DDM Analysis: 2731.TW

Valuation Snapshot

Stable Growth	$1,029.12 - $3,083.95	$2,890.11
Multi-Stage	$423.58 - $463.31	$443.08
Blended Fair Value	$1,666.59
Current Price	$158.50
Upside	951.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.91%	10.30%	7.96	0.00	0.00	0.00	1.49	2.84	3.88	2.99	3.43	3.14
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-47.37%	-26.92%	30.00%	-13.04%	9.52%	5.00%
Dividend Yield	-	-	6.37%	0.00%	0.00%	0.00%	1.62%	5.19%	4.49%	2.59%	3.85%	2.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,453.70
(-) Cash Dividends Paid (M)	699.58
(=) Cash Retained (M)	754.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	290.74	181.71	109.03
Cash Retained (M)	754.12	754.12	754.12
(-) Cash Required (M)	-290.74	-181.71	-109.03
(=) Excess Retained (M)	463.38	572.40	645.09
(/) Shares Outstanding (M)	93.74	93.74	93.74
(=) Excess Retained per Share	4.94	6.11	6.88
LTM Dividend per Share	7.46	7.46	7.46
(+) Excess Retained per Share	4.94	6.11	6.88
(=) Adjusted Dividend	12.41	13.57	14.34
WACC / Discount Rate	6.77%	6.77%	6.77%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,029.12	$2,890.11	$3,083.95
Upside / Downside	549.29%	1,723.41%	1,845.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,453.70	1,548.19	1,648.82	1,756.00	1,870.14	1,991.69	2,051.45
Payout Ratio	48.12%	56.50%	64.87%	73.25%	81.62%	90.00%	92.50%
Projected Dividends (M)	699.58	874.72	1,069.67	1,286.26	1,526.50	1,792.53	1,897.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.77%	6.77%	6.77%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	811.55	819.24	826.93
Year 2 PV (M)	920.75	938.29	955.99
Year 3 PV (M)	1,027.23	1,056.72	1,086.77
Year 4 PV (M)	1,131.05	1,174.55	1,219.29
Year 5 PV (M)	1,232.25	1,291.76	1,353.56
PV of Terminal Value (M)	34,585.27	36,255.75	37,990.16
Equity Value (M)	39,708.10	41,536.31	43,432.70
Shares Outstanding (M)	93.74	93.74	93.74
Fair Value	$423.58	$443.08	$463.31
Upside / Downside	167.24%	179.54%	192.31%

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Financial Statements

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Ticker

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Sector

Lion Travel Service Co., Ltd. (2731.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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