
6804.T	Hosiden Corporation	2.39%	$59.44	25.81%
KBLM.JK	PT Kabelindo Murni Tbk	2.39%	$8.08	12.05%
SCANFL.HE	Scanfil Oyj	2.39%	$0.24	42.33%

Financial Statements

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Ticker

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Sector

Taiwan Taxi Co.,Ltd. (2640.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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